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Glossary
Life assured : Insurance Glossary
The person whose life is insured under a life insurance.
Life assurance : Insurance Glossary
Another term for life insurance.
Life insurance : Insurance Glossary
A policy that pays a specified sum to beneficiaries upon the death of the life assured, or upon the assured surviving a given number...
Liability insurance : Insurance Glossary
An insurance which covers the insured against third party claims or, in the case of employer’s liability insurance, claims by employees, subject to specified...
Leading underwriter’s agreement : Insurance Glossary
An agreement that allows for certain changes to the terms of an insurance or reinsurance contract to be agreed by the leading underwriter(s) without...
Leading underwriter : Insurance Glossary
The underwriter of a syndicate or insurance company who is responsible for setting the terms of an insurance or reinsurance contract that is subscribed...
Large Risks : Insurance Glossary
An official term used in EEA insurance regulation. The formal definition of “Large Risks” is found in the EU’s 2nd Non-Life Insurance Directive (88/357)....
Key person insurance : Insurance Glossary
A policy that protects a firm from loss caused by the death or disability of a 'key person' within the company.
Jurisdiction clause : Insurance Glossary
A clause in an insurance or reinsurance contract which states to which territory’s courts any contractual dispute shall be referred for resolution.
Jeweller’s block policy : Insurance Glossary
A form of property insurance that is provided to jewellers.
Inward reinsurance : Insurance Glossary
Reinsurance business accepted by an insurer or reinsurer, as opposed to that ceded to another insurer.
Investment income : Insurance Glossary
That part of the income of an insurer or reinsurer that comes from the investment of premiums and reserves.
Intervening cause : Insurance Glossary
An event that prevents a loss being attributable to another event by breaking the chain of causation. Compare proximate cause.
Proximate cause : Insurance Glossary
An insurer will only be liable to pay a claim under an insurance contract if the loss that gives rise to the claim was...
Insurer : Insurance Glossary
A provider of insurance. The insurer(s) could be one or more insurance companies. Some insurances may be underwritten by syndicates and insurance companies.
Insured peril : Insurance Glossary
A harmful event which is covered under a contract of insurance.
Insured : Insurance Glossary
A person who is insured under a contract of insurance. Where there is one insured this person may also be referred to as the...
Insurance policy : Insurance Glossary
See policy.
Policy : Insurance Glossary
The wording of a contract of insurance or reinsurance.
Insurance intermediary : Insurance Glossary
A person through whom an insurance contract is effected. It normally refers to an insurance broker and/or an agent of an insurer such as a...
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