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Glossary
Insurance contract : Insurance Glossary
Determines what insurance coverage is in place and determines the legal framework under which the content of an insurance policy is enforced.
Insurance broker : Insurance Glossary
An individual or firm that acts as agent for an individual, body or firm in arranging insurance cover and in presenting claims under such...
Insurance : Insurance Glossary
A contract whereby an insurer promises to pay the insured a sum of money or some other benefit upon the happening of one or...
Insurable interest : Insurance Glossary
If an insured wishes to enforce a contract of insurance before the Courts he must have an insurable interest in the subject matter of...
Individual member : Insurance Glossary
A member of the Society who is an individual (as opposed to a corporate member).
Indication : Insurance Glossary
A non-binding statement by an underwriter of the likely level of premium that he would charge to underwrite a risk, subject to the provision...
Quotation : Insurance Glossary
statement of the premium that an underwriter requires to underwrite an insurance/ reinsurance risk based on the information supplied by the person seeking...
Indemnity : Insurance Glossary
The principle according to which a person who has suffered a loss is restored (so far as possible) to the same financial position that...
Incurred losses : Insurance Glossary
The aggregate of the paid and outstanding claims of an insurer or reinsurer for a year of account or some other given period of...
Incurred but not reported (IBNR) losses : Insurance Glossary
Estimated losses which an insurer or reinsurer, based on its knowledge or experience of underwriting similar contracts, believes have arisen or will arise under...
Inception date : Insurance Glossary
The date on which an insurance or reinsurance contract comes into force.
Inception : Insurance Glossary
Commencement or beginning (eg of cover).
Hazardous pursuits : Insurance Glossary
Certain sports and activities are termed hazardous pursuits and are excluded from travel insurances although it may be possible to have them included on...
Hazard : Insurance Glossary
Something that causes an exposure to injury, loss or damage.
Hard market : Insurance Glossary
When the availability of some or all classes of insurance or reinsurances is limited relative to demand for such insurance or reinsurance resulting in...
Gross premium : Insurance Glossary
Original and additional inward premiums, plus any amount in respect of administration fees or policy expenses remitted with a premium but before the deduction...
Gross line : Insurance Glossary
The amount of risk that an insurer or reinsurer is carrying before taking account of any applicable reinsurance that reduces that risk.
Gross claims : Insurance Glossary
Claims under contracts of insurance underwritten by the members of a syndicate plus internal and external claims settlement expenses less salvage or other recoveries,...
Grace period : Insurance Glossary
A short period during which cover under an annual policy may be extended beyond its expiry date to allow for the payment of a...
General underwriters’ agreement : Insurance Glossary
An agreement between insurers and reinsurers on a subscription risk specifying the terms on which the leading underwriter shall act as the agent of...
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