Refers to a present state of condition and location of the
goods at the time of
sale, in which case the buyer takes on all the risks.
ANY ONE VESSEL (AOV)
Commonly used in Marine Cargo Insurance, refers to the
insurer's maximum commitment under the policy for all cargo in respect of any
one vessel.
ANY ONE YEAR (AOY)
The concept of AOA and AOY go hand in hand wherein the Insured
can select a pre-determined indemnity limit in the ratio of 1:1, 1:2, 1:3, 1:4 of AOA:AOY and
the premium is determined based on the AOY limit calculated.
ABSOLUTE LIABILITY
A legal responsibility towards damages that are final and
binding and the cause of which need not be proven.
ABSOLUTE OWNERSHIP
An explicit right of ownership and possession which is free
from any restrictions or limitations, given to the Insured.
ACCEPTANCE
An event where an insurer accepts an application and issues a
policy that will safeguard the applicant from risks stated in the policy.
ACCESS TO THE RECORDS CLAUSE
The ability of the Reinsurer to access/inspect the books of
accounts and official records of the Reinsured Company at its own expense.
ACCESS TO THE RECORDS CLAUSE
An addition to a motor vehicle that does not change its
performance or structure.
ACCIDENT AND HEALTH INSURANCE
A policy that insures the policyholder and his/her dependent
against injury, illness or death from an accident. Policy coverage payment reimbursement of the
following expenses - visit to the doctor, medical surgeries, medicines and so on.
ACCIDENT AND SICKNESS INSURANCE
A policy that insures against personal accident and sickness,
that include a compensation for the period of disablement and reimbursement of medical expenses
only for the sickness mentioned in the policy.
ACCIDENT SEVERITY
Sums up the financial worth of the loss incurred in an accident
and is used to indicate the premium amount payable for accident insurance.
ACCIDENT, HIT AND RUN
An accident leading to injury or death, caused by collision
with an unidentified motor vehicle.
ACCIDENTAL BODILY INJURY
Injury caused to the body due to an accident.
ACCIDENTAL DEATH BENEFIT
If the death of the Insured is caused by an accident, in
addition to the insured amount, under the policy, an additional sum of money is also paid, in
which case it is also called a double indemnity.
