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There are many different types of Car insurance policies and levels of
cover, here is a brief description of insurance definitions typically
used within the insurance industries.
A
B
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D
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G
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I
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P
Q
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ABI
Association of British Insurers
Acceptance letter
An offer of life assurance, setting out the terms.
Access To Medical Records Act 1988
The terms of this Act require an insurance company to obtain prior
written consent from an individual before approaching any medical
practitioner for a medical report pertaining to them. The individual has
certain other rights including the right (subject to some restrictions)
to see any report before it is submitted by the doctor.
Accidental Death Benefit
A provision that may be added to a life insurance policy which provides
payment of an additional benefit in the case of death resulting from an
accident.
Accidental Death and Dismemberment Loss of life
or limbs through accident.
Insurance against such eventualities is generally available.
Act of God
An accident or event which happens independently of human intervention
and due to natural causes such as storm earthquake etc. which no human
foresight can provide against. Suggesting that an event was an "act of
God" may be a defence in English law against a claim for liability since
it may be held that it could not have been foreseen or safeguarded
against.
Actively at Work
A clause in a group insurance policy that requires a new member or one
with an increase in cover, to be at work (or on holiday i.e. not absent
due to sickness, industrial action, etc.) on the day of joining/day of
increase.
Activities of Daily
Living Everyday living functions and activities performed by individuals
without assistance. These functions include mobility, dressing, personal
hygiene and eating. The inability to undertake these activities may be
used in some circumstances to define disability in insurance contracts.
Actuary
A professional trained in the technical aspects of insurance and its
related fields, particularly in the mathematics of insurance, for
example, the calculation of premiums and reserves. An actuary will use
complex mathematical methods, often with the aid of computers, to
provide analysis of claims data and other statistics. In certain
circumstances insurance companies, pension schemes etc. are required to
have documents, calculations etc. certified by an actuary. In this and
other legal contexts the word means a qualified Fellow of the Institute
or Faculty of Actuaries.
ADD
Accidental Death and Dismemberment
ADLs
Activities of daily living.
Advance Payment
Pay beforehand; up front.
Advance Underwriting
Describes a system used for underwriting members of some group schemes.
Once an underwritten member is accepted for insurance at 'ordinary
rates', they may increase their cover by a predetermined percentage in
any year without the need for further underwriting.
Agent
Someone who acts on behalf of another. Traditionally, insurance company
salesmen have often been called agents. This has led to a certain amount
of confusion since in some situations they are acting on behalf of the
client and at other times they are acting on behalf of the insurance
company: the distinction is not always clear.
All Risks
Extension of the cover provided by household insurance to damage, theft
if outside the home, etc. in respect of individual high value items.
AMRA
Access To Medical Records Act 1988.
Annuitant
The person entitled to receive payments from an annuity contract.
Annuity
A series of payments, possibly subject to increases, made at specified
intervals until a particular event occurs. Most commonly an annuity will
cease after a specified period or upon the death of the annuitant. An
annuity is most commonly purchased by the accrued value of a pension
fund, in order to secure pension benefits in retirement.
Annuity Certain
A contract that provides payments for a specified number of years,
regardless of life or death of the annuitant
Arbitration
A means of arriving at an acceptable agreement between two disputing
parties. An independent person or body hears the arguments of both
parties and makes a decision that is then binding on all concerned.
Often conducted by members of the Institute of Arbitrators.
Association of British Insurers
An association representing some 450 insurance companies which account
for over 95% of the business transacted by UK insurance companies. Is
the forum through which UK insurance companies collectively liaise with
Government Departments and other bodies. Brings insurance companies
together to set industry standards and codes of practice.
Aviation Hazard
The extra hazard of death or injury resulting from participation in
aeronautics, usually as other than a fare-paying passenger in licensed
aircraft. For insurance, this often requires an extra premium or the
exclusion of certain risks.
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