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Abandonment: Surrender to insurer of all interest in insured property after event insured against has occurred. Not permitted under most property-insurance contracts.
Accident: An unforeseen, unintended event.
Accident and Health Insurance: Insurance, benefits under which are payable in case of disease, accidental injury, or accidental death.
Accident Frequency: Rate of occurrence of accidents; e.g., number of accidents per million man-hours worked.
Accidental Death Benefit: A benefit paid on occurrence of accidental death, or of death by accidental means, under an accident- or life-insurance policy. See, also, Double Indemnity.
Accommodation Line: Insurance that, by itself, would not be acceptable to an insurer, written as an accommodation where the possibility of securing other desirable business seems to justify it.
Accounts Receivable Insurance: Insurance against loss due to inability to collect outstanding accounts receivable because of damage to or destruction of records by a peril insured against.
Act of God: An event that is caused by the forces of nature, without human intervention, and could not have been prevented by reasonable care, e.g., flood, lightning, earthquake, hurricane.
Actual Cash Value: Usually the cost of replacing or restoring property to its condition immediately preceding a loss.
Actuary: A person trained in mathematics whose job is to apply the theory of probability to the business of insurance, and to
advise in situations involving questions of probability.
Additional Insured: See Insured, Additional.
Additional Interest: The interest of an additional insured.
Additional Living Expense: Increased expense of providing a home due to damage to the property insured, e.g., extra cost of living in a hotel.
Adjuster: Usually one who represents the insurer in settling claims with insureds or with third-party claimants. Sometimes a representative of the insured. See, also, adjuster, Public; Adjuster, Independent.
Adjuster, Independent: An independent professional man or organization settling claims for insurers on a fee basis.
Admitted Assets: Assets of an insurer permitted by a state to be taken into account in determining its financial condition.
Admitted Company (or other insurer): an insurer of another state or country licensed under the insurance law of a state to do business in that state.
Agent: Representative of the insurer in negotiating, servicing, or effecting insurance contracts; he may be an independent contractor or an employee.
Agent, Policy-Writing: An agent who is authorized to write and sign policy contracts on behalf of an insurer.
Agent, Resident: A licensed agent who is a resident of the state by which he is licensed.
Application: A statement made and signed by the prospective insured and giving information on the basis of which the insurer determines the acceptability of the risk, the contract to be drawn and the premium. When required, often made a part of the contract.
Apportionment: (1) Where more than one insurance contract covers a loss, the determination of the extent to which each contract covers. (2) The division of a loss for which insurers may be liable under two or more contracts to determine the liability under each contract. See, also, Contribution.
Appraisal: Determination of the value of property, or of the extent of damage, usually by impartial experts.
Appraisal Clause: A clause in an insurance contract providing for an appraisal in case of dispute as to the amount of loss.
Arson: Malicious or fraudulent burning of property.
Attorney In Fact: The appointee under a power of attorney.
Attractive Nuisance: A dangerous place or instrumentality attractive to children, the owner of which has the legal duty of taking unusual care to guard them from it.
Audit: (1) In certain kinds of insurance, a survey of the insured's records to determine the premium due the insurer. (2) A review of the insurers records, transactions, and assets by outside specialists or by a specialized department of the insurer. (3) The work of a stamping office. See Also Examination.
Automobile Insurance: Insurance against loss to the insured due to damage to or destruction of automobiles, or due to claims for damages arising from the ownership, maintenance, or use of automobiles; also, loss to persons insured in certain specific ways due to cost of medical, surgical, or hospital care necessitated by automobile accidents.
Automobile Insurance, Comprehensive: Insurance against any physical loss to an automobile except by collision or upset.
Automobile Insurance, Drive-Other-Cars: Insurance against loss due to claims for damages arising out of maintenance or use of automobiles other than the car or cars described in the policy contract.
Automobile Insurance, Fleet: Insurance under one contract covering a fleet of automobiles. See, also, Fleet (2).
Automobile Insurance, Hired-Cars: Insurance against loss due to claims for damages arising out of the maintenance or use of motor vehicles hired or borrowed from others by the insured.
Automobile Insurance, Non-ownership Liability: Insurance against loss due to claims for damages arising out of the use of motor vehicles not owned or hired by the insured but used in conduct of his business.
Aviation Insurance: Insurance covering hazards associated with aviation.
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