Insurance Glossary
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ABSOLUTE LIABILITY
A legal responsibility towards damages that are final and binding and the cause
ABSOLUTE OWNERSHIP
An explicit right of ownership and possession which is free from any restriction
ACCEPTANCE
An event where an insurer accepts an application and issues a policy that will s
ACCESSORY
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, ill
ACCIDENT AND SICKNESS INSURANCE
A policy that insures against personal accident and sickness, that include a com
ACCIDENT SEVERITY
Sums up the financial worth of the loss incurred in an accident and is used to i
ACCIDENT, HIT AND RUN
An accident leading to injury or death, caused by collision with an unidentified
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
ACCUMULATED STOCKS CLAUSE
Pertains to the use of the accumulated finished goods stock at a time when the a
ACCUMULATION PERIOD
The duration for which premium payments are made by the annuitant under life ins
ACCUMULATION UNITS
Refer to units accumulated in a trust by reinvestment of funds or dividends into
ACQUISITION COST FACTOR
Cost incurred by the Insurer for acquisition of business, considered by the Rein
ACQUISITION COSTS
Costs incurred in setting up a new business - Product launch and publicity expen
ACT IN FORCE CLAUSE
A clause in relation to statutory liability that accounts for changes in the law
ACT LIABILITY WITH FIRE &/OR THEFT
A provision that covers a motor vehicle against the Insured's liability along wi
ACT OF GOD PERILS
Unforeseen events like earthquakes, floods, storms etc. caused by nature which c
ACT ONLY POLICY
Indemnity for the Insured for all motor vehicles as per the limits prescribed in
ACTUAL TOTAL LOSS
A loss whereby the property or goods are missing or damaged and cannot be recove
ACTUARIAL SCIENCE
The science of risk evaluation, determination of premiums adequate to meet the r
ACTUARY
A qualified statistician and mathematician who carries out research in order to
ADD-ONS
Purchase of additional benefits or cover on the existing policy.
ADDITIONAL INSURED
An entity (person or company) not originally included under the insurance policy
ADJUSTABLE LIFE INSURANCE
An life insurance policy whereby the policyholder has the right to change any of
ADVANCE FUNDING
It refers to an upfront payment against a contractual payment due in the future.
ADVERSE SELECTION
An adverse situation created in an exposure group when people who believe that t
AGE LIMIT
The qualifying age for an insurance policy.
AGENT
A state-licensed, representative, appointed by the insurance company to solicit,
AGGREGATE DEDUCTIBLE
The total amount that the Insured can attribute as deductibles over a period of
ALL RISK
An insurance policy that covers every possible claim that has not been specifica
ALL-RISKS POLICY
Coverage provided by an insurance policy for all losses except those specificall
AMENDMENT
A change to an existing rule or protocol, provided in writing.
AMORTIZATION
This occurs when a debt is paid off in regular portions,over a period of time, b
ANNUAL STATEMENT
An annual report, mandated by the state insurance commissioner, containing the i
ANNUITANT
Person who receives an income for life or for a period specified in an annuity c
ANNUITY
Flow of payments made periodically over time.
ANNUITY CERTAIN
Guaranteed number or amount of payments received under an annuity.
ANNUITY CONSIDERATION
Money paid by a person to an insurance company in return for an instrument that
ANTISELECTION
An instance where an Insurer would not wish to insure a person whose genetic con
Name
englishMeaning
APPLICATION
A form filled out by the applicant for the purpose of receiving insurance from t
APPRAISAL
The evaluation of a claim by a person authorized by the company and the policyho
ARBITRATION
A process of resolving disputes with the aid of an unbiased person or committee
ARSON
The burning down of property with a criminal intent.
ASSESSMENT ASSOCIATION
An Insurer that retains the right to charge an additional premium to the policyh
ASSESSMENT MUTUAL
An Insurer that retains the right to charge an additional premium to the policyh
ASSESSOR
Also known as the Surveyor, this person determines the estimated value of the go
ASSETS
An item of property owned by a person or company, regarded as having value and a
ASSIGNMENT
Transfer of a person's interest in an insurance policy to another person in the
ASSUMPTIONS
Risk accepted by a Reinsurer.
ASSURED
Entity indemnified against loss through insurance.
AUTOMATIC REINSTATEMENT CLAUSE
An automatic renewal clause included in a property insurance policy whereby on p
AUTOMATIC REINSURANCE
An arrangement whereby the Reinsurer agrees to take on the risk for a certain ca
AUTOMOBILE FLEET
Multiple motor vehicles owned by the same person or company, covered by a single
AUTOMOBILE LIABILITY INSURANCE
Coverage in the event that you are held legally responsible for injury to anothe
AVIATION INSURANCE
Includes a master policy that covers employees in a company against the dangers
AWARD
The favourable outcome of an investigation of the facts and evidence by the Insu
BACK OFFICE
It is the controlling office that has no direct business but controls and monito
Backlog
This refers to proposals that remain unattended, un-responded references or enqu
Baggage Insurance
This insurance coverage is available to the insured or his or her family and pro
BANK CHARGES
Banks levy certain types of charges for operating the banking accounts, such as
Bank Guarantee
In insurance industry, bank guarantee refers to the guarantees executed by banks
Bank Reconciliation Statement
The balance according to the bank account in the company’s book must be equal to
BANK TRANSFERS
A bank transfer entry needs to be recorded when the insurance company transfers
Bankers Indemnity Policy
This is a specialized policy available for banks and to protects against destruc
BASE PREMIUM
This is the amount of premium charged by the direct insurers.
BASIC COMMISSION
This is the commission on a reinsurance proportional treaty. This is always appl
BASIC PREMIUM
This is the gross amount charged by the insurance company to the policyholder fo
Basic Rate
This represents the rate of premium shown in the Rate Guide or the Insurance Com
Beneficiary
Person(s) or entity/entities named in the insurance policy as the recipient of t
BENEFIT OF INSURANCE CLAUSE
A term in the policy document under which the bailee of goods claims benefits th
BENEFIT PERIOD
Time period (generally between 1 and 3 years) during which any major medical ben
BENEFITS
This is the amount that the insurance company will have to pay claimants, assign
Blanket Insurance
A health insurance contract covering all classes of people not identifiable indi
Bodily Injury Liability
Liability arising from bodily injury or death of another person.
Boiler & Machinery Insurance
Covers loss arising from the operations of pressure, electrical, and mechanical
Boilers & Machinery Policy
Protection against any loss arising due to accidents related to the pressure ves
Book Of Business
It is the size, number, and type of accounts owned by a particular agent.
BOOK VALUE
The purchasing cost after deducting depreciation
BRANCH OFFICE SYSTEM
The life insurance marketing system where multiple offices are established in di
Name
englishMeaning
BREACH OF CONDITION
Violation of any terms or conditions that have been agreed upon in the insurance
BREAK IN SERVICE
Any calendar year, plan year, or 12 consecutive month period in which a particip
BROKER
Marketing expert representing property buyers and liability insurance dealing wi
BUILDER'S RISK COVERAGE FORM
Commercial property coverage form specially created for buildings under construc
BUILDER'S RISK INSURANCE
Insurance protection against any losses to the buildings or structures that are
BULK CARGO
Cargo that is not packaged and is directly loaded in the vessels' holds.
BULK CARRIER
Consignor of bulk cargo tendering the cargo for transporting to the consignee.
BURGLARY
Unauthorized or unforeseen entries to or exists from the premises covered under
BURGLARY AND THEFT INSURANCE
Insurance cover provided for property losses arising from robbery, burglary, or
BUSINESS INSURANCE
Insurance policy providing different benefits to businesses and is issued for in
BUSINESS INTERRUPTION INSURANCE
Losses arising due to temporary halting and shutdown of business due to fire or
BUSINESS LIFE INSURANCE
Life insurance availed by a business on the life of any member of the company. O
BUY-SELL AGREEMENT
Agreement between business owners for purchasing the shares of deceased or disab
CAUSES OF LOSS
The various perils that are insured within the insurance plan
CLAIMANT
Person seeking reimbursement for any loss covered under the terms and conditions
CLASSIFICATION CLAUSE (CARGO)
Clause within cargo insurance open coverage that provides details of minimum cla
CLAUSE
Section or para within the insurance policy explaining, clarifying, or defining
CO-PAYMENT
The component (either percentage or fixed amount) of medical bill paid by the pa
COLLISION COVERAGE
Protection against physical damage for the policyholders' owned vehicles resulti
COMMERCIAL GENERAL LIABILITY (CGL) COVERAGE PART
General liability cover written as monoline policy or component of commercial pa
COMPREHENSIVE COVERAGE
Physical damage cover for losses resulting due to fire, falling objects, vandali
COMPREHENSIVE GENERAL LIABILITY POLICY
Policy covering different kinds of general liabilities, operations and premises,
COMPREHENSIVE PERSONAL LIABILITY POLICY (CPL)
Personal liability contract providing personal liability cover for insured and f
CONSTRUCTIVE TOTAL LOSS
Partial loss resulting from sufficient degree for making the cost of repair much
CONTRACT CARRIER
Transportation company carrying goods for only certain clients and not general p
CONTRIBUTION
More than one party provides risk cover; each insurer is responsible for protect
CONTRIBUTORY VALUE
Value on the basis of which contribution towards general loss or salvage compens
COST OF PURE RISK
Costs related to pure risks, such as those from shareholders perspective, insura
COST OF RISK
Decrease in the value of business arising due to risks
COVER
Insurance contract; effective insurance, inclusions within the coverage under in
COVERAGE
Scope of available protection under the insurance contract; any of the several r
COVERED
Any individual covered under pension plan fulfilling the eligibility needs withi
COVERED EXPENSES
Medical, hospital, and other related expenses incurred by the insured person ent
COVERED PARTICIPANT
Individual covered under pension plan and has satisfied the eligibility norms of
DACOITY
Robbery by group of people; the Standard Burglary Insurance Policy offered to bu
DAMAGE TO PROPERTY OF OTHERS
Damages covered to a predetermined amount per occurrence on behalf of the insure
DAMAGES
Monetary compensation provided at law for any civil wrongdoing or breach of a co
DANGEROUS OR HAZARDOUS GOODS
Liquids, solids, or gases that can be harmful to the environment, human beings,
DATE OF ISSUE
Date of issue of the insurance plan; provides evidence of coverage being offered
DCDRF
District Consumer Disputes Redressal Forum; complaints against insurance compani
Name
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DEADWEIGHT
Maximum weight in tons available for cargo, crew, water, fuel, and other stores
DEALER
An authorized agent of manufacturers responsible for sales of manufactured vehic
DEATH
End of life due to accident; to claim compensation under these circumstances cov
DEATH BENEFIT
Payment made to nominee or legal heir of the insured within the Personal Acciden
DEATH CLAIM
Any claim lodged within the insurance policy by the beneficiary on the death of
DECLARATION
Statements within the insurance contract providing information related to the li
DECLARATIONS
Various statements within the insurance plan providing information about the lif
DEDUCTIBLE
Proportion of loss borne by the insured towards any claim; two forms; amount of
DEFERRED COMPENSATION
Arrangements through which compensation for employees for current and past servi
DEFINED BENEFIT PLAN
Pension policy stating either benefits receivable by the employees on retirement
DENTAL INSURANCE
Group or individual plan helping the payment of normal dental service costs as w
DEPOSIT PREMIUM
Deposited premium paid by the potential holder at the time of application to ava
DEPRECIATION
Allowance for reduction in value of property due to deterioration, damage, wear
DIRECT LOSS
Financial losses resulting from directly insured risks
DISABILITY
Any condition curtailing to an extent an individual's capability to carry on her
DISABILITY BENEFIT
Periodic payments (often monthly) paid to the participants under certain retirem
DISABILITY INCOME INSURANCE
Any form of health insurance providing periodic payments for replacing the incom
DISABILITY INSURANCE
Kind of health plan paying monthly income to the insured person when s/he is una
DISABILITY INSURED
Status of any individual insured for receiving disability benefits under Old Age
DISCLOSURE
Duty of the insured individual and his/her broker to provide the underwriter det
DIVIDEND
Return of partial premium within participating insurance reflecting difference b
DOMICILIARY HOSPITALIZATION
Treatment of patient who has been sent home because of lack of accommodation at
E & O.E.
Errors and omissions that are excepted
EARLY RETIREMENT
Retirement of the participant at a date earlier than the regular retirement date
EARNED INCOME
Employment income earned as salary, wages, fees, or commissions
EARNED PREMIUM
earned premium refers to the premium collected by an insurance company for the p
EARNED PREMIUM - REINSURANCE
Premium ceded and included during the year in question along with the reserve fo
Earthquake fire and shock
Extension of the policy coverage to the standard fire and special perils plan by
EARTHQUAKE ZONE
Differentiating between areas that are prone to earthquakes and those locations
ECONOMIC LIFE
The remaining duration when the property or equipment yields higher returns than
ECONOMIC LOSS
Estimated loss (insured as well as uninsured) incurred by a person, family, or b
ECONOMIC POLICY
Special kind of participating whole life plan under which the dividends are used
ECONOMICALLY VULNERABLE OR BACKWARD CLASSES
According to the IRDA guidelines, people who live below the poverty line
EFFECTIVE DATE
Actual date on which insurance coverage comes into force
EFFICIENT LEVEL OF RISK
Amount of risk balance after business or individual pursues activities like inte
Electronic Equipment Insurance
A policy providing coverage from sudden unforeseen material damages to electroni
ELEMENTS OF A NEGLIGENT ACT
The 4 elements injured persons need to show as evidence; existence of legal duty
ELIGIBILITY DATE
Date on which individual member within a specified group is eligible for applyin
ELIGIBILITY PERIOD
Specified length of time (often 31 days) following the eligibility date during w
ELIGIBILITY REQUIREMENTS
Conditions that the employee must satisfy for participating in the retirement pl
Name
englishMeaning
ELIGIBLE EMPLOYEES
Members within the group meeting the eligibility requirements under the group he
EMBARGO
Government prohition (either due to economic or political reasons) towards shipm
EMBEZZLEMENT
Fraudulent misappropriation or usage of another individual's property or money t
ENDORSEMENT
Memorandum issued towards effecting additions, deletions, or alterations in the
ENDORSEMENTS
Additional paper (not part of the original insurance contract) that cites certai
ENDOWMENT
Life insurance that is payable to the policyholder/s if alive on the maturity da
Erection All Risk (EAR)
A plan for covering projects that are under construction; provides coverage to a
ERRORS AND OMISSIONS INSURANCE
Liability insurance plan providing protection against any losses incurred by cli
ESTATE
All the assets and liabilities of a deceased individual
EXCLUSIONS
Specific circumstances or conditions listed within the policy document for which
F.I.R.
First Information Report lodged with the police authorities in case of theft, ex
F.O.B.
Related to imports and exports contractual sale agreement; the seller has the re
F.O.B. INSURANCE
Insurance coverage procured by the seller to protect his or her interest on good
FACE AMOUNT
Amount stated on the face of the insurance policy payable in the event of death
FAILURE OF CONSIDERATION
Occurs in the event the risk for which insurer has accepted premium fails to att
FAIR MARKET VALUE
The price at which any service or asset passes from willing seller to willing bu
FALL OR DISPLACEMENT OF BUILDING CLAUSE
Provision within the standard fire and special perils policy stating all covers
FAMILY COVERAGE
Property and/or personal insurance where any addition to the insured, her or his
FAMILY POLICY
Life insurance policy offering cover to all or several members of the family und
FAULTY DESIGN
Terminology related to builders risk insurance; relevant clause when attached to
FEASIBILITY STUDY
Studies undertaken to determine workability of proposed project due to various f
FIDELITY EXCLUSION
Provision for burglary and money insurance plans that exclude losses resulting f
FIDELITY GUARANTEE POLICY
Insurance plan that reimburses employers from losses resulting due to dishonest
FINANCIAL RISKS
Risks associated solely with finance received or extended; in various forms by a
FINANCIAL UNDERWRITING
Method to evaluate results of reinsurance treaty whereby factors like loss or ga
FINISHED GOODS
Goods or products that are completely manufactured, built, assembled and ready f
FIRE
Combustion accompanied by glow or flame escaping the normal confines to cause da
FIRE & THEFT RISKS
Related to motor insurance it refers to restricted coverage provided to a vehicl
FIRE AND ALLIED PERILS
Term that conventionally is used for denoting additional perils with fire; light
FIRE BRIGADE
Group of special professionals trained in extinguishing fires
FIRE ENGINE
Motor truck equipped with pipes and water tank to spray chemicals and water on f
FIRE EXTINGUISHER
Instrument using non-combustible substances such as carbon dioxide for putting o
FIRE HAZARDS
Chemical or physical properties of any matter in whatever state that makes it su
FIRE INSURANCE
Insurance contract indemnifying insured for losses caused due to destruction of
FIRST NAMED INSURED
First named insured on the commercial plans; latest forms allow the insurer to s
FIRST PARTY CLAIM
Claims made by the policy holder to her/his own insurance service provider; cont
FLOATER POLICY
Policy under terms of which protection follows moveable properties, covering whe
FRANCHISE
Provision within freight insurance conditions exempting insurer from particular
FREIGHT
Goods moved on behalf of another; remuneration earned by vessel owner or manager
GAINFUL EMPLOYMENT
Related to permanent total disability under personal accident insurance policy;
Name
englishMeaning
GENERAL EXCLUSION CLAUSE
Clause in the Institute Cargo Clauses 1982 that specifies the excluded risks irr
GOOD FAITH
Basic insurance principle, assured and her/his broker must disclose and truly re
GOODS
Merchandise excluding personal effects and/or provisions and stores that are use
GOODS CARRIAGE
Motor vehicle constructed or adapted for the sole use of carrying goods; any oth
GOODS IN TRUST OR ON COMMISSION
Person holding property of another in trust or commission possesses deemed insur
GRACE PERIOD
Specified period after the premium due date during which the insured can pay the
GRIEVOUS INJURY
Injury endangering life of an individual or causing the sufferer severe bodily a
GROSS DOMESTIC PRODUCT
Measurement of value of all the goods and services produced and delivered during
GROSS NEGLIGENCE
Reckless action without paying any heed to the possible consequences
GROSS NET PREMIUM INCOME
Companies that protect the net account through XL coverage, the premium in the a
GROSS PREMIUM
Premium paid by the policyholders
GROSS PROFIT
Sum insured related to consequent loss policy based on the gross profit; represe
GROSS VEHICLE WEIGHT
Total weight of the vehicle and load registered and certified by the Registering
GROUND
Includes all periods during which the aircraft is not flying, moored, or taxying
GROUP ANNUITY
Pension plan offering annuities on retirement to group of people under a master
GROUP DISCOUNT
Discount on the premium as per the prospectus or manual rates depending on the n
GROUP INSURANCE
Insurance cover for group of individuals who are engaged in common activity; emp
GROUP LIFE INSURANCE
Life insurance cover without medical examination on group of individuals under a
GROUP MEDICLAIM INSURANCE
Medical cover issued in favor of an enterprise or organization or employer for c
GROUP PERSONAL ACCIDENT INSURANCE
Personal accident cover issued in favor of an enterprise or organization or empl
GROUP TERM LIFE INSURANCE
Commonest form of group life insurance; annual renewable term insurance for empl
GROWTH RATE
Percentage change in the quantum of business compared to the base year; growth r
HAND APPLIANCES
Any portable fire extinguisher device comprising chemicals to put out fires. Han
HAZARD
Condition/s that create or enhance the risks of losses due to any perils
HAZARDOUS GOODS
Goods (either solids, liquids, or gases) susceptible to the risk of fire in diff
HAZARDOUS RISKS (FIDELITY GUARANTEE INSURANCE)
Risks not considered as good for insurance because high hazards associated there
HAZARDOUS SPORTS
Related to personal accident plans, sport activities that have higher risks like
HAZARDOUS SUBSTANCE
Related to Public Liability Insurance Act 1991 meaning list of chemicals with ca
HEALTH INSURANCE
Protection from financial losses due to accidental bodily injury or illness; var
HEALTH INSURANCE BUSINESS OR HEALTH COVER
Contractual effecting providing sickness benefits or surgical, hospital expense
HEAVY INDUSTRY
Traditional production companies in the steel, petroleum, automobile, rubber, an
HEDGING
Importers or exporters strategy related to future sales or purchases; for overco
HIT AND RUN MOTOR ACCIDENT
Accident that arises from the use of motor vehicle/s where the identity is not c
HOLD-UP
Robbery involving violence or threat of violence; risk that is covered under the
HOSPITAL EXPENSE INSURANCE
Health insurance cover offering protection against hospital care cost resulting
Hospital Medical Insurance
Protection offering benefits for the cost of all or some of the several healthca
HOSPITAL MISCELLANEOUS SERVICES
Services excluding room, board, and general nursing services offered by hospital
Hospitalisation
Admission of the patient in nursing home or hospital for treating injury, diseas
Hospitalisation Insurance
Insurance cover for individuals offering reimbursement of the expenditure incurr
HOUSEBREAKING
Individuals commit house breaking when they trespass and their entries affect th
Name
englishMeaning
HOUSEHOLDERS COMPREHENSIVE INSURANCE
Insurance package designed for homeowners with broad range of liability and prop
HULL INSURANCE
Insurance on the vessel, and its equipment and machinery
HUMAN LIFE VALUE
Present value of the family's share of the deceased earner's future earning pote
HURRICANE
Tropical storms marked by very low barometric pressure and circular winds at vel
HURRICANE INSURANCE
Component of the perils named 'storm, inundation, cyclone, flood, typhoon, torna
JEWELLERS BLOCK POLICY
Insurance plans for jewellers needs; cover is available for stock-in-trade at th
JOINT LIFE POLICY
Pays the insurance amount when the first of two or more insured individuals pass
JUDGEMENT
Court determinations for completed jurisdiction on various submitted matters
KEY PERSON HEALTH INSURANCE
Individual or group policy designed for protecting company against loss of incom
KEY-PERSON INSURANCE
Insurance cover designed for offering coverage to protect business firms against
KIDNAP-RANSOM INSURANCE
Insurance cover available for providing payment within the specified time period
KUTCHA CONSTRUCTION
Buildings with walls and/or wooden planks, grass, bamboo, hay, plastic cloth, th
LAPSED POLICY
Insurance cover that has closed earlier to the actual expiration date because of
LEAD INSURER
The insurer out of the insuring party having agreed to underwrite the highest sh
LEASE
Contract where the owner of any fixed assets allows its use to the contracting p
LEGAL LIABILITY
Liability that is enforceable under existing laws or acts
LESSEE (LEASEE)
Party in whose favor lease is granted
LESSOR
Party that grants the lease to the leasee
LIABILITY INSURANCE
Insurance cover for protecting policy holder from financial losses due to any li
LICENSE
Legal authority provided to the companies, brokers, agents, or consultants for t
LICENSE FEE
Amount paid by insurers or other companies or individuals as determined by the r
LIEN
Legal right of an individual on the property of another until the latter has sat
LIFE ANNUITY
Series of payments when commence are continued for the entire life duration of t
LIFE ANNUITY WITH 10 YEARS CERTAIN
Annuity paying income to annuitant for as long as s/he survives; but if demise o
LIFE EXPECTANCY
Average number of years of living remaining for group of persons of any given ag
LIFE INSURANCE
Insurance cover providing payments for specified amount on the demise of the ins
LIFE POLICY FOR 2 WHEELERS
Insurance coverage for 2 wheelers covering 3rd party risks and being valid until
Lift (3rd party liability) Insurance
Insurance plan for owners of passenger lifts for taking liabilities arising from
LIGHT MOTOR VEHICLE (LMV)
Transport vehicle or omnibus whose gross vehicle weight of either tractor, motor
LIGHTNING
Flash of light in the sky caused due to atmospheric electricity discharge from o
LIMITED PAYMENT LIFE INSURANCE
Whole life insurance coverage where premiums are payable for specified number of
LIMITED POLICY
Contract covering only certain kinds of accidents or diseases
LIQUIDATION
Dissolving a firm through sale of assets for cash
LISTED COMPANIES
Companies whose shares are listed on stock exchanges for trading; respective sto
LOADING
Amount that needs to be added to pure premium for profit, expenses, and continge
MACHINERY BREAKDOWN INSURANCE (MACHINERY INSURANCE)
Insurance cover for plant and machinery providing protection against all types o
MAILING LIST
Compilation of probable clients prepared as a list that can be used for solicita
MAJOR MEDICAL EXPENSE INSURANCE
Form of health insurance policy providing benefits for most kinds of medical exp
Malicious Damage
Deliberate damage or destruction of insured property or any part of it by wrongf
MALPRACTICE
Improper conduct of professionals during performance of his or her duties either
Name
englishMeaning
MALPRACTICE INSURANCE
Cover for professionals like lawyers or doctors against liability claims resulti
MANUSCRIPT POLICY
Plan developed for meeting the specific requirements and needs of the company
Marine 50/50 Clause
A clause in project insurance plans where marine is not insured by the same comp
MARINE ADVENTURE
Voyage or time period when the cargo is exposed to the various maritime risks
MARINE CARGO INSURANCE POLICY
Insurance related to merchandise and/or goods in transit from one location to an
MARINE CLAUSE
Clause appearing as one of the general conditions within the standard fire and s
MARINE HULL INSURANCE
Insurance offered to ocean going steamers and other ships; hull insurance offers
MARINE INSURANCE
Related to insurance of goods in transit from one destination to another by sea,
MARITIME FRAUD
Occurs when one or more of several parties in any transaction connected with mar
MARKET PRICE (OR MARKET VALUE)
Rate at which security can be sold or brought at any particular period in time
MARKET VALUE
Value determined for similar property that could be sold or purchased in the loc
MARKETING
Procedure for optimizing use of various resources of an enterprise by trying to
MASTER POLICY (OR MASTER CONTRACT)
Policy issued to group holders settling the provisions of the group insurance co
MATERIAL DAMAGE
Physical damage to tangible property, such as stocks, building, automobiles, fur
MATERIAL FACT
Fact/s that will influence the judgment of any prudent insurance company in dete
MATERIAL MIS-REPRESENTATION
Misrepresentation of certain facts that will influence the judgment of the insur
MATERIAL REPRESENTATION
Representation to the insurance company that would affect the acceptance of risk
MEDICAL EXAMINATION
Examination given by qualified physicians for determining insurability of applic
MEDICAL EXPENSE INSURANCE
Form of health insurance plan providing benefits for expenditures incurred for m
MEDICAL MALPRACTICE
Inaccurate treatment or care by medical professional, hospital, or other healthc
MEDICAL PAYMENTS INSURANCE
Cover available in different liability insurance plans where the insurance provi
MEDICARE
Program of hospital insurance (part A) and supplementary medical insurance (part
MISREPRESENTATION
Incorrect statement made about material fact/s if made deliberately with an inte
MODE OF PREMIUM PAYMENT
Frequency of payment of premiums, can be monthly, quarterly, half yearly, or ann
MORAL HAZARD
Hazard resulting from any non-physical personal feature of a risk that increases
MORTALITY TABLE
Table showing number of members in a group commencing at certain age will be ali
MORTGAGE INSURANCE
Life insurance plan paying balance of the mortgage amount in case of death of th
MOTOR TRUCK CARGO - OWNER'S FORM
Form of insurance insuring truck owner/s against loss to his personal property o
MOTOR TRUCK CARGO - TRUCKER'S FORM
This kind indemnifies the policyholder/s (trucker) for damage or loss resulting
MYSTERIOUS DISAPPEARANCE
Disappearance of insured property in an unexplained and mysterious manner