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Category: South Africa / Insurance / Short Term Insurance / Insurance Terms

 

Glossary of Insurance Terms

 

Below is an explanation of the most commonly used insurance terms encountered when purchasing short-term insurance.  These terms are listed alphabetically.

 

A B C D E F G H I K L M N O P Q R S T U V W

 

Abandonment

 

the giving up by an insured to the insurer of damaged property when a total loss is claimed.
Acceptance   an absolute and unqualified agreement to the terms of an offer, so creating a contract.
Accident   an unforeseen and unintended event or occurrence.
Accommodation Business   normally unacceptable business taken by an insurer as a goodwill gesture in the hope that further business will materialise.
Act Of God   an event that is the result of natural forces and which arises without human intervention.
Adjustable Policy   a policy where the exact extent of the value at risk cannot be known in advance (e.g. goods in transit insurance). A provisional premium is charged and adjusted at the end of each period of insurance.
Adjuster/Assessor   see LOSS ADJUSTER/ASSESSOR.
Agent   a person who acts on behalf of another and in the case of insurance is the intermediary between the proposer and the insurer.
Agreed Value   the sum to be paid in the event of a total loss under a valued policy.
Arbitration   a means of settling disputes legally without going to court where the issue concerns the amount of a claim and not liability. A qualified person or persons whose appointment has been agreed to by the parties involved, will hear the case and give a decision.
Asset   a property or financial commodity which can, if necessary, be converted into cash.
Assurance   a term interchangeable with insurance, which is often used in the case of Life and Marine business.
Attestation   the signing clause in a contract of insurance.
Average   in general insurance, this is a policy provision which has the effect of reducing a claim payment where under-insurance is discovered.

glossary supplied by

 

 

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