Pinney property damage insurance, as such, needs no introduction to the insurance world, inasmuch as certain types of this form of coverage have been successfully underwritten in this country for many years. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Interest rate effects year of account combined ratio roe 1985 106 108% 12% 2001 98 101% 12% 2012 84. Insurance a formal social device for reducing risk by transferring the risks of several individual entities to an insurer. The merriamwebster dictionary and thesaurus provides a definitive reference of words in the english language in an easytouse electronic format. Accident insurance insurance for unforeseen bodily injury. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril.
Glossary of commercial insurance terms commercial insurance is divided into two main categories. Many people have contributed to both the agricultural insurance section and to the section on rural finance. Where the property insured is completely destroyed or so badly damaged that it ceases to be. In the 19th century, lloyds and the institute of london underwriters a grouping of london company insurers developed between them standardized clauses for the use of marine insurance. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance. Insurance handbook insurance information institute. Dictionary of marine insurance terms robert brown on. The information has been gathered from many sources believed to be reliable, but the association. An universal dictionary of the marine or, a copious explanation of the technical terms and phrases employed in the construction, equipment, furniture, machinery, movements, and military. The insurer agrees to pay the amount stated on the declarations page in the event of a total loss, without any deduction for depreciation. See your summary of benefits and coverage for information on how to get a copy of your policy or plan document.
The items on a balance sheet showing the value of property owned. A contract of marine insurance may by its express terms or by. If you have any questions about the use or meaning of. Insurance policy legal document issued to the insured setting out the terms of the contract of insurance. Marine insurance definition and meaning collins english. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Motor insurance is a compulsory class of insurance for all vehicles licensed to be used on public roads, as per the road transport act 1987. Definitions yacht insurance global marine insurance. They do not override or qualify any definition that appears in any.
As used in property insurance, prohibits the insured from. Definition of insurance contract european commission. The insurance council of australia, as a response to the needs of the insurance industry and with the assistance of the insurance enquiries and complaints ltd. Legal expenses insurance is insurance coverage against expenses incurred when you need to. Insurance information institute 110 william street new york, ny 10038 tel. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list.
Coverage for losses if a land title is not free and clear of defects that were unknown when the title insurance was written. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions. Marine insurance and chartering the first part of my dissertation looks at the chartering of a ship. Glossary association of marine underwriters of san francisco. Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to.
Evidence of insurance that a specific entity or property is covered by insurance. Bboy radio entrepreneurs roundtable culture caucus grind. Insurers are free to provide more than standard cover. Definitions of health insurance terms in february 2002, the federal governments interdepartmental committee on employmentbased health insurance surveys approved the following set of definitions for use in federal surveys collecting employerbased health insurance. Consumer glossary national association of insurance. Articles 214, 215, 216, 217, 222, 222a, 223, 230, 230a provide definitions for specific. Definition, types explained the marine insurance policy may include liability hazards such as collision or running down. Insurance can also be taken for the expenses involved in noncompliance of rules and regulations without any intention to deceive. Accident only an insurance contract that provides coverage, singly or in combination, for death. As always, a publication of this depth and breadth is a genuinely collaborative effort. The term refers to the fact that the company carries or assumes certain risks for the policyholder. The term property insurance includes many lines of available insurance. While the update of the content of the internet database version is an ongoing activity, the pdf.
W executive of travelers insurance company who developed the domino theory of accident causation by studying over 75,000 industrial accidents and. Pages in category marine insurance the following 8 pages are in this category, out of 8 total. Captive insurance company a reinsurance company, often located offshore, which is owned by a corporation or association and provides reinsurance of direct insurance written to insure the corporation or the associations members. The a to z guide to legal phrases plain english campaign. The insurer agrees, for a consideration, to assume, to a specified extent, the losses suffered by the insured. Marine insurance sample policy paris diderot university. In simplest terms, it is a rental agreement in which a charterer agrees to hire a ship from its owner. This glossary is written for researchers, teachers and practitioners in the active fields of rural finance and agricultural insurance. Accused the person charged with a criminal offence. Insurance definitions, dictionary, glossary and terms. Marine insurance legal definition merriamwebster law. This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world.
Actuarial studies indicate that an insurance score is a good predictor of future claims, thus enabling the insurer to base. Witherbys encyclopaedic dictionary of marine insurance. Trial period required in most states where policy owners have up to 20. Boat insurance definitions beginning with s salvage. Thank you for choosing to learn more about residential title insurance. Readers are invited to contact fao with comments and suggestions which could be incorporated in any future edition of. Glossary of insurance related terms used by lloyds and market participants. Insurance fraud is the act of knowingly supplying false information with the intention of misrepresenting facts in order to take out an incorrect insurance policy and or falsely making a boat insurance claim with the purposes of obtaining a financial gain or settlement that would not have been made should all the facts have been accurately. Dictionary of marine insurance terms and clauses robert h. The insured shall at all times maintain insurance on 100% value of his shipment to the extent of the actual cash value at destination replacement cost less normal depreciation or to the extent of the replacement cost at destination replacement value at todays replacement cost, at the time of loss or damage and.
The oecd glossary of statistical terms may be downloaded directly to your computer as either a pdf or word file. Typically it is the charterer who will be the owner of the cargo, which he needs to move to some other part of the. Legal expenses insurance definition and meaning collins. A salvage is the process of managing to retrieve or save a vessel from a perilous situation such that it is not written off for insurance purposes i. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. In the 19th century, lloyds and the institute of london underwriters a grouping of london company insurers developed between them standardized clauses for the use of marine insurance, and these have been maintained since. The book is a unique language learning tool for students of english. It students with a glance at american lifestyle, as well as a compendium of useful vocabulary, the dictionary. Terms every effort has been made to ensure facts and figures are accurate however factors beyond our control such as fouling to the hull, antifouling, air and water temperature, quality of fuel, loading of the boat and condition of the propellers can cause the published figures of range and performance to fluctuate and must therefore be taken. The type of vehicle, the purpose of its use, its age model, cubic capacity and the fact that the driver has a consistently bad driving record. The code is a selfregulatory form of regulation, that is, the insurance. Meaning of marine insurance marineinsurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby by agreed, against marine losses, i. Insurance terms used in the area of residential title insurance. Accumulation reinvesting income generated by a fund back into the fund.
Motor insurance tokio marine malaysia an insurance company. In marine insurance, a term used to define the act of an insured giving up the proprietary rights in insured. Thus, a policy of insurance is not a perfect contract of indemnity. Pool or insurer that places reinsurance of its original risk with a reinsurance company. Principles of general insurance principles of insurance 58 b in motor insurance. Use pdf download to do whatever you like with pdf files on the web and regain control. Common law and civil law definitions of marine insurance. All engineering books pdf download online, notes, materials, exam papers, mcqs for all engineering branch such as mechanical, electronics, electrical, civil. This is a glossary of shipping terms and marine terminology as it pertains to marine insurance. The promise to employ a certain number of crew as specified in the policy and to inform the company prior to any changes. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references.
In connection with this insurance and to offer you an accurate quote, the insurance company may obtain or use a creditbased insurance score as part of the insurance underwriting process. A selection of abi statistical publications are available free of charge below. This act is modelled on the english marine insurance act of 1906. It explains the concept of insurance and how it is used to cover risk. An explicit right of ownership and possession which is free from any restrictions or limitations, given to the insured. An universal dictionary of the marine by william falconer. Acknowledgement admitting that someone has a claim or admitting that a. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. The british columbia statute is the insurance marine act, rsbc 1996 c. Glossary of insurance terms california department of insurance. Iec, developed the general insurance code of practice the code.
The global economy, rising risk and marine insurance markets. Gard guidance on maritime claims and insurance 7 preface i am pleased to present the latest publication in the gard guidance series the guidance on maritime claims and insurance. Punmia class 12 ip text book pdf cclass 7 hindi ulike class 9 sst endglish business knowledge for it in private wealth management construction surveying and lay out power training for combat business studies textbooks fono engelish speak rosetta stone american english free download guide to navigation resection surveying haile giorgis mamo books science pdf. There are currently no known outstanding effects for the marine insurance act 1906. Marine insurance definition of marine insurance by the free. Web to pdf convert any web pages to highquality pdf files while retaining page layout, images, text. Insurance company that actually underwrites and issues the insurance policy.
Marine insurance law then looks to individual considerations in detail, including. How insurance is transacted as a business and how the insurance. Declaration part of a property or liability insurance policy that states the name and address of policyholder, property insured, its location and description, the policy period, premiums, and. The new oxford picture dictionary contextually illustrates over 2,400 words. Ocean marine insurance glossary word a policy for all types of watercraft, cargo and liability for marine related pursuits. See end of document for details time of effecting the contract of insurance the assured was aware of the loss, and the insurer was not. Although the term suggests ocean only, ships, yachts and other craft plying inland waterways are also eligible for this type of insurance. A demand for payment of damages upon chapman university or under a coverage agreement, insurance. Insurance pdf types of insurance, scope of insurance.
Free resources glossary insurance community university. The following definitions are intended for general guidance. Products per page 10 20 30 all 1 next guidance for the. An insurance company that accepts the risk transferred from.
936 735 85 160 354 482 396 10 141 420 1588 1523 1622 736 849 793 477 1283 1220 699 937 139 757 893 780 1398 709 338 106 778 1444 1308 782 974 60 220 105 847