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U |
V |
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| “ACT” Policy |
Motor insurance cover granted to cover death/injury of third parties in terms of the Motor Traffic Act. |
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| Abandonment |
Abandoning a ship after the occurrence of a serious damage in Marine Insurance. |
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| Absolute Owner |
Legal/Sole owner of property |
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| Acceptance |
Accepting a risk (letter of acceptance) Principle necessary in the formulation of a contract. |
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| Accident |
An event that is not expected. Accidental death/injury/damage for which insurance is granted. |
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| Accident benefits |
In life and personal accident insurance, payment that is made in respect of accidental injuries. |
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| Accumulation of Risk |
Risks insured are collected together in one place. |
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| Actuary |
Qualified person who prepares premium tables, valuation, life bonus etc. |
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| Agent |
A person who represents another person (proposer) in obtaining an insurance policy, normally appointed by the insurer. |
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| Air Way Bill |
Document required when cargo is sent by air. |
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| All Risks |
Policies covering a fair number of perils especially in marine cargo and burglary insurance. |
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| Ambiguity |
Giving unclear meaning. If policy wordings are not clearly understood, it will be held against the insurer |
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| Annual Premium |
Premium payable for a year. |
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| Arbitration |
A condition incorporated in general insurance policies to resolve disputes about quotum of claims. |
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| Arbitrator |
A person appointed to sit in arbitration on disputes. |
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| Assessor |
An engineer who examines damaged motor vehicles and recommends payment in keeping with market rates. |
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| Assignment |
Proceeds under an insurance policy is assigned to another person or institution. |
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| Average |
A condition applicable to fire and burglary policies by which payment of claim is adjusted downward when there is under insurance. |
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| Aviation Insurance |
Insurance of air craft and allied perils. |
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