Insurance Policy - Law Dictionary Search Results
occurrence policy
occurrence policy : an insurance policy that provides coverage for an event occurring within the policy period even if the discovery or claim is made later compare claims made policy ...
Actuary
Actuary, a registrar of a public body. Also a clerk who registers the acts and constitutions of the Lower House of Convocation; or a registrar in a Court Christian. Especially a person skilled in calculating the value of life interests, annuities, and insurances. The (English) Local Government and other Officers' Superannuation Act, 1922 (12 & 13 Geo. 5, c. 59), defines actuary as meaning a fellow of the Institute of Actuaries or the Faculty of Actuaries in Scotland. The Institute of Actuaries was formed in 1848 and incorporated by royal charter on July 29, 1884.An actuary possessing such qualifications as may be by regulations made by authority. [Insurance Act (4 of 1938), s. 2(a)]Means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits, recommending rates r...
Coinsurance
Insurance jointly with another or others specif that system of fire insurance in which the insurer is treated as insuring himself to the extent of that part of the risk not covered by his policy so that any loss is apportioned between him and the insurance company on the principle of average as in marine insurance or between other insurers...
From, 'To'
From, 'To', when a period is delimited by statute or rule, which has both a beginning and an end and the word 'from' is used indicating the beginning, the opening days is to be excluded and if the last day is to be excluded the word 'to' is to be used. In order to exclude the first day of the period, the crucial thing to be noted is whether the period of limitation is delimited by a series of days or by any fixed period. This is intended to obviate the difficulties or inconvenience they may be caused to some parties. For instance, if a policy of insurance has to be good for one day from the 1st January, it might be valid only for a few hours after its execution and the party or the beneficiary in the insurance policy would not get reasonable time to lay claim, unless the 1st January is excluded from the period of computation, Tarun Prasad Chatterjee v. Dinanath Sharma, (2000) 8 SCC 649: AIR 2001 SC 36 (39). [General Clauses Act, 1897, s. 9]...
Lost or not lost
Lost or not lost are words used in marine insurance policies in order to prevent the policy being void if the ship is lost at the time of the insurance provided that this fact is unknown to the insurer....
Children
Children. The word child in legal documents means a legitimate child unless otherwise declared by statute. See Morris v. Britannic Assurance Co., 1931 (2) KB 125. 'Child' is defined by the (English) Children and Young Persons Act, 1933 (23 & 24 Geo. 5, c. 12), s. 107, as meaning, for the purposes of the Act, a person under fourteen years of age. The (English) Children and Young Persons (Scotland) Act, 1932 (22 & 23 Geo. 5, c. 47), makes provisions for Scotland similar to those of the corresponding English Act.Registration of Birth, and Vaccination.--It is the duty, by s. 1 of the (English) Births and Deaths Registration act, 1874 (37 & 38 Vict. c. 88), of the father and mother of very child born alive, and in their default of other persons (see BIRTHS), to give information to the registrar within forty two days; the (English) Public Health Act, 1936, ss. 2 and 3, provides for compulsory notification of births to the Medical Officer of Health (see BIRTHS), and the child must be vaccinat...
underwriter
underwriter 1 a : a person (as an individual or a company) who underwrites an insurance policy : insurer b : a person who assesses risks to be covered by an insurance policy 2 : a person (as an individual or company) who underwrites a security issue compare issuer NOTE: The Securities Act of 1933 requires dealers, issuers, and underwriters to file registration statements for the securities that they sell. ...
twisting
twisting : the making of a misrepresentation by an insurance agent to cause a policyholder to surrender or lapse an insurance policy esp. for the purpose of replacing it with another policy ...
Insurance transactions
Insurance transactions, is broad enough in principle to include the provision of insurance cover by a taxable person who is not himself an insurer but, in the context of a block policy, procures such cover for his customers by making use of the supplies of an insurer who assumes the risk insured, Card Protection Pland v. Customs Comrs. (E.C.J.), (1999) 3 WLR 203....
Marine insurance business
Marine insurance business, means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies. [Insurance Act, 1938 (4 of 1938), s. 2(13A)]...
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