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Agreed business planA syndicate business plan that has been approved by or on behalf of Lloyd’s Franchise Board. No managing agent may underwrite for a syndicate without an agreed syndicate business plan. Agreed syndicate business plans may be amended with the agreement of the Franchise Board or someone acting on its behalf.
Agreed value policyAn insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the property insured without any adjustment for depreciation or appreciation.
AggregateTotal (limit of indemnity, premium, retention etc).
Aggregate excess of loss reinsuranceA form of excess of loss reinsurance in which the excess and the limit of liability are expressed as annual aggregate amounts.
Aligned MemberA corporate member of a syndicate that is directly or indirectly owned by the same firm that owns the managing agent of the syndicate.
All risksA property insurance which covers any accidental loss or damage that is not specifically excluded under the policy.
Allocated CapacityThis may refer to a member’s allocated capacity or syndicate allocated capacity.
Annual accountingThe reporting of syndicate results on a calendar year basis with profit taking being restricted to earned premiums.
Annual ventureThis term refers to the reconstitution of a syndicate as an annual business venture where insurance and reinsurance business is written on a year of account basis.
AppreciationIn the context of property insurance an increase in value of the property insured.
Approved personAn individual who has been approved by the Financial Services Authority (FSA) to perform a FSA controlled function for an authorised person.
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Last Updated ( Thursday, 17 November 2011 )
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