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Approved run-off company A company that is permitted by Lloyd’s to perform specified functions that would normally be performed by a managing agent of a run-off syndicate on behalf of that agent or a substitute agent.
AssuredAnother name for an insured.
Attachment dateAnother term for inception date, being the date on which an insurance or reinsurance contract comes into force.
Attorney in factA person appointed by a power of attorney to act on behalf of another person.
A Lloyd’s attorney in fact is a representative appointed by Lloyd’s to represent Lloyd’s and Lloyd’s underwriters in particular country or US state. An attorney in fact may be a natural person or a company and performs a similar role to a Lloyd’s General Representative.
Authorised personA person (usually a firm) that has been approved by the Financial Services Authority (FSA) to carry on one or more FSA regulated activities.
AverageIf the sum insured under non-marine insurance is expressed to be “subject to average” and that sum is less than the value of the subject matter of the insurance then any claim that is agreed under the policy will be reduced proportionately to reflect the under insurance.
Section 81 of the Marine Insurance Act 1906 say that an insured shall be his own insurer as regards any under insurance.
In marine insurance the term average may also refer to one of two types of loss, general average and particular average.
Avoidance of a contract ab initioThe cancellation of an insurance or reinsurance contract from its beginning by an insurer or reinsurer on the basis of the misrepresentation and/or non-disclosure of material facts. The result is that the insurer/reinsurer has no liability under the contract but must repay the premium to the insured/reassured.
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Last Updated ( Thursday, 17 November 2011 )
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