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The following definitions are intended for general guidance only. They do not override or qualify any definition that appears in any byelaw or regulation, in any contract or in any other document. Where a word is shown in italics it is separately defined in the glossary.
A ¦ B ¦ C ¦ D ¦ E ¦ F ¦ G ¦ H ¦ I ¦ J ¦ K ¦ L ¦ M ¦ N ¦ O ¦ P ¦ Q ¦ R ¦ S ¦ T ¦ U ¦ V ¦ W ¦ X ¦ Y ¦ Z
Ab initio
Latin for from the beginning.
Accident yearThe calendar or accounting year in which a loss occurs
AccreditationThe process by which a firm may obtain registration as a Lloyd’s broker.
Accredited Lloyd’s brokerA Lloyd’s broker
Active Underwriter
The employee of a managing agent who has principal authority to accept insurance and reinsurance risks on behalf of the members of a syndicate.
Actual Total LossThis term derives from section 57 of the Marine Insurance Act 1906 (MIA) and refers to situations in marine insurance where -
(a) the subject matter of the insurance is destroyed;
(b) the subject matter of the insurance is so damaged as to be no longer be capable of still being described as the thing insured; or
(c) the insured is deprived of the subject matter of the insurance forever.
Section 58 of the MIA adds that where there is no news of a missing ship then after a reasonable period an actual loss may be presumed.
AdjusterSee loss adjuster.
Adjustment premium An additional or return premium that is payable in relation to a deposit premium depending on the performance of an insurance or reinsurance contract.
AgentSomeone who acts for another person (the principal) usually for reward.
There are four main classes of agent that may be involved in the underwriting of insurance and reinsurance risks by Lloyd’s underwriters: members’ agents, managing agents, brokers and coverholders. In addition, there are Lloyd’s agents which are independent businesses that provide surveys and loss adjusting services to managing agents, insurance companies and others on a worldwide basis. Further in some situations one underwriter may act as the agent of other underwriters (see general underwriters’ agreement).
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Last Updated ( Thursday, 17 November 2011 )
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