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Scyllogis Consulting has helped our Customers within the Insurance sector continue to achieve significantly higher levels of business performance from their IT systems. Read how we have worked with some of these Customers to achieve significant business results across the world, in our Case Studies ....

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Despite all of the articles and books on the topic, companies today are no more effective at delivering on large-scale change initiatives than they were 20 years ago. In a recent survey, 70% of the companies said their change management initiatives did not deliver the expected results. That success rate was unchanged from similar surveys conducted in the 1980's and 1990's. And the environment for change is only getting more complex.  Read more .......

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At Scyllogis Consulting all of our consultants have significant experience gained from within the Insurance market. Our people and our culture are our greatest assets. We only select people with relevant experience, intelligence, integrity, passion and the ambition to make a mark and deliver to our Customers the Scyllogis brand values of practical, results based consultancy. Our Consultants are pragmatic and open minded. That is why we deliver solutions that others dont.....  Read More
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Glossary of Terms
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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 year

The calendar or accounting year in which a loss occurs

Accreditation

The process by which a firm may obtain registration as a Lloyd’s broker.

Accredited Lloyd’s broker

A 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 Loss

This 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.

Adjuster

See 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.

Agent

Someone 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 ( Tuesday, 26 February 2008 )
 
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