Ages below and above which an insurance company will not accept applications or renew policies.

Someone who sells and services insurance policies on behalf of insurers. In many countries agents can only represent either one or a limited number of insurers as opposed to brokers who have a free rein. Agents often obtain their clients from friends and relatives and therefore tend to have a personal knowledge of the client.

A legal liability that may arise as a result of the injury or death of another person.

An insurance intermediary who represents the interests of the client, not the insurance companies.

A policy providing liability coverage only if a written claim is made during the policy period or any applicable extended reporting period. For example, a claim made in the current year could be charged against the current policy even if the injury or loss occurred many years in the past. If the policy has a retroactive date, an occurrence prior to [..]

The policy owner must comply with the terms of the policy before he can expect his insurers to pay the claim, which seems simple enough. This condition also links up with the declaration on the proposal form that answers given must be truthful.

Property insurance that restores the insured to his original financial condition after suffering a loss. The idea is that the insured cannot profit by his misfortune. Personal Accident insurance, where a pre-agreed lump sum payment is made, is not a Contract of Indemnity.

Where someone is holding two or more insurance policies covering the same interest in the same property for the same peril, and if the policies are contracts of indemnity, than the law does not allow the insured to recover a loss under both policies and so make a profit out of the misfortune he has insured against. Instead, the insurers concerned s [..]

A group policy provision which helps determine the primary carrier in situations where an insured is covered by more than one policy. This provision prevents an insured from receiving claims overpayments.

Payment of twice the basic benefit in the event of loss resulting from specified causes or under specified circumstances. Personal Accident policies may provide double indemnity coverage for death due to accident whilst the insured is travelling in a public transport vehicles.