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lancorinsurance.co.za
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Definitions (67)
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contra proferentum rule
Any ambiguity in contract wordings is construed against the drafter of those wordings.
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operative clause
The clause in a policy which sets out the circumstances in which the insurers will make claim payments.
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assessor
Similar to a Loss Adjuster (see below) but may just do Motor Claims and is not necessarily independent and is not a member of the Institute of Loss Adjusters.
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betterment
The value of the improvement in insured property when it has been repaired, or replaced after a loss.
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broker
A professional full-time independent agent or intermediary.
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certificate of insurance
A document issued by an insurer which is used to certify that cover is in force.
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claim free group
The term used in motor insurance to indicate into which of the rating groups a policyholder will fall according to his claims record. Also referred to as no claim bonus (NCB) or no claim discount (NCD [..]
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co-insurance
A form of insurance whereby more than one insurer carries the risk and where each is individually and proportionally liable to the insured for settlement of a claim.
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co-insurer
An insurer who shares with others in co-insurance.
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collective policy
Policy issued by the leading insurer on behalf of all the insurers who share a risk by way of co-insurance.
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