Any one accident. The term, in relation to liability insurance, refers to the maximum liability of the insurer in respect of all claims, both for bodily injury and property damages of third parties arising out of any one accident.

Any one vessel. The term, which relates to Marine Cargo Insurance, refers to the insurer's maximum commitment under the policy for all cargo in respect of any one vessel.

In Marine Cargo and Marine Hull Insurance, 'Abandonment' is a condition precedent to a constructive total loss of the property insured. The insured must inform the insurer of his intention to abandon the property before doing so. But the insurer is under no obligation to accept the abandonment.

Agreement to an offer, thereby leading towards conclusion of a contract. One of the fundamental requirements of any contract of sale. Applicable to Contracts of Insurance also.

The term generally refers to those parts which are directly supplied by the manufacturer along with the equipment /vehicle but which are not essential for the operation/running of the equipment/vehicle.

Accident or Accidental means a sudden, unforeseen and unexpected event caused by external, violent and visible means (but does not include any Illness) which results in physical bodily injury.

A measurement of number of accidents occurring in a given period

Coverage for death or bodily injury resulting from accidental means. Cover will extend benefits for different consequences of accident, namely, death, Total disablement of either permanent or partial nature as also partial disablement of permanent nature. Cover can also provide for reimbursement of medical expenses towards treatment of accidental injury on payment of extra premium.

A measurement of the seriousness of accidents occurring within a given period, judged either by their cost or by the nature of the damage or injury to which they give rise

The benefit which provides for the payment of an additional sum (usually equal to the sum insured of the basic policy) in the event of death by an accident.

This refers to the expenses incurred by the Direct Insurer for acquiring Direct Premium. Normally commission expenses come under this category. Even brokerage paid if any and also initial Publicity expenses for product launches can be considered as Acquisition Costs.

Provision under the Motor Insurance Tariff to cover a motor vehicle against act liability of the insured together with restricted own damage to the vehicle caused by Fire, External Explosion, Self-ignition or lightning or burglary, house breaking or theft. There is a percentage reduction from the premium applicable for the own damage portion of the cover in view of the above-restricted scope of the cover, which is provided in the tariff.

Any event not caused or contributed to by man. Some sudden and irresistible acts of nature that could not reasonably have been foreseen or prevented, such as floods or exceptionally high tides, storms, lightning, earthquakes etc. constitute Act of God Perils.

Insurance Coverage for all motor vehicles to indemnify the insured upto the limits prescribed in the Motor Vehicle Act, 1988 in respect of his legal liability to pay compensation for death or bodily injury to any third party or damage to the property of any third party caused in any accident or series of accidents arising out of one event in so far as is necessary to meet the requirements of section 147 of the Motor Vehicle Act, 1988.

The employees of a company may be entitled to various benefits by way of terminal dues at the time of retirement or resignation from the company. Eg; Gratuity for those who have completed 5 years of service, encashment of accrued leave at the time of retirement, commutation of pensionary benefits etc. Even though these liabilities arise at the time of retirement only, the employer is expected to evaluate such future liabilities by way of actuarial valuation and provide for the same in the current year’s accounts. Such provisions are called Actuarial assessment of employees’ liabilities.