Autologous Bone Marrow Transplant (ABMT).
Insurance Encyclopedia
ABN / ABN-G / ABN-L
Advance Beneficiary Notice (ABN).
Abnormal Risk
An insurance policy that has some unfavourable feature in comparison to the average.
Abridgment
Reduce in scope, coverage, or extent.
Abrogation
To cancel or repeal by authority.
Abscond
To run away and hide, especially in order to escape the law.
Absolute assignment
An unqualified acceptance of all the terms of an offer to form a contract. The complete sale of a life assurance policy by the policy holder to the assignee, who becomes the owner as well as an assignee for value. The consideration is usually the surrender value or another agreed price, but it can also be nominal or for ‘natural love and affection,’ in which case it is referred to as a voluntary assignment. The statutory form of assignment is specified in the Policies of Assurance Act of 1867 (qv). The assignee may agree to pay future premiums and provide a satisfactory discharge for the policy proceeds.
Absolute Beneficiary
A beneficiary who cannot be changed without his express permission.
See Also “Straight petition in bankruptcy.”
Absolute Liability
A legal doctrine that states that one can be held liable even if negligence has not been proven, as in the case of worker’s compensation.
Liability that is triggered automatically when an egregious activity is performed, when the performance of an act is so dangerous that it is enough to trigger liability regardless of the degree of negligence. e.g:
- Triggering explosives
- Sending workers aloft for construction or repair at great heights.
Also called strict liability.
Absolute Negligence for Negligence (Degrees and Defenses available to the Defendant)
This concept of negligence holds that one party is negligent regardless of the actions of the injured party. An employer, for example, is held absolutely liable under the Employees Compensation Act if an employee is injured by an act “arising out of and in the course of employment.”