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Accession

The process by which property belonging to one person becomes the property of another by being added to or incorporated with the latter’s property.

Accident

An unplanned occurrence beyond the insured’s control that occurs suddenly and by pure chance, resulting in injury traceable to a specific time and place.

An accident may be viewed as the result of a failure to identify a hazard or a flaw in an existing system of hazard controls.

There must be some element of fortuity (chance).

Accident and Health Insurance

Accident and health insurance, also known as casualty insurance, typically covers accidental injury and accidental death. In the event of an accident, benefits will cover medical expenses, preventative services, and, to some extent, catastrophic care. Benefits are paid to named beneficiaries in the event of an accidental death. Accidental death is frequently combined with dismemberment, giving rise to the term “Accidental Death and Dismemberment.” In this case, specific sums are paid to the insured in the event of amputation. The policy specifies the amount paid for each type of dismemberment. Dismemberment of a leg, for example, pays more than dismemberment of a finger.

See Also Accidental Death and Dismemberment

 

Accident Basis

  1. A policy coverage concept that applies to claims arising from accidents that occur during the policy’s term; distinct from claims made basis and occurrence basis.
  2. In the Accounts and Statements Rules, a reporting basis for general insurance business based on the calendar or accounting year in which an accident or loss occurred (compare with underwriting basis).

Accident Book

Workplaces with more than ten employees, as well as all factories, are required by law to have an accident book in which employees, or others acting on their behalf, can record details about accidents and work-related illnesses. Entries serve as formal notice to the employer, who may enter his own if he believes the employee’s entry is incorrect. The entries could be used in future claims against the employer. The most recent Accident Book (published by the HSE) complies with the Data Protection Act of 1998. Accidents are recorded, but information about the individuals involved is kept separately and securely.

Accident Frequency

This is one method for measuring the effectiveness of loss prevention services. The rate of occurrence of accidents, often expressed in terms of the number of accidents over a period of time as well as accident severity.

Accident Insurance

Insurance against injury, loss, or damage to persons, property, or liability that is not covered by life, fire, or marine insurance.

US MEDICAL: Health insurance that protects a person in the event of an accidental bodily injury. Insurance benefits can help to replace a portion of earned income lost due to disability caused by an accident. Accident insurance may also cover medical expenses and indemnity for death, limb or sight loss as a result of an accident.

 

 

Accident perils

Health insurance underwriters use this classification to assess the type and degree of danger represented by a specific occupation, such as fire exposure, use of dangerous machinery, handling of heavy objects, and the risk of falling.