Engineering and inspection services provided by an insurance company or an independent organisation with the goal of removing or reducing dangerous conditions in order to prevent losses.
Insurance Encyclopedia
Accident Rate
Accident experience in relation to a base unit of measurement, such as motor vehicle rail/road and aircraft accidents: for example, number of accidents compared to miles operated or passengers carried, ‘number of deaths per 2,000,000 miles travelled,’ and so on. Although an injury rate is more commonly used, occupational accident experience can be expressed as the number of accidents per 100,000 employee-days worked, per 100 employees, or per employee-year (200 working days).
Accident Severity
A measure of the seriousness or severity of losses rather than the number of losses. It is calculated in terms of lost work time rather than the number of individual accidents. It is yet another way to assess the efficacy of loss prevention services.
Accident year
The calendar or accounting year in which an accident or loss occurred.
Accident Year Experience
Measures premiums and losses relating to accidents that occurred during a twelve-month period. Earned premiums and ultimate losses from loss events occurring within the same twelve-month accounting period are used to calculate underwriting results, regardless of when the losses are actually reported, booked, or paid.
See also Calendar Year Experience and Policy Year Experience.
Accident Year, Accident Year Losses, Accident Year Statistics
Method of collecting data on losses, particularly liability insurance claims, that charges to a given calendar year the total costs of accidents that occur in that year, regardless of when these costs are incurred. Sometimes called calendar-accident year statistics.
Accident, Arising Out of and in the Course of Employment
The popular definition of “accident” is “an event that is neither expected nor desired.” The phrase “in the course of employment” denotes the time when the injury occurs, whereas the phrase “out of employment” establishes the causal link between the injury and the employment.
Accident, Compulsory Public Liability Insurance
Accident is defined as “an accident involving a fortuitous, sudden, or unintentional occurrence while handling any hazardous substance resulting in continuous, intermittent, or repeated exposure to death, injury, or property damage, but does not include an accident caused solely by war or radioactivity.”
Accident, Sickness and Unemployment policies (ASU)
Creditor insurance that provides coverage in the event of an accident, illness, or unemployment.
See also Life, Accident, Sickness and Unemployment insurance (LASU).
Accidental bodily injury
An unintended, unexpected injury to the human body caused by an accident or by ordinary means that resulted in an unanticipated outcome.
For the purposes of a legal liability policy, reckless behaviour that results in an expected but unintended bodily injury is not accidental; the injury must be both unexpected and unintended from the insured’s perspective. Accidental injury usually happens at a specific time and place, but the concept of the slow accident has emerged, and conditions like deep vein thrombosis must be considered in light of policy definitions and court decisions. A person injured under a car when a jack slips has suffered an accidental injury under a personal accident policy, but back strain from an uneventful tyre change lacks fortuity and is thus not accidental.