If a claim has been settled by agreement and a binding discharge obtained, it cannot be reopened. Similarly, the law does not permit successive actions based on the same cause. If damages are awarded for bodily injuries based on medical evidence at the time, a fresh action cannot later be brought even if subsequent medical opinion reveals the injuries were more serious than originally agreed. Additionally, in the UK, a liability insurer who has secured a suitable discharge in the name of their policyholder has provided a strong defence against future claims arising from the same cause of action.
Insurance Encyclopedia
Accord and Satisfaction for Negligence (Degrees and Defenses available to the Defendant)
A claim that has been settled by agreement and given a binding discharge cannot be reopened. Similarly, the law prohibits multiple actions. If damages for bodily injury/ies are awarded based on medical evidence, a new action cannot be brought or based on subsequent medical opinion establishing that injuries were more serious than originally agreed.
Account
A ledger, ledger card, financial accounting record, or patient account ledger is a formal record of all transactions made on an individual’s financial record, listing debits, credits, and balance; this term may be computerised, or in a medical practise using a manual bookkeeping system, this term is referred to as a ledger, ledger card, financial accounting record, or patient account ledger.
Account current
An insurer’s monthly statement detailing an agent’s premiums, commissions, cancellations, and endorsements.
Account premium modification plan
A fire, property damage, and time element rating plan. The maximum credit or surcharge is 25%, and it is available to risks with at least a $5,000 three-year premium.
Account sales
A cargo claim document required when the goods have been sold. It shows the proceeds of the sale.
Account selling
Attempting to meet all of a client’s insurance needs rather than meeting only a portion of those needs.
accountable health plan (AHP)
A managed competition component that serves as both a provider and an insurer (payer) of health care services. AHPs compete with one another to provide the most cost-effective benefits package while also providing the highest quality of care. AHPs have preventive programmes and place an emphasis on wellness. These health plans are owned, operated, or contracted with by providers.
Also called Accountable health partnership (AHP), integrated delivery system (IDS), integrated health system (IHS), integrated health delivery system (IHDS), community accountable healthcare network (CAHN), integrated service networks (ISN), health purchasing alliance (HPA), community care network (CCN), and organised delivery systems.
Accountants clause
A clause in a business interruption policy which indemnifies the insured in respect of the cost of an accountant’s fee in respect of preparing and submitting the claim. Without the clause, the cost falls upon the insured.
Accounting Classes
A category of insurance business used for the purpose of statutory returns, for which separate figures must be provided at specific points in the regulatory return submitted to the Financial Services Authority. Some accounting classes consolidate several general business classes, while others represent subdivisions of one or more classes.