Mechanical device for signaling the occurrence of an unwanted condition, such as a Fire, burglary, or the unnecessary activation of a Fire-suppression system in order for corrective action to be taken.
Insurance Encyclopedia
ALARM (Association of Local Authority Risk Managers)
ALARM assists, advises and represents public sector organisations in the development of risk management strategies. In collaboration with the Association of Insurance and Risk Managers and the Institute of Risk Management ALARM has developed a new Risk Management Standard.
Alarm system in operation
Policy may warrant that an approved alarm system be kept in operation. In De Maurier (Jewels) Ltd v. Bastion Insurance Co. Ltd and Coronet Insurance Co. Ltd (1967), a warranty in a jewellers’ ‘all risks’ insurance stated ‘alarms on road vehicles be kept in operation… Held: ‘in operation means the system must be switched on in circumstances where the user has reason to believe that switching it on makes it fully operative. It does not mean “fully operative”. If, because of an unknown fault, it fails to operate there will be no breach of warranty by the insured.
Albumin
One of a class of simple proteins in the blood. The level of albumin may reflect the amount of protein intake in food.
Alcoholic beverage control (ABC) laws
See: Dram shop laws.
ALE
Abbreviation for Additional Living Expenses, a coverage found in personal lines homeowners, condominium, and tenant policies.
Aleatory
That which depends on an uncertain event.
Aleatory Contract
“A contract is an aleatory contract when it meets one or both of two conditions. One condition is that the execution or performance under the contract depends on a contingency or random event that is beyond the control of either party to the contract. The other condition is that the sums paid by the contract parties to each other are unequal.*****MEDICAL: Insurance contracts are aleatory contracts and meet both conditions. The contract is executed when an unforeseen event takes place. Moreover, the insured may collect a sum much larger than the premium paid or may collect nothing for the premium paid. (See Unilateral Contract).”Agreement in which one of the parties may recover a larger value than the value lost, which is dependent on the occurrence of a future contingency.*****
Insurance contracts are Aleatory contracts, i.e., the obligation of at least one of the parties to perform is dependent upon chance. If the event insured against occurs, the Insurer will probably pay the insured a sum of money much larger than the premium. If the event does not occur, the Insurer will pay nothing.
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UK: Any form of contract involving chance. Insurance contracts involve chance if they are of an aleatory nature, but the legal requirements as to insurable interest prevent them from being used for wagering.
ALF
Abbreviation that means assisted living facility. See assisted living center (ALC).
Algorithm
Rule or procedure containing conditional logic for solving a problem or accomplishing a task. Guideline algorithms concern rules for evaluating patient care against published guidelines. Criteria algorithms concern rules for evaluating criteria compliance. Algorithms may be expressions in written form, graphic outlines, diagrams, and flow charts that describe each step in the work or thought process.