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Apple Plantation Insurance

Indemnifies the insured the plantation input cost for total loss of apple plant and/or damage to fruit, when loss occurs due to fire and allied perils. The indemnity is the amount arrived at after applying percentage of loss to sum insured, franchise, excess etc. Policy also covers loss of inputs cost incurred by way of damage to fruit which is assessed by applying percentage of loss to sum insured. Coverage is available for only trees between age of 1 to 30 years to regularly bearing orchards only. Intercropping involving rice, wheat, maize and potato not allowed. In the event adverse climate prevails at the time of blossoming the insured shall resort to hand pollination or any other suitable technique.

Appleton rule

A rule requiring every insurer in New York to comply with the New York Insurance Code. If the insurer does business in any other state, he or she must still comply with this code.

Applicant’s form

The form used in fidelity guarantee insurance by the person, e.g. the employee, against whose dishonesty insurance is sought by the insured employer. The form elicits details of name, address, age, salary, present post within the firm and financial status of the employee. Details are also elicited about previous employment history and any previous guarantees.

Application

A signed statement by a prospective insured person which becomes part of an insurance contract.

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Questionnaire providing information to be used in determining the coverage an Insurer will provide as well as the acceptability of the applicant for the amount of Insurance and the premium to be charged.

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US: A signed statement of facts made by a person applying for insurance and then used by the insurance company to decide whether or not to issue a policy. The application becomes part of the insurance contract when the policy is issued.

 

 

Application form

1. Request form to be completed with pertinent data when applying for employment. This may be done in person, by telephone, or on the Internet. 2. Statement of information form that is completed and signed by an individual to obtain insurance coverage. The prospective insured is required to undergo a medical examination. The information supplied on this form and the results of the medical examination assist the insurance company in making a decision whether to accept or reject the risk. The application is usually made part of the policy.

Appointed actuary

The person appointed to a company carrying out long-term business as required by the FSA. The main statutory role of the appointed actuary is to carry out regular valuations of the insurer’s reserves needed to meet future liabilities. He must also advise the board on actuarial matters, including the fair treatment of policyholders. The person appointed must hold a prescribed professional qualification. The FSA plans to change the role of the actuary and place more responsibility on directors. However, the FSA proposes a new required actuarial function headed by an individual to advise the directors, calculate the insurer’s liabilities and liaise closely with the appointed actuary who, like the individual, will require approved person status.

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An actuary appointed by an insurance company charged with documenting the liability reserve of an insurer.