A prospective benefits funding method for pension schemes in which the actuarial liability makes allowance for projected earnings. The standard contribution rate is the rate that, if payable over the expected future membership of the active members, would generate their expected benefits related to future service. The value of their future service is treated as the difference between the value of total benefits and the value of past benefits calculated by the project unit method. This means that the attained age method and the projected unit method have the same actuarial liability but different standard contribution rates.
Insurance Encyclopedia
Attendance expense cover
A form of cover available under legal expenses cover and certain liability policies. It provides a financial benefit to defray the cost of time lost by the insured and employees having to attend court or tribunal as defendants or witnesses on behalf of the insured. The amount payable is based on a stated fraction (e.g. a 250th part of the person’s annual salary) for each day’s absence or is a fixed amount per day.
Attending physician
Medical staff member who is legally and primarily responsible for the medical care and treatment given to a patient and who would normally be expected to certify and recertify the medical necessity of the number of services rendered for the patient’s care while in the hospital. An attending physician who has a patient admitted to the hospital may be referred to as the admitting physician.
Attending physician statement (Health Insurance/Life Insurance)
A statement obtained from the individual’s physician detailing the person’s medical information. Typically used to write an insurance policy for the individual.
Attending physician’s statement (APS)
Form that, when completed, provides the insurance company with information about the patient’s injury or illness, diagnosis, and treatment. An APS form is completed when the insurance company requests information to decide whether to insure an individual or, if insured, when settling an insurance claim.
Attestation clause
A section that requires the officers of an insurance company to sign a contract for it to be completed.
***
See: “Insurance Policy, Attestation Clause.”
Attestation clause/signature clause
The final part of a policy signed by certain officers of the insurance company according to the Deed of Settlement or Memorandum and Articles of Association by which the company is constituted and business transacted. Also known as the Signature Clause.
Attorney-in-fact
An individual who is given authority to execute legal documents, including bonds or the manager of a reciprocal exchange, which is an insurance arrangement whereby risk is transferred to other members. The attorney-in-fact need not be a lawyer.
***
A person who is authorized by letter or power of attorney to act on behalf of another, the principal, for a particular act or purpose as differentiated from the general practice of law; and attorney-in-fact acts as an Agent for the principal, but within a specifically limited areas of authority. An Agent or broker issuing an Insurance Policy acts as attorney-in-fact to bind the Insurer or accept premium payments. In bonding and surety ship contracts, a person binding the surety Company is an attorney-in-fact for the surety.
Attractive Nuisance
A dangerous place, condition or object which is particularly attractive to children. In such cases the courts have frequently held that where attractiveness exists, the owner is under a duty to take steps to prevent injury to those that may be attracted and the owner may be held liable for failure to do so. Certain types of machinery such as a rail road turntable have been held to be ‘attractive nuisance.’
***
Property that is inherently dangerous and, at the same time, enticing to children is considered to be an attractive nuisance. The property owner is liable for injury to children and must take extra precautions to avoid injury.For example, a swimming pool is considered an attractive nuisance. Swimming pools attract children and swimming pool owners need to take extra precautions to prevent accidents such as building an adequate fence around the pool that keeps children away from the pool. Swimming pool owners have been held liable for accidents involving children hurt by diving into empty pools. Despite the fact that the children were trespassing and that the children should have realized the pool was empty, the property owner maintained an “attractive nuisance” and failed to adequately safeguard against curious children.
Attractive nuisance (Legal Terminology)
Property that is deemed hazardous and appealing to children; for example, a swimming pool. Special precautions must be taken by the property owner to avoid liability.