A type of retirement plan wherein benefits are guaranteed by an insurance company. This does not necessarily mean that the plan includes life insurance.

Refers to the exclusion in all D&ampO insurance policies that eliminates coverage for claims by or on behalf of one insured against another insured. Because the company is insured under D&ampO policies to the extent the company indemnifies loss incurred by directors and officers, this exclusion not only eliminates coverage for claims by directors and officers, but also claims by or on behalf of the company. Most D&ampO insurance policies contain several exceptions to this exclusion (i.e., grant coverage for certain types of claims by or on behalf of insureds). Depending upon the specific policy, the following types of claims may be excepted from the exclusion (i.e., covered) 1. a shareholder derivative claim on behalf of the company if the shareholder prosecutes the claim without the assistance of any insured 2. employment-related claims by directors or officers 3. a claim by a director or officer for contribution or indemnity if the claim directly results from another claim covered under the insurance policy 4. a claim by a trustee or receiver in the insured company’s bankruptcy or insolvency proceeding.

The value expressed in a Policy as being the agreed value of the property insured, and on which all claims will be based.

The Insured’s declared value is deemed to be the sum insured for the purpose of the Motor Insurance Policy and is fixed at the commencement of each policy period for the insured vehicle. The IDV is generally treated as the Market Value throughout the policy period without further depreciation for Total (TL) or Constructive Total Loss (CTL) claims. CTL is understand as and when the repair and retrieval cost of the vehicle as permitted under the policy exceeds 75% of the IDV. The IDV is usually fixed on the basis of the manufacturers’ listed selling price of the brand and model and is adjusted for depreciation up to age 5 years. IDV for vehicles over 5 years and obsolete vehicles is to be determined on the basis of an understanding between the insurers and insured. For the purpose of TL/CTL claim settlements, IDV does not change during the currency of the policy. It is clearly understood that the liability of the insurer shall in no case exceed the IDV subject to reduction of the value of the wreck on “as is where is” condition.

(i) Party to an Insurance contract who promises to pay losses or render service. (ii) A body or person authorized to sell Insurance. It is desirable to use the word “insurer” in preference to “carrier” or “company” since it is a functional word applicable without ambiguity to all types of individuals or organizations performing the insurance functions. The word insurer is generally used in statutory law.
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MEDICAL,USA: 1. See insurance carrier . 2. See fiscal agent . 3. See fiscal intermediary . Also known as carrier, contractor, indirect payer, insurance company, or payer .
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A provider of insurance. If the insurance is underwritten at Lloyd’s the insurer(s) will be the members of one or more syndicates. If the insurance is not underwritten at Lloyd’s the insurer(s) will be one or more insurance companies. Some insurances may be underwritten by syndicates and insurance companies.
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Also known as the carrier or company. In an insurance contract, the entity that agrees to indemnify the losses of the insured.
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The insurance company that undertakes to indemnify for losses and perform other insurance-related operations.
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The insurance company.
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US: The party to the insurance contract who promises to pay losses or benefits. Also, any corporation engaged primarily in the business of furnishing insurance to the public.
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UK: The term used by the FSA to describe a product provider in relation to non-investment insurance contracts. When the term insurer is used, it does not relate to the activity the insurer conducts as an intermediary.