Reinsurance for which no credit is given in a ceding company’s annual statement because the reinsurer is not licensed or authorized to transact that particular line of business in the jurisdiction in question. Reinsurance is “non-admitted” when placed in a non-admitted company and therefore may not be treated as an asset against reinsured losses or unearned premium reserves for insurance company accounting and statement purposes.
Insurance Encyclopedia
on-Tariff Rating
Some of the classes of business which neither falls within the scope of tariffed class nor within the purview of any market Agreement are rated by the individual companies based on their own experience and on the basis of one or another rating method discussed here.
One Day Cricket Match Insurance
The Insurance covers the total abandonment of one day cricket match due to specified perils like Fire, lighting, explosion, earthquake, rain flood, storm, riot, strike, malicious damage and terrorist activities. The Policy covers the financial loss actually suffered by the insured i.e., the organizers. It is a condition under the Policy that no liability will attach even if a single ball is bowled. Change in venue or postponement of the match does not constitute a claim. It is prescribed that the tickets issued shall contain a stipulation that once a ticket is sold no refund will be allowed.
One disaster or casualty
clause Same as an HOURS CLAUSE.
One Disaster or Casualty Clause.
A clause in a reinsurance treaty to provide that all losses during a short period, usually 72 hours, shall be considered as caused by one disaster or casualty, e.g., a riot, a cyclone, or an earthquake, for the purpose of applying the limit of liability under the reinsurance.
One Year Accounting
A basis of accounting which presents, at the end of each year of account, the estimated technical account for business exposed during the year.
One-third new for old
Under the Marine Insurance Act when new material replaces old in ship repairs, the shipowner is required to bear part of the cost of new materials; a deduction of one-third or one-sixth is made from the amount payable. In practice the International Hull Clauses provide that claims are payable without deduction new for old.
Onus of proof
The obligation on an insured to prove that the insured event has occurred or the obligation on an insurer to prove that an exception applies. If the insurers allege lack of utmost good faith preceding the issue of the policy the onus of proof attaches to them.
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The obligation on a party to a contract of proving a certain allegation in connection with that contract and relied upon by the party on whom the burden of proving it rests.
OPAS (Occupational Pensions Advisory Service)
Grant-aided organisation giving free help to members of the public with problems on personal or occupational pension schemes. OPAS does not advise state schemes. OPAS involvement in dispute resolution must be exhausted before cases can be referred to the Pensions Ombudsman.
Open access (Health Insurance)
A concept that allows the insured to see another service provider without needing to obtain a referral.