Activities of daily living (ADLs) are those activities we undertake in a normal day to care for ourselves. They include bathing, grooming, feeding ourselves, shopping, and transporting ourselves from place to place. ADLs are used by disability insurance companies and long-term care providers to determine if an insured is eligible for benefits. The ADLs normally considered for insurance benefits are bathing, dressing, toileting, transferring (e.g., moving in and out of a bed or chair), continence, and eating.
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1. Physical nonoccupational activities used to determine eligibility for long-term care such as bathing, continence, dressing, eating, mobility, transferring in and out of bed or a chair, using the toilet, and walking. ADLs are used to measure how dependent a person may be on requiring assistance in performing any or all of these activities. Compare with instrumental activities of daily living (IADLs). 2. In workers’ compensation cases, these activities may include self-care, communication, physical activity, sensory function, hand functions, travel, sexual function, sleep, and social and recreational activities.
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Everyday living functions and activities normally performed unaided by individuals. They include eating, dressing, bathing, climbing stairs, etc. ADLs are the basis for assessing claims under long-term care insurances and similar disability contracts. A claim is triggered when an individual is unable to perform activities of this type unaided.
A health policy term that may be used to define incapacity or disability for manual workers. A worker unable to perform activities that include skills such as dexterity, mobility and communication may be disabled for the purpose of the policy while able to undertake other activities not dependent on those skills.
Various legislation and acts influencing transaction of general Insurance and Reinsurance business in India and loss minimization and Risk Management:
Acts of God are accidents or events that humans cannot prevent even with planning and foresight. The events result from natural causes without intervention of humans and include floods, lightning, earthquakes, and storms. The term “Acts of God” is often found in property policies.Also See: Pure Risk
The Indian Penal Code (IPC) 1860 has XXII chapters in all, covering more than 500 sections containing definitions/explanations of different offences crimes and punishments prescribed thereof. The First Information Report (FIR) and the Charge Sheet filed by the jurisdictional law enforcing authorities, will indicate the sections under which the crime/offence is booked, which provides the details of the nature of offence to the surveyor on perusal of the said documents. The Act defines Offences against property, offences relating to documents, offences against public tranquility, Offences affecting the public health, safety, convenience, decency and morals, etc.
Prescription drug program phrase that means the actual cost of a drug to the pharmacy or to the managed care plan that contracts with the pharmacist.
Authority that an insurer intentionally gives to the agent. See express authority and implied authority.
Flexible valuation standard, most often defined as the current replacement of an item of property minus its accumulated depreciation.
1) The cost of replacing or restoring property at prices prevailing at the time and place of the loss, less depreciation, however caused; 2) replacement cost minus depreciation.
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Method for placing value on property at the time of its loss or damage. ACV is usually the cost less depreciation. The market value of the property may help determine its actual cash value.
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An amount equivalent to the fair market value of the stolen or damaged property immediately preceding the loss. For real property, this amount can be based on a determination of the fair market value of the property before and after the loss. For vehicles, this amount can be determined by local area private party sales and dealer quotations for comparable vehicles.******Medical: Flexible valuation standard, most often defined as the current replacement of an item of property minus its accumulated depreciation.Insurance provision in which the policy owner receives a dollar amount that is equal to the replacement value of damaged property minus the depreciation.
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Similar to market value; this amount is the cost of replacing damaged or destroyed items with new property. Consideration is given to the condition and depreciation of the item.
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A method for placing value on property as of the time of its loss or damage. Actual cash value may be determined by market value (the current price for a like item in the same general condition) or replacement cost new less use depreciation (the cost of the same item branch new minus the insured’s contribution to pay for the added life expectancy of the property new property). The insured may generally select whichever method is more favorable. Contrast with replacement cost.
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“Insurance companies use two primary methods of calthe amount of payment given to a policyholder for insured losses to both real and personal property. Actual cash value is one method; the other is replacement . The key difference between the two methods is .
Actual cash value (ACV) is the method commonly preby insurance companies. The actual cash value is equal to the replacement cost minus depreciation. The purpose of ACV is to put the insured back into the same financial condition he or she was before the loss. For example, if an insured owns a 10-year-old car and has an automobile accident, he or she is entitled to aftermarket or rebuilt parts in order to put the insured back in a 10year-old car. To put original equipment manufacturer (OEM) parts results in “”betterment” or increasing the value of the damaged property after a loss. If OEM parts are all that is available, the insurance company will pay only for what the rebuilt or aftermarket parts would
have cost. (See Aftermarket Parts). Depreciation is based on the age of the property damaged and the extent of wear and tear. The language of most insurance policies states that the company has the option of repairing or replacing with “”like kind or quality.”” For example, an insured who purchases an inland marine policy to cover jewelry may have the insurance company replace a stolen Rolex with another Rolex rather than pay the insured cash.
(See Replacement Cost Coverage)”
An appraisal to determine the actual cash value of a building and related personal property.