Tailor-made group Insurance policies as also some Reinsurance policies are frequently written on a yearly renewable term basis. In contrast to the term policies which are written for one-year periods.
Tag: RAW
Years of service
Length of employment of an individual that is used to determine eligibility, vesting, and benefits for employees in retirement plans. Sometimes years of service must be continuous.
Yellow Book
The annual reporting form for property and casualty insurers in the United States. Also known as Yellow Peril, for its size and complexity, although with the advent of computerized work sheets and electronic filings, much less of a peril than in the days of typewriters and calculators.
Yield
A result or profit, return on investments.
Yield for Crop Insurance
(a) Guaranteed Yield: The threshold yield of a crop stated in the insurance policy, against which actual yields will be compared when adjusting any losses. Guaranteed yield can be the average yield or some percentage of the average yield based on certain number of years. (b) Normal Yield: That yield which a number of years’ experience indicates can be expected from a particular plot under normal conditions, when no extraordinary natural disaster or unusual meteorological events occur. In practice, the modal yield value (the yield most commonly occurring) is taken as the normal yield. The mode is also the yield most commonly conceived by farmers as being acceptable, since they generally ignore bad years when estimating future yields on the basis of past performance.
Yield on Invested Assets (IRIS)
Annual net investment income after expenses, divided by the mean of cash and net invested assets. This ratio measures the average return on a company’s invested assets. This ratio is before capital gains/losses and income taxes.
Yo-yoing
Calling patients back for repeated and unnecessary follow-up visits.
York-Antwerp Rules
Revised in 1974, a set of rules, incorporated in contracts affreightment and adopted by leading maritime nations, to govern the methods of applying general average. The 1994 amendment provides that in certain circumstances measures taken to prevent or minimise damage to the environment by pollutants (e.g. oil spills) will be allowed in general average.
York-Antwerp Rules (Y/A)
With a need for introducing international uniformity in the practice of general average adjustment, conference in which ship-owners, merchants, lawyers, average adjusters and Insurers participated were held in Glasgow, London, York, Antwerp, Liverpool and Geneva. Eventually a code of rules which found international acceptance was evolved. This Code is known as the “York-Antwerp Rules, 1890” after the two important conferences held at York and Antwerp. These rules have since been revised in 1924, 1950 and 1974. The rules were extensively revised at the Stockholm’s Conference in 1924 and issued as the York-Antwerp Rules. 1924, as a comprehensive code. The 1924 Rules comprise seven lettered rules laying down the principles of general average and 23 numbered rules of practice indicating the application of these principles. The York-Antwerp Rules 1924 were revised in 1950 and are known as the York-Antwerp Rules, 1950. The revisions were intended to effect uniformity of practice and interpretation, which was necessary because different nations used to interpret the rules according to their own laws. A rule of interpretation now precedes the rules. This states that the York-Antwerp Rules, 1950, are to be considered as a complete code in themselves. It also gives effect to the “Makis” agreement by providing that the numbered rules take precedence over the lettered rules. It reads: “In the adjustment of General Average the following lettered and numbered rules shall apply to the exclusion of any law and practice inconsistent therewith. Except as provided by the numbered rules. General Average shall be adjusted according to the lettered rules.”*****
Guidelines for adjusting general losses by a marine carrier.
Young/inexperienced driver’s excess
A standard excess which imposes an ‘own damage’ excess in respect of certain drivers of cars, commercial vehicles, and motor cycles. An inexperienced driver is a person over 25 year of age, with a provisional licence. A young driver is under 25 years of age.