The Rantings of the barely human.
An agreement between underwriter and insured whereby, in exchange for the purchase of coverage in an amount specified by the underwriter, the insured is protected from a coinsurance penalty.
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A clause that stipulates that the amount of insurance will automatically meet the coinsurance clause.
Property Policy provision under which the insured and the Insurer agree that the amount of Insurance specified in an endorsement will automatically satisfy the co-Insurance clause. An agreed amount endorsement eliminates the necessity of determining whether the Insurance carried is at least equal to the stated percentage of the value indicated in the co-Insurance clause. Refer “Co-Insurance.”
A provision in the Insurance contract under which the Insurer obligates itself to pay the mortgagee even if the owner breaches some contract condition so long as the breaches was not within the control or knowledge of the mortgagee. Also refer “mortgagee Clause.”
A syndicate business plan that has been approved by or on behalf of Lloyd’s Franchise Board. No managing agent may underwrite for a syndicate without an agreed syndicate business plan. Agreed syndicate business plans may be amended with the agreement of the Franchise Board or someone acting on its behalf.
Physician who is certified by the Industrial Medical Council (IMC) and conducts medicolegal evaluations of injured workers in workers’ compensation cases for insurance companies or workers’ compensation appeals board. AMEs are agreed on by the employer and a referee (represents the employee) or appeals board at the expense of one of the parties to resolve disputed medical issues. The AME is referred by the parties in a workers’ compensation proceeding. The report of an AME is considered the evidence of both parties. The AME renders an unbiased opinion about the degree of disability of an injured worker. May be referred to as independent medical evaluator (IME) or qualified medical evaluator (QME).
Marine insurer’s clause agreeing to return a certain part of their premium in return for a subsequent improvement in the character of the risk or in respect of a reduction in their potential liability under the policy. For example, cargo may be carried by a safer route than the one initially contemplated.
Though rare, some policies cover for a value agreed upon at the time of writing if the property is lost because of an insured peril, the amount stated in the policy will be paid. Fine arts insured under a personal articles floater or homeowners scheduled personal property endorsement are examples.
An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the property insured without any adjustment for depreciation or appreciation.
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See: VALUED POLICY.
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Policy which undertakes to pay a specified amount in case of total loss. Under this case the Policy does not take into account the current market value.
Aviation insurers pay total losses on aircraft on an agreed value basis rather than on the basis of the replacement value of the aircraft taking account of its age and condition. The agreed value is also used as the basis of settling partial loss claims. Insurers normally allow an agreed value of 10 per cent more or less than the market value when arranging the cover.
Legal document signed by two or more individuals that contains specific mutual understandings.
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A legal contract.