A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Ac Ad Ae Af Ag Ah Ai Aj Ak Al Am An Ao Ap Aq Ar As At Au Av Aw Ax

Automobile premium

Cost of automobile insurance coverage paid either monthly, quarterly, or annually to an insurance company that keeps the policy in force. Insurance companies base their premium rates on historical loss experience for similar risks.

Autonomous vehicle –

A vehicle able to maneuver without instructions or actions by a driver. Passengers and the driver can be engaged in other activities while the vehicle maneuvers on its own. Projections are that there will be autonomous taxis operating without drivers that travel an area picking up passengers and delivering them to their desired locations.

Auxiliary alarm

Alarm, part of a private Fire protection system which activates a Fire alarm box of a public Fire department. Refer: “Fire protection, public Fire protection.” [image file=Image00005.gif] Central station alarm : Alarm system owned, operated and maintained by a private security firm for the protection of the premises of its customers. When an alarm sounds in the central station, the private security firm notifies the appropriate public, police or Fire departments and may send its own investigator to the scene of the alarm. [image file=Image00005.gif] Local alarm : Alarm which sounds inside or immediately outside a protected property thus alerting its occupants and/or nearby persons to an emergency condition. [image file=Image00005.gif] Proprietary alarm : Alarm which is similar to a central-station alarm but in which the alarm is received at a central office on the protected property. Refer: “Alarm, Central Station Alarm.” [image file=Image00005.gif] Remote Station alarm : Alarm which is Directly wired to an off-premises office of a Fire of police department or owner of the protected property. A remote station alarm differs from an auxiliary alarm in that, when the remote station alarm alerts a public authority, it is Directly wired to the headquarters of that authority rather than relaying on the nearest alarm box. [image file=Image00005.gif] Water-flow alarm : Alarm which sounds when a Fire-suppression sprinkler system begins to discharge in order to serve as a Fire alarm, or, if there is no Fire, to signal the inappropriate discharge of the sprinkler system. A water-flow alarm may be either a local, central station or remote station alarm.Aleatory : Depending on chance. Type of contract (1) whose execution or performance depends on a contingency or an uncertain (random) event beyond the control of either party, and/or (2) under which the sums paid by the parties to each other are unequal. Most Insurance policies are Aleatory contracts because the insured may collect a large amount or nothing in return for the premiums paid.

AV

HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating item(s) furnished with a prosthetic or orthotic device.

Availability

1. One of the assessments made by The Joint Commission to see if the performance and location of medical services is available to meet the demands of an individual’s and a community’s needs. 2. Measurement in terms of type, volume, and location of the supply of health resources and services relative to the needs or demands of an individual or a community. Health care is available to an individual when he or she can obtain it at the time and place that he or she needs it, from appropriate personnel. Available is a function of the distribution of appropriate resources and services, as well as the willingness of the provider to serve the particular patient in need. See also access and acceptability.

Average

the clause which protects an insurer against the undesirable effects of under- insurance, indemnity being scaled down in the proportion that the sum insured was less than the true value of the property.

***

Marine insurance term for loss or damage. See also General average and Particular average.

***

(i) Synonym for “loss.” derived from the French and used primarily in ocean marine Insurance. (ii) Arithmetic mean, or the total of a series of values divided by the number of values making up the total. General Average : Damage and expenses purposely incurred for the common safety of the vessel, freight and cargo interests. General averages are paid by the several interests in the proportion of their respective values exposed to the common danger including the interest of the party whose property or interest is intentionally sacrificed. For example, if it is necessary to jettison cargo to save a ship, the owners of the ship and the rest of the cargo that is saved will share in the loss of the goods that were intentionally sacrificed. Refer: “Loss General Average.” , Particular Average : Loss to a ship, freight or cargo interest which is not shared by contribution among all interests, but is borne by the owner of the interest to which loss occurs, Refer “Loss Particular Average.”Average Adjuster : Independent expert who assesses the liabilities of the various parties to a common maritime adventure and to classify the various items of expenditure between general and particular average, viz., ship, freight and cargo.

***

1. In non-marine property insurance if a sum insured is ‘subject to average, and the sum insured is less than the value at risk at the time of loss, the claim will be reduced in the same proportion. The measure combats underinsurance. Agricultural products and ecclesiastical property are subject to the special condition of average (the 75 per cent condition) as values fluctuate or are difficult to assess. If the sum insured is 75 per cent or more than the value at the time of loss no deduction is made for REINSTATEMENT partial losses. The two conditions of average applies where property (e.g. A) is insured under both a specific policy and a more general policy covering property that includes additional property (e.g. A, B and C) under an inclusive sum insured. The first condition is pro rata average while the second is initially ‘noncontribution’, i.e. the more specific insurance pays first, leaving only any uninsured balance to be recovered under the general policy on the basis of pro rata average. See also AVERAGE; DAY ONE AVERAGE; FIRST LOSS POLICIES. 2. In marine insurance ‘average’ means ‘loss’ in different ways, notably general average and particular average but the non-marine approach is also used. A cargo claim is based on the percentage of depreciation calculated by comparing the actual damaged value at destination with the actual sound value at destination and applying this percentage to the agreed insured value (Marine Insurance Act 1906, s.71). See WITH AVERAGE; FREE OF PARTICULAR AVERAGE.