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
Y2 Ya Ye Yi Yo

Y2K

An abbreviation for Year 2000. The Y2K problem resulted from the use of two-digit year fields in computer software codes and silicon chip technology. Because of this, the software or chip cannot recognize 00 as the year 2000 instead of 1900 or doesn’t recognize it at all.

Yacht insurance

Special policy insuring yachts, cabin cruisers, inboard motorboats and sailing ships. They are vessels used for pleasure not commercial purposes. The policy covers accidental loss or damage to the vessel, salvage charges, sue and labour charges and liability to third parties including passengers.
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Insurance providing Hull coverage and Protection and Indemnity Liability coverage on pleasure boats. It is usually written on an all-risk basis for Hull coverage, although named-perils forms are sometimes used. 
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Insurance that covers pleasure boats against collision, hull damage, and liability indemnity.

Yak/Pony/Mule/Horse/Donkey Insurance

Policy covers indigenous, cross bred and exotic drought and half drought horses, mares, ponies, donkeys, mules and yaks used for carrying weight, cart work, marriage purposes drawing sulkies coaches, vans and utilized for farm work. Horse Insurance (Blood Stock) is not covered. Age group of the animal is 2 to 8 years and coverage and exclusions are as per Cattle insurance.

Year of account

1.The year to which a risk is allocated and to which all premiums and claims in respect of that risk are attributed. The year of account of a risk is determined by the calendar year in which it is first signed. A year of account is normally closed by reinsurance to close at the end of 36 months. The system will come to an end when GAAP accounting takes over. 2. In reinsurance it is a method of accounting to a proportional treaty whereby all premiums and losses accounted during the year in question are accounted to that year regardless of the year of origin of the cession or of the date of loss. Contracts accounted on this basis are usually closed at the end of each year by a port folio transfer into the following year.
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The year in which an insurance or reinsurance contract that is underwritten by a syndicate is allocated for accounting purposes and into which all premiums and claims arising in respect of that contract are payable. Insurance or reinsurance contracts are generally allocated to years of account according to the calendar year of their inception date so that a contract that commences in 2005 will normally be allocated to the 2005 year of account. Historically syndicates have operated a three year accounting system which means that each calendar is normally left open for two further years before a profit or loss is determined. A year of account is normally closed by reinsurance to close at the end of 36 months. Compare open year of account and run-off account.
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The calendar year in which the original risk attaches.