Glossary
Corporate insurance, in plain words.
The terms that come up most when running a company's insurance programme.
- Average clause
- A condition that reduces a claim in proportion when the sum insured is less than the value at risk.
- Bordereau
- A periodic schedule listing the risks, premiums or claims under an arrangement.
- Cashless claim
- A health claim settled directly with a network hospital, so the employee does not pay first.
- Co-insurance
- A policy shared by several insurers, each taking a stated percentage, with one acting as leader.
- Coverage gap
- The difference between the cover a company should have and the cover it holds.
- Declaration
- A report to the insurer of shipments or stock values under an open or declaration policy.
- Premium divided by sum insured, used to compare cost across years and programmes.
- Endorsement
- A formal change to a policy during its term.
- Float
- Money placed with an insurer or broker in advance, from which premiums are settled.
- Group medical cover (GMC)
- Health insurance for employees and often their dependants, under one policy.
- Group personal accident (GPA)
- Cover for employees against accidental death and disability.
- Group term life (GTL)
- Life cover for employees under one policy.
- Marine open cover
- A standing agreement under which shipments are insured and declared as they happen.
- Sharing a policy's premium across the business units it covers.
- RFQ slip
- The document asking insurers or brokers to quote for a risk.
- RMIS
- Risk management information system: software that holds a company's risk and insurance data.
- Sum insured
- The most an insurer will pay under a policy or section.
- Under-insurance
- Holding a sum insured below the true value at risk.
- White-label
- A product sold under another company's brand.
- Workmen's compensation
- Cover for an employer's legal liability for injury to workers in the course of employment.
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