Institute Of London Underwriters
Definition of "Institute of london underwriters"
Trade association of insurance companies that writes transportation, aviation, and marine insurance. The association began operation in the 1880s and it suggests standard clauses to be incorporated in policies written by the underwriters in London.
Popular Insurance Terms
Same as term Convention Examination: audit of the convention blank (NAIC Statement Blank) every third year as to all of the financial activities of a company; company claim practices; and ...
Common law rule of negligence that imposes liability on an individual who had one last opportunity to avoid an accident but did not take it. An example is a driver who could have avoided ...
Provision in most property insurance policies on real property that permits a policyholder to use an insured place for normal purposes related to occupancy. This might include storing ...
in health insurance, reimbursement for an insured's medically related expenses, including room and board, surgery, medicines,anesthetics, ambulance service to and from a hospital, ...
Indemnification for the loss of profits and the continuing fixed expenses. Business interruption insurance is available in these forms: contingent business interruption FORM, EXTRA EXPENSE ...
Clause, generally found in business interruption insurance, that establishes the same indemnification basis as the coinsurance clause. ...
Principle of equity in property, casualty, and health insurance. When two or more policies apply to the loss, each policy pays its part of the loss, unless its terms provide otherwise. For ...
Amount set up as a cushion against fluctuations in securities prices. ...
Rule that concerns the distribution of the aggregate surplus among the policies in the same proportion as each respective policy has contributed to the surplus. ...
Have a question or comment?
We're here to help.