Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Coinsurer
An insurer who shares losses sustained under an insurance policy. See coinsurance under INSURANCE.
Insure
ub. 1. To secure, by payment of a premium, the payment of a sum of money in the event of a loss. 2. To issue or procure an insurance policy on or for.
Insured
n. A person who is covered or protected by an insurance policy. - Also termed assured.
Insurer
One who agrees, by contract, to assume the risk of another's loss and to compensate for that loss. - Also termed underwriter; insurance underwriter; carrier; assurer (for life insurance).
Reinsured
n. An insurer that transfers all or part of a risk it underwrites to a reinsurer, usu. along with a percentage of the original premium. - Also termed cedent; cedant.
Reinsurer
An insurer that assumes all or part of a risk underwritten by another insurer, usu. in exchange for a percentage of the original premium.
additional insured
A person who is covered by an insurance policy but who is not the primary insured. ( An additional insured may, or may not, be specifically named in the policy.
additional insured.
See INSURED.
captive insurer
See captive insurance company under INSURANCE COMPANY. Capture See RULE OF CAPTURE.
class-one insured
In a motor-vehicle policy, the named insured and any relative residing with the named insured.
class-one insured.
See INSURED.
class-two insured
In a motor-vehicle policy, a person lawfully occupying a vehicle at the time of an accident.
face amount insured by the policy
See FACE AMOUNT.
named insured
A person designated in an insurance policy as the one covered by the policy.
named-insured exclusion
An exclusion limiting liability-insurance coverage to a named insured whose injuries were caused by another named insured under the same insurance policy.
quasi-insurer
See INSURER.
self-insured retention. Insurance
The amount of an otherwise-covered loss that is not covered by an insurance policy and that usu. must be paid before the insurer will pay benefits <the defendant had a $1 million CGL policy to cover the loss, but had to pay a self-insured retention of $100,000, which it had agreed to so that the policy premium would be lower>. - Abbr. SIR. Cf. DEDUCTIBLE.
underinsured-motorist coverage
Insurance that pays for losses caused by a driver who negligently damages the insured but does not have enough liability insurance to cover the damages. Cf. UNINSURED-MOTORIST COVERAGE.
uninsured-motorist coverage
Insurance that pays for the insured's injuries and losses negligently caused by a driver who has no liability insurance. Cf. UNDERINSURED-MOTORIST COVER, AGE.