Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Insured
n. A person who is covered or protected by an insurance policy. - Also termed assured.
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.
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.
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.
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.