Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Assessable insurance
see insurance.
Assessment insurance
see insurance
Automobile insurance
see insurance.
Aviation insurance
see insurance.
Coinsurance
See INSURANCE.
Court of Policies of Insurance
Hist. A court that determines in a summary way insurancepolicy issues arising between merchants. ( The Court's jurisdiction extended only to London, and appeal was taken to the Court of Chancery. The Court was abolished in 1863. - Also termed Court of Policies of Assurance.
D & O liability insurance
See directors' and officers' liability insurance under INSURANCE.
E & O insurance
See errors-and-omissions insurance under INSURANCE.
EPL insurance
. See employment-practices-liability insurance under INSURANCE.
Federal Deposit Insurance Corporation
An independent governmental agency that insures bank deposits up to a statutory amount per depositor at each participating bank. ( The insurance fund is financed by a premium paid by the participating banks. - Abbr. FDIC.
Federal Insurance Contributions Act
The federal act imposing the social-security tax on employers and employees. IRC (26 USCA) §§ 3101-3127. - Abbr. FICA.
Federal Savings and Loan Insurance Corporation
A federal agency created in 1934 to insure deposits in savings-and-loan associations and savings banks. ( When this agency became insolvent in 1989, its assets and liabilities were transferred to an insurance fund managed by the FDIC. - Abbr. FSLIC. See RESOLUTION TRUST CORPORATION.
Interinsurance
See reciprocal insurance under INSURANCE.
Lloyd's insurance
Insurance provided by insurers as individuals, rather than as a corporation. ( The insurers' liability is several but not joint. Most states either prohibit or strictly regulate this type of insurance. See LLOYD'S OF LONDON.
Overinsurance
1. Insurance (esp. from the purchase of multiple policies) that exceeds the value of the thing insured. 2. Excessive or needlessly duplicative insurance.
Reinsurance
Insurance of all or part of one insurer's risk by a second insurer, who accepts the risk in exchange for a percentage of the original premium. - Also termed reassurance. "The term
Underinsurance
An agreement to indemnify against property damage up to a certain amount but for less than the property's full value.
accident and health insurance
See health insurance under INSURANCE. accident insurance. See INSURANC accident policy. See INSURANCE Pc
accident insurance.
An agreement to indemnify against expense, loss of time, suffering, or death resulting from an accident. Cf. casualty insurance.
accounts-receivable insurance.
Insurance against losses resulting from the insured's inability to collect outstanding accounts receivable because of damage to or destruction of records.
additional insurance.
Insurance added to an existing policy.
all-risk insurance
see insurance.
all-risk insurance.
Insurance that covers every kind of insurable loss except what is specifically excluded.
american experience table of mortality. insurance.
a chart developed by insurers in the 1860s to predict mortality rates and thereby more accurately set insurance rates. 0 the table was widely used by insurers to establish rates until the 1950s.
annuity insurance
An agreement to pay the insured (or annuitant) for a stated period or for life.
assessable insurance
Insurance in which the insured is liable for additional premiums if a loss is unusually large.
assessment insurance
A type of mutual insurance in which the policyholders are assessed as losses are incurred; a policy in which payments to an insured are not unalterably fixed, but are dependent on the collection of assessments necessary to pay the amount insured.
automobile insurance
An agreement to indemnify against one or more kinds of loss associated with the use of an automobile, including damage to a vehicle and liability for personal injury.
aviation insurance
Insurance that protects the insured against a loss connected with the use of an aircraft. ( This type of insurance can be written to cover a variety of risks, including bodily injury, property damage, and hangarkeepers' liability.
broad-form insurance
Comprehensive insurance. ( This type of insurance usu. takes the form of an endorsement to a liability or property policy, broadening the coverage that is typically available.
bumbershoot insurance
See INSURANCE.
burial insurance
Insurance that pays for the holder's burial and funeral expenses.
business-interruption insurance
An agreement to protect against one or more kinds of loss from the interruption of an ongoing business, such as a loss of profits while the business is shut down to repair fire damage.
captive insurance
1. Insurance that provides coverage for the group or business that established it. 2. Insurance that a subsidiary provides to its parent company, usu. so that the parent company can deduct the premiums set aside as loss reserves.
captive insurance company
See INSURANCE COMPANY.
cargo insurance
An agreement to pay for damage to freight damaged in transit.
casualty insurance
: An agreement to indemnify against any loss resulting from a broad group of causes such as legal liability, theft, accident, property damage, and workers' compensation. 0 The meaning of casualty insurance has become blurred because of the rapid increase in different types of insurance coverage. Cf. accident insurance.
certificate of insurance
A document acknowledging that an insurance policy has been written, and setting forth in general terms what the policy covers.
closed insurance contract
See closed policy under INSURANCE POLICY.
coinsurance
1. Insurance provided jointly by two or more insurers. 2. Property insurance that requires the insured to bear a portion of any loss if the property is not covered up to a certain percentage of its full value. ( A coinsurance clause sets a minimum for which property must be insured, and anything below that amount requires the insured to share proportionally in any loss.
coinsurance clause
A provision in an insurance policy requiring a property owner to carry separate insurance up to an amount stated in the policy to qualify for full coverage. - Also termed contribution clause.
collision insurance
Automobile insurance that covers damage to the insured's vehicle, but does not cover a personal injury resulting from an accident.
commercial insurance
An indemnity agreement in the form of a deed or bond to protect against a loss caused by a party's breach of contract."Commercial insurance is a popular and very elastic term, having reference to indemnity agreements issued in the form of an insurance bond or policy, whereby parties to commercial contracts are, to a designated extent, guaranteed against loss by reason of a breach of contractual obligations on the part of the other contracting party. To this class belong policies of 'contract,' 'credit,' and 'title' insurances." Thomas Gold Frost, A Treatise on Guaranty Insurance § 3, at 14 (2d ed. 1909).
comprehensive insurance
See INSURANCE.
compulsory insurance
Statutorily required insurance; esp., motor-vehicle liability insurance that a state requires as a condition to registration of the vehicle.
contract of insurance
See INSURANCE POLICY
convertible collision insurance
Collision insurance that carries a low premium until a claim is made against the policy.
convertible insurance
Insurance that can be changed to another form without further evidence of insurability, usu. referring to a term-life-insurance policy that can be changed to permanent insurance without a medical examination.
cost, insurance, and freight
A term in a quoted sales price indicating that the price includes the cost of the goods as well as freight and insurance charges to the named destination. 0 During shipment, the risk of loss is on the buyer. But the seller must provide insurance at a specified amount (usu. at a minimum of 110'0). - Abbr. C.I.F. Cf. FREE ALONGSIDE SHIP; FREE ON BOARD.'-C.i.f' is a mercantile symbol that is commonly used in international sales contracts. It is defined by section 2-320 of the UCC and by the Incoterms - 1953 and the Revised American Foreign Trade Definitions - 1941. Under all of these definitions the letters 'c.i.£' mean that the price covers the cost of the goods, the cost of insuring them for the benefit of the order of the buyer, and the cost of carrying them to the named point, almost always the destination. Like the other mercantile symbols, the meaning of 'C.I.F.' may be varied by agreement." William D. Hawkland, Uniform Commercial Code Series § 2-320:01 (1984).
credit insurance
An agreement to indemnify against loss that may result from the death, disability, or insolvency of someone to whom credit is extended. 0 A debtor typically purchases this type of insurance to ensure the repayment of the loan.