Complete Glossary of Insurance Terms IBAC Level One Flashcards
A.C.I.I.
Associate of the Chartered Insurance Institute (British)
A.I.I.C.
Associate of the Insurance Institute of Canada
Abandonment
To voluntarily relinquish all right, title, claim, and possession of property with the intention of not reclaiming it.
Abeyance
A lapse in succession when there is no one in whom title is vested.
Abridgement of Damages
In certain cases, the right of the court to reduce a damage award.
Absent Renewal
An employer may wish to engage an employee on a temporary or contract basis, with the understanding that upon expiry of the fixed term of employment or at the end of the contract, the employment relationship will be at an end, and the employee will not be entitled to to any compensation as a result of the termination of the the employment renewal.
Absentee Landlord
Normally, the owner of the real property who does not live on the premises.
Absolute Liability
Responsibility without fault or negligence.
Abstract of Title
A concise chronological history of the title to land, consisting of a summary of all the conveyances which in any manner affect said land, or any estate or interest therein, together with a statement of all liens, charges or liabilities to which the same may be subject, and of which purchasers must be apprised.
Abutting Owner
An owner of land which abuts or adjoins.
Accelerated Depreciation
A method of depreciation that yields larger deductions early in the life of an asset, compared to the straight-line method of depreciation.
Acceleration Clauses
A penalty clause that permits the rent due during a period to be accelerated.
Acceptance
When the insurer agrees to accept the application and to issue a policy, communicating the same to applicant.
Accident
An unforeseen event or occurence at a given time and place, occasioning physical injury to person or property. A more comprehensive term than “negligence”.
