TRAVEL INSURANCE
This section covers legal liability to third parties for damages or claimants' costs and expenses in respect of:
accidental bodily injury to, or disease contracted by any person;
accidental loss of, or damage to, material property.
What is Personal Liability
Shows that the Policy is validated by a responsible Officer signing and dating it
What is Attestation
This principle stipulates that the insured must stand in some relationship to the subject matter, recognized by law, by reason of which he will benefit by its continued safety or be prejudiced by its loss
What is Insurable Interest
This amount is deducted from each and every claim and is usually agreed upon, at the contractual stage
What is an Excess
An event that will give rise to a loss
What is a Peril
This section provides for reimbursement of irrecoverable deposits and payments made, or due to be made, in relation to your trip
What is Cancellation and Curtailment
Shows the full name and address of the insurance company underwriting the risk
What is the Heading
The intention of the parties to the contract is that the insured, on the happening of an event insured against, would be placed by the insurer in the same financial position that he occupied immediately before the event, subject to any limitation, which may have been agreed and written into the contract
What is indemnity
The maximum payable under an Insurance Policy
What is the Sum Insured
This is a factor that may influence the outcome of a loss
What is a Hazard
This section of the Travel Policy provides a Capital Sum for death, loss of eyes or limbs, or permanent total disabilities
What is Personal Accident
These are the "Rules" under which the policy operates: -
The Insured and Insurer must always comply with them, and maybe general or claims related
which apply for the cover to be operative.
What are Conditions
This is an implied condition in all contracts of insurance that both the proposer and the insurer shall make a full and complete disclosure of all material facts relating to the risk to be insured
What is Utmost Good Faith
This method is used when there is underinsurance and differs from the 85% percent condition of Average
What is the Pro-rata Average condition
This document is designed to give an Underwriter an insight into the physical and moral hazard of the Risk proposed for insurance
What is a Proposal Form
This section covers expenses reasonably incurred for additional hotel and travel expenses, including those of any relative or friend necessarily required by medical advice to remain with or to accompany the insured
What is Medical & Associated Benefits
Covers the following points that a premium has been paid and that the Proposal Form is the Basis of the Contract
What is the Preamble
This principle is concerned solely with the apportionment of liability between insurers in the event of double insurance, whereby each will pay their ratable proportion of a claim.
What is Contribution
Usually applied in Marine or Personal Accident and Illness Insurance and are used as a means of
a) bringing the insured into a settlement
b)As a mechanism to reduce costs to the insured
What is a Franchise
The type of risks that exists where there is either a chance of loss or a chance of profit
That is Speculative Risk
This section provides additional coverage to any payment made under the Medical and Associated Expenses section of the Policy
What is Hospital Cash Benefit
Details the type of events/perils that the property insurance policy provides cover against
What is the Operative Clause
It is the right of the insurer who has granted an indemnity to receive, after payment of a loss, the advantage of every right of the insured in contract or in tort, which may diminish the insured’s loss
What is Subrogation
When policies are subject to inner limits, like single article limit, average clause, or excess, etc, this method is used to calculate the proportion for which each insurer is liable
What is the Independent Liability Method of (Contribution)
The type of risks that entails a chance of loss but no chance of profit
What is Pure Risk