Accident (1) In common usage: an unforeseen and unplanned event or circumstance; or an accident caused, inter alia, by negligence or ignorance (Webster’s Dictionary). In insurance language, a term that is included in the insurance contract for many types of civil liability insurance. In some cases, the word “accident” is a defined term in politics. However, in most cases, the common law becomes the determining factor of what is and is not an accident for the purposes of initiating insurance coverage. (2) In boiler and machine insurance (BM), “accident” is defined in the policy as a sudden and accidental breakdown of equipment that causes damage to the equipment and requires repair or replacement. BM coverage covers loss or damage to the insured object as a result of an accident. (3) In liability insurance, especially in older forms, insurance contracts usually covered injury or loss caused by an accident that was not the result of a deliberate intentional act (even if the intentional act produced an unexpected result). The term “accident” was not defined in such policies. The trigger of coverage in the insurance agreement of modern liability policies, such as the commercial civil liability (CGL) policy, applies to an “incident”, which is defined as an accident, involving persistent or repeated exposure to substantially the same general harmful conditions. . Unlike most other modern day liability policies, the commercial motor third party liability insurance agreement still applies to injury or damage caused by an “accident”. In this case, the policy includes a kind of definition of the term “accident”, i.e. “accident” includes constant or repeated exposure to the same conditions resulting in “injury” or “property damage”. The Personal Automobile Policy (PAP) Liability Agreement states that the insurer will indemnify for bodily injury or property damage for which any insured person becomes legally liable due to a car accident. In this type of policy, the term “accident” is used in its usual sense, without including it as a specific term.
Accident and illness insurance is a class or type of insurance that pays benefits for losses caused by illness, accident, accidental death and related health care costs.
Accident data for the year is a method of organizing the loss and risk data of an insurer or a group of insurers or in the business book in such a way that all losses associated with accidents that occur during a given calendar year and all premiums received during a given calendar year are compared. the same calendar year. . Thus, regardless of the individual insurance periods and regardless of when a loss is reported or paid out, the 2015 accident data will include all insurance premiums earned during 2015 and will include all losses that occurred in 2015. annual data in their rate suitability analysis. For example, the Compensatory Loss Development Factors (LDFs) published by the National Council for Compensation Insurance (NCCI) are developed based on data from the year of the accident.
The year of the incident is the year of the incident, which is any 12-month period that tracks losses from incidents that occur during that 12-month period. The annual accident experience is calculated by adding up the total losses from any accidents that occurred during that 12-month period. Two other cost accounting terms used in claim sorting are calendar year and insurance (underwriting) year.
An accident is a death that occurs directly and solely as a result of (1) accidental injury visible on the surface of the body or revealed at autopsy; (2) disease or infection resulting directly from an accidental injury as described, onset within 30 days of the date of injury; or (3) accidental drowning.
Accident and dismemberment (AD&D) insurance is often included with group life insurance plans. In essence, it provides for (1) “double indemnity” when the death is due to an accident, and (2) certain dismemberment payments. It usually pays the full principal in the event of the death or loss of more than one member (such as an arm, eye, or leg) in an accident. Half of the principal amount is usually paid in the event of the loss of one member.
Accidental death benefit is an additional provision of a life insurance policy that pays additional benefits in the event of the death of the insured person as a result of an accident. There is usually an additional premium for this position. Also known as additional death benefit or double indemnity.
Death accident insurance is a life insurance policy that pays benefits if the insured person dies as a result of an accident. Most often, this coverage is combined with dismemberment insurance and offered as accident and dismemberment insurance.
Incidental means is a condition prior to indemnification under some insurance policies that require the loss covered to be the result of an accident and not just the accidental result of a non-random event.
An accommodation line is when an insurer accepts from an agent, broker or policyholder whose account is otherwise satisfactory one or more lines of coverage that would normally be rejected if considered strictly on the basis of individual risk.