• The “act as one” clause is found in reinsurance contracts, a clause that is included to avoid the situation where several reinsurers are parties to the same dispute and each wants to appoint their own arbitrator. The “act as one” clause obliges reinsurers to act in concert in selecting an arbitration panel, as well as in all major communications and decisions relating to the dispute. It leaves reinsurers free to assert their own claims or objections, and this does not detract from several obligations that normally exist under most reinsurance contracts. This allows the arbitration process to move forward without confusion about how many arbitrators the parties to the dispute will appoint. In effect, it treats the reinsurer as one party (which it is) and the reinsurers as one party when more than one reinsurer is involved in a dispute. Thus, each of the two “parties” or parties may appoint one arbitrator, and the arbitrators appointed by the parties may appoint a judge, fulfilling the contractual requirement for a panel of three arbitrators.

  • Action Levels are (1) regulatory levels recommended by the Environmental Protection Agency (EPA) to ensure compliance by the Food and Drug Administration (FDA) and the United States Department of Agriculture (USDA) when pesticide residues are found in foodstuffs. food or feed for reasons other than the direct use of pesticides. Unlike “tolerances” that are set for residues resulting from proper use, action levels are set for unintentional residues resulting from previous legitimate use or accidental contamination. (2) In the Superfund program, the existence of a contaminant concentration in the environment is high enough to justify action or cause a reaction under the Superfund Amendment and Reauthorization Act (SARA) of 1986 and the National Oil Emergency Plan and dangerous substances. The term is also used in other regulatory programs.

  • The Active Life Fund is, in relation to the pension plan, an unallocated fund for active participants included in the deposit management plan. As members retire, individual annuities are purchased with fund money.

  • The Active at Work clause is a clause of a group health insurance policy that excludes coverage for an employee who is absent from work due to an accident or illness on the effective date of the health insurance policy. Under the active-at-work clause, an employee is not eligible for coverage until he or she returns to work.

  • Actual Cash Value (ACV) refers to physical property and auto damage insurance, which is one of several possible methods of determining the value of insured property to determine how much an insurer will pay in the event of a loss. ACV is usually calculated in one of three ways: (1) the cost of repairing or replacing damaged property less depreciation; (2) the “fair market value” of the damaged property; or (3) the use of the “broad evidence rule”, which requires consideration of all relevant evidence of the value of the damaged property.

  • An actuarial report is the result of an actuary’s examination of an entity’s loss experience using probability theory and other methods of statistical analysis. Can be used to determine an insured person’s predicted loss, accrue self-insurance liability, the sufficiency of a casualty insurer’s statutory reserves (P&C), or life insurer’s unearned (technical) premiums. May be the basis of development speed.

  • An actuary is an individual, often with a professional title, such as a member of the Society of Accident Actuaries (FCAS), who calculates insurance-related statistics, usually estimating loss reserves and devising premium rates.

  • Acute exposure is a single exposure to a toxic substance that results in severe biological damage or death. Acute exposure is usually characterized by a duration of no more than one day compared to continuous or repeated exposure over a longer period.