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Insurance Awareness Important Terms

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Insurance Awareness Important Terms

shape Introduction

What is Insurance? Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
The article Insurance Awareness Important Terms provides basic and important Insurance terms useful to the candidates preparing for Insurance Exams such as LIC AAO, LIC HFL Assistant, ESIC SSO, UIIC AAO, UIIC Assistant, NICL Assistant, OICL AO, NICL AO, NIACL AO, etc.

shape General INS

Insurance Terms Definition
Abandonment For a damaged property it may not be worthwhile to go in for repairs because the cost of repairers may exceed the value of the property when repaired. The insurer is entitled to take over the interest of the assured in whatever may remain of the subject matter insured and all proprietary rights incidental thereto. In ocean marine insurance, the transfer by the insured to an insurer of all rights, title, and interest in and to the insured property, in return for the sum insured. In property insurance, abandonment is relinquishing ownership of damaged property to an insurer to permit a total loss claim to be made.
Absolute Liability Liability for damages even though fault or negligence cannot be proven.
Absolute Ownership Absolute ownership exits where the interest or explicit right of possession of the insured is so free from limitations, qualifications or restrictions that it cannot be taken from him without his consent.
Accident Any Unforeseen and unexpected event is considered an accident. For insurance purposes it has to be due to external, physical and violent means.
Accidental Bodily Injury Injury to the body as the result of an accident
Accident, Hit and Run Accidental Death or injury arising out of the use of a motor vehicle(s) the identity whereof cannot be ascertained in spite of reasonable efforts for the purpose.
Accidental Death Benefit A monetary compensation in addition to the face amount of a life insurance policy, payable if the insured dies as the result of an accident. Sometimes referred to as "double indemnity."
Accompanied baggage Baggage being taken by someone with his own person whilst travelling.
Accumulation Percentage addition to policy benefits as a reward to the insured for continuous renewal.
Acquisition Costs The insurer's cost of putting new business in force, including the agent's commission, the cost of clerical work, fees for medical examinations and inspection reports, sales promotion expense, etc.
Act of god Any accidental act which could not have been prevented by any amount of human care and fore thought.
Actual Total Loss It is a loss where the goods are completely lost and become irrecoverable.
Ad valorem duty Duty evaluated on percentage of cargo value.
Additional cover An insurance policy extended to cover additional risk perils such as strikes. Riots and Civil commotion etc. on payment of extra premium.
Adjuster A person who investigates and settles losses for an insurance buyer.
Adjusting The process of settling losses with or by an insurance buyer.
Administrator An individual or professional organization, such as a bank's trust department, appointed by the court to administer an estate when the owner dies without having made a will or without nominating an executor. An executor may also be appointed if the named executor declines to serve
Agent An insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.
Aggravation of risk To make the existing risk worse, more troublesome, etc.
Aggregate Indemnity The maximum amount that may be collected for any disability or period of disability under the policy.
Agreed value policy Policy which undertakes to pay a specified amount in case of total loss. Under this case the policy does not take into account the current market value.
All-risks Policy Coverage by an insurance contract that promises to cover all losses except those losses specifically excluded in the policy. Also known as open peril coverage.
Arbitration A form of quasi-judicial dispute resolution where an unbiased person or panel gives an opinion about quantum of loss.
Arson The willful and malicious burning of property, often with criminal intent.
Assessor Person who estimates the value of goods for the purpose of apportioning the sum payable by the underwriters to settle the claims. Also called as Surveyor.
Assignment The legal transfer of one person's interest in an insurance policy to another person.
Assured Party indemnified or promised to be indemnified against loss by means of insurance.
Average adjuster Independent expert who assesses the liabilities of the various parties to a common maritime adventure and to classify the various items of expenditure between general and particular average, viz, ship, Freight and cargo.
Avoidance A right which can be exercised by and underwriter to relieve him of liability under the policy because the assured has been guilty of a breach of good faith or where the risk in voyage policy has failed to attach within a reasonable time after the underwriter wrote the risk.
Insurance Terms Definition
Bailee One who has custody of the property of another. Bailees "for hire" have certain responsibilities to care for the property of others that is in their custody.
Basic Limit Usually refers to Liability of insurer indicating the lowest amount for which a policy can be written. This amount is either prescribed by law or company policy.
Basic Rate The standard charge for a given type of risk for basic limit.
Beneficiary An individual designated in a will to receive an inheritance, or the individual designated to receive the proceeds of an insurance policy, retirement account, trust, or other asset.
Bill of Exchange It is the bill drawn by exporter against the importer.
Bill of Lading Receipt for goods shipped on board a ship signed by the person who contracts to carry them, and stating the terms on which the goods are carried.
Blanket Contract A contract of health insurance affording benefits, such as accidental death and dismemberment, for all of a class of persons not individually identified. It is used for such groups as athletic teams, campers, travel policy for employees, etc.
Bodily Injury Physical injury, including sickness, disease, mental injury, shock or death.
Bonus The Bonus system awards discounts for claim-free driving for a certain continuous period. This goes on increasing upto a certain limit for continuous claim free years.
Borderline Risk An insurance prospect of doubtful quality from an underwriting point of view to put it in one among two group of risks.
Breach of condition When a condition of the insurance contract is broken by the assured, the insurer may avoid the contract from the inception.
Broker Middleman who represents an insured in the solicitation, negotiation or procurement of contracts of insurance, and who may render services incidental to those functions. He also represents insurer for certain purposes such as delivery of the policy or collection of the premium.
Burglary It is a theft committed by breaking into or out of the premises. Evidence of breaking in, is necessary.
Burning Ratio The ratio of losses suffered to the amount of insurance in effect.
Business Interruption Insurance Insurance for a business owner against losses resulting from stoppage of business because of fire or other insured peril. The insurance provides reimbursement for lost net profits and necessary standing expenses.
Insurance Terms Definition
Cancellation The discontinuance of an insurance policy before its normal expiration date, either by the insured or the Insurance Company.
Capacity The amount of capital with an insurance company as a whole for underwriting general insurance coverage.
Capital sum insured It is the sum insured of a Person for which cover is sought under a Personal Accident Policy.
Captive Agent An agent who, by contract, represents only one company and its affiliates.
Cargo Insurance Type of insurance that protects the shipper/owner of the goods against financial loss if the goods are damaged or lost while in transit in between place of commencement and destination.
Catastrophe Event which causes loss of extraordinary magnitude, such as a hurricane or tornado.
Cede To transfer to a re-insurer all or part of the insurance or reinsurance risk written by a ceding company.
Ceding Commission In calculating a reinsurance premium, an amount allowed by the re-insurer for part or all of a ceding company's acquisition and other overhead costs, including premium taxes. It may also include a profit factor. See Overriding Commission.
Certificate of Insurance A document issued to a member of a group insurance plan, describing the insurance benefits and principal provisions of the policy in brief.
Cession The amount of a risk which the insurance company reinsures: the amount passed on to the reinsurer.
Chartered Property Casualty Underwriter (CCU) Professional designation granted to persons in the property and liability insurance field who pass a series of rigorous examinations and meet specified eligibility requirements.
Claim It is a notification to an insurance company that payment of an amount is due under the terms of a policy by the insured.
Claim Amount It is the amount payable by the insurer under a policy on a claim arising.
Claim Settling agents They are appointed by insurer in a foreign country abroad for survey/settlement of claims arising out of policy issued in the home country for Overseas mediclaim and marine insurance policies.
Claims Cohort A group of claims with a common period of origin. The period is usually a calendar year, but may be shorter. The origin may be defined by the date of the occurrence of claim or alternatively by the date of reporting.
Claims reserve Claims provision, provision for outstanding claims/claims outstanding, claims reserve, total claim liability.
Clause Sentences and paragraphs describing coverage's, exclusions, duties of an insured, and termination of coverage, and other such parts of the insurance policy.
Claused Bill of Lading Bill of Lading, which has been endorsed by the ship owner, as the goods described thereon do not conform to what is offered for shipment e.g., package missing, inadequately packed.
Clean Bill of Lading A bill of Lading is said to be clean if it has no superimposed clause expressing of any defective condition of the packaging or of goods.
Co-insurance A means of spreading the risk on larger insurances between two or more direct insurers.
Co-Insurers Two or more insurers jointly covering the same risk.
Collusion A deal between persons usually to the detriment of other persons or for some improper purpose.
Combined ratio A rough indication of the profitability of a property and liability insurer's underwriting operations, generally computed by adding the ratio of losses incurred to premiums earned and expenses incurred to premiums written.
Commercial Lines Insurance for businesses, professionals, and commercial establishments.
Commission The fee paid by the insurance companies to agents and brokers for the sale of policies.
Common carrier A firm that offers to transport merchandise for hire and must accept shipments from anyone who wishes to use its services. Different laws and rules govern common carriers than do. Private or contract carriers that only transport the goods of those with whom they have made agreements.
Common law Common law comprises the body of principles and rules of action, relating to the government and security of persons and property, which derive their authority solely from usages and customs of immemorial antiquity, or from the judgments and decrees of the courts. It is outside the laws created by enactment of statutes.
Comprehensive A loosely used term signifying broad or extensive coverage of insurance.
Compulsory Insurance Any form of insurance which is required by law. e.g. Motor third party insurance, Public Liability Act Insurance.
Concealment Deliberate suppression of material facts that would affect the validity of a policy of insurance.
Conditions Those provisions in insurance contracts that qualify the insurer's promise of indemnity or impose obligations on the insured.
Consequential Loss A loss which is an indirect result of an accident or fire, e.g. food spoiled through breakdown of a refrigerator.
Consideration Price, token, or other matter used as an inducement for the completion of a contract, as an insurance premium.
Constructive Total Loss A loss of sufficient amount to make the cost of salvaging or repairing the property equal to or greater than the value of the property when repaired.
Contract of Insurance An agreement between the insurer and one or more parties, called the insured, whereby the insurer undertakes in return for the payment of a certain consideration, called the premium, to pay to the insured a certain sum of money or to grant certain compensation on the happening of a specified event.
Contractual liability Legal liability assumed under contract.
Contribution A participation, as two insurance policies in the same loss.
Contributory negligence The lack of ordinary care on the part of an insured person, which combined with the defendant's negligence and contributed the injury as a proximate cause. In some jurisdictions, contributory negligence on the part of an injured party will defeat his or her claim.
Cover Note A cover note is a document issued in advance pending the issue of the policy, and is normally required if the policy cannot for some reason or other be issued straight away. Cover notes can also be issued during the course of negotiations to provide cover on a provisional basis. A cover note is not a stamped document but is honored, all the same , by all parties concerned.
Coverage The scope of protection provided under a contract of insurance; any of several risks covered by a policy.
Credit insurance A form of guarantee to manufacturers and wholesalers against loss resulting from default on the part of debtors.
Crop-Hail insurance Protection against damage to growing crops as a result of named perils.
Cumulative Bonus The percentage at which the sum insured gets increased annually, without additional premium, e.g. Personal Accident Insurance, Mediclaim Insurance.
Insurance Terms Definition
Days of Grace or Grace Period Period of time after the due date of a premium during which the policy remains in force (when both coverage of risk is available and also the premium can be paid without any late fees).
Debris Removal Clause An extension to the standard policy to cover the cost of making a seriously fire-damaged building safe and removing debris.
Declaration Basis An arrangement whereby a provisional premium is paid and subsequently adjusted by an additional or return premium on receipt of a declaration from the insured giving details of values at risk.
Declination The insurer's refusal to insure an individual after careful evaluation of the application for insurance and any other pertinent factors.
Deductible A provision whereby an insured may be required to pay part of a loss, the insurance being excess over the amount of the deductible.
Dental insurance A type of health insurance that covers dental care expenses.
Depreciation A decrease in the value of property over a period of time due to wear and tear or obsolescence. Depreciation is used to determine the actual cash value of property at time of loss.
Disability Inability to perform all or part of one's occupational duties because of an accident or illness: see Total Disability and Partial Disability.
Double Insurance If the insurance policy is taken from more than one underwriter where period of insurance, subject matter of insurance and sum insured are same, then this is called double insurance.
Insurance Terms Definition
Earned Premium Premium for which protection has been provided. When a premium is paid in advance for a policy period, the company 'earns' a portion of that premium only as time elapses during that period.
Effective date The date upon which the policy is put in force, the inception date
Employers liability Legal liability imposed on an employer making him or her responsible to pay damages to an employee injured by the employer's negligence. Generally, replaced by 'workers compensation', which pays the employee whether the employer has been negligent or not.
Endorsement A written amendment affecting the declarations, insuring agreements, exclusions, or conditions of an insurance policy: a rider.
Escalation Provision for automatic increases on some defined basis in premiums and sums insured.
Estimated Maximum Loss (EML) An expression used in fire, explosion and material damage policies only. An estimate of the monetary loss which could be sustained by insurers on a single risk as a result of a single fire or explosion considered by the underwriter to be within the realms of possibility.
Ex Gratia A payment made where there is no legal liability
Excess (also refer Deductibles) Agreed amount upto which no claim is paid under a policy.
Excess of loss reinsurance A form of reinsurance whereby the reinsuring company reimburses the ceding company for the amount and only the amount of loss the ceding company suffers over and above an agreed aggregate sum in any one loss or in a number of losses arising out of any one event.
Exclusion That which is expressly eliminated from the coverage of an insurance policy
Expense ratio The proportionate relationship of an insurer's expenses to premium expressed as a percentage.
Extended coverage insurance Protection for the insured against loss or damage of his property caused by windstorm, hail, smoke, explosion, riot, riot attending a strike, civil commotion, vehicle and aircraft: this is provided in conjunction with the fire insurance policy.
Insurance Terms Definition
Fidelity Bond A form of protection which reimburses an employer for losses caused by dishonest or fraudulent, acts of employees.
Financial Loss Insurance Insurance of legal liability for financial loss not involving bodily injury or loss of or damage to property
Fire A combustion accompanied by a flame or glow, which escapes its normal limits to cause damage.
Fire insurance Coverage for losses caused by fire and lightning, as well as the resultant damage caused by smoke and water
Floater Policy A policy under the terms of which protection follows moveable property, covering it wherever it may be
Flood Overflow of water from its natural boundaries. More specifically defined by the National Flood Act of 1968 as 'a general and temporary condition of partial or complete inundation of normally dry land areas from (1) the overflow of inland or tidal waters or (2) the unusual and rapid accumulation or runoff of surface waters from any source'.
FOB (f.o.b.) Abbreviation for free-on-board, used in commerce to describe the value of goods at point of embarkation, excluding transport and insurance costs. Export values are usually expressed f.o.b. for customs and excise purposes, while imports are usually valued cost insurance and freight or charged in full.
Franchise Deductible in which the insurer has no liability if the loss is under a certain amount, but once this amount is exceeded; the entire loss is paid in full.
Insurance Terms Definition
General average (in marine insurance) A loss that must be borne partly by someone other than the owner of the goods that were lost or destroyed: for example, if it is necessary to jettison cargo to save a ship, the owners of the ship and the rest of the cargo that is saved will share in the loss of the goods that were intentionally sacrificed.
General damages Damages awarded to an injured persons for intangible loss which cannot be measured directly by rupees. Popularly known as "pain and suffering." General damages are distinguished from special damages which are awarded from actual economic loss, such as-medical costs, loss of income, etc.
Grace period The period of time following the due date of a policy premium during which the payment of the premium will continue the policy and during which the policy is in full force and effect
Graded commission A reduced commission justified by the size of the premium
Gross Negligence Intentional failure to perform a duty, reckless disregard of the consequences as affecting the life or property of another
Gross Premium The premium paid by the policyholder.
Gross Profit The figure calculated by adding turnover to closing stock and work in progress and subtracting from this amount the sum of the opening stock and work in progress and the variables selected by the insured (usually defined as specified working expenses).
Group insurance Any insurance plan under which a number of employees and their dependents are insured under a single policy, issued to their employer, with individual certificates given to each insured employee; the most commonly written lines are life and accident and health
Insurance Terms Definition
Hail Insurance Form of insurance that protects against loss of crops from hail
Hazard A condition that creates or increases the probability of a loss
Health insurance A generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily accident or sickness or for expenses of medical treatment necessitated by sickness or accidental bodily injury.
House Breaking When the theft is committed entering into or out of the premises stealthily
Housekeeping The general care, cleanliness and maintenance of an insured property
Householders Policy A package of insurance providing homeowners with a broad range of property and liability coverages Hull insurance (in ocean marine and aviation insurance) Coverage for physical damage to a vessel or aircraft
Hurricane A tropical storm marked by extremely low barometric pressure and circular winds with a velocity of 120 miles an hour or more.
Insurance Terms Definition
IBNR (Incurred but not Reported) provision Provision for claims incurred but not reported by the balance-sheet date. That is, it is anticipated that there would be a number of policies that have, but for the advice of the claim to the insurer, occurred and therefore are likely to result in a liability on the insurer. The magnitude of this provision can be expected to reduce as the time since the insurance risk on the contract expired extends. The magnitude is also likely to vary depending on the type of insurance risk covered by any particular class of insurance contract.
Illegal Contract It is a contract, which is contrary to law and against the interests of public. It can not be sustained and does not have legal effect.
Imputed Negligence Case in which responsibility for damage can be transferred from the negligent party to another person, such as an employer
Incurred Claims Incurred claims equal the claims paid during the policy year plus the claim reserves as of the end of the policy year, minus the corresponding reserves as of the beginning of the policy year. The difference between the year end and beginning of the year claim reserves is called the increase in reserves and may be added directly to the paid claims to produce the incurred claims.
Incurred Loss Ratio The percentage of losses incurred to premiums earned.
Indemnification Compensation to the victim of a loss, in whole or in part, by payment, repair, or replacement
Indemnify Legal principle that specifies an insured should not collect more than the actual cash value of a loss but should be restored to approximately the same financial position as existed before the loss.
Indemnity Period The period, beginning with the date of the damage, during which the turnover of the business is affected by the damage. It lasts until the turnover recovers and reaches the point at which it would have been had the loss not occurred, or the expiry of the maximum indemnity period -the number of months selected by the insured -whichever occurs first.
Indemnity principle Of a general legal principle related to insurance which holds that the individual recovering under an insurance policy should be restored to the approximate financial position he or she was in prior to the loss.
Independent adjuster One who adjusts losses on behalf of companies but is not employed by any one. He or she is paid by fee for each loss adjusted.
Indirect Loss (Or Damage) Loss resulting from a peril, but not caused directly and immediately thereby. For example: Loss of property due to fire is a direct loss, while the loss of rental income as the result of the fire would be an indirect loss.
Inherent vice A characteristic depreciation such as the fading of ink, a cracking of parchment, the graying of hair
Insurable interest An interest which might be damaged if the peril insured against occurs: the possibility of a financial loss to an individual which can be protected against through insurance.
Insurance An economic device whereby the individual substitutes a small certain cost (the premium) for a large uncertain financial loss (the contingency insured against) which would exist if it were not for the insurance contract: an economic device for reducing and eliminating risk through the process of combining a sufficient number of homogeneous exposures into a group in order to make the losses predictable for the group as a whole.
Insurance Company 1. An organization chartered to operate as an insurer.
2. Any corporation primarily engaged in the business of furnishing insurance protection to the public
Insurance Entities Any corporate body or individual which is operating as an insurer, reinsurer or insurance intermediary and which is subject to insurance regulation
Insurance Product An insurance product is defined as a product that is provided by an insurance company.
Insurance Policy Legal document issued to the insured setting out the terms of the contract of insurance.
Insured The person to whom or on whose behalf benefits are payable under the policy
Insurer A licensed legal entity, which underwrites insurance, including a mutual insurance company (but note the exemption of pure re-insurers)
Intermediary Any person who, or organisation which, gives advice by way of directly offering, advertising or on a person-to-person basis in respect of an insurance product and includes the promotion of such a product or the facilitation of an agreement or contract between an insurer and a customer. Intermediaries are generally divided into separate classes. The most common types are 'independent intermediaries' who represent the buyer in dealings with the insurer (also known as independent brokers) and 'agents' (which generally include multiple agents and sub-agents) who represent the insurer.
Irrevocable beneficiary Beneficiary designation allowing no change to be made in the beneficiary of an insurance policy without the consent of the named beneficiary
Insurance Terms Definition
Jettison Act of throwing overboard part of a vessel's cargo or hull in hopes of saving a ship from sinking.
Jewelers Block Insurance An all risk insurance contract that provides jewelers with coverage to losses, which they would be exposed.
Joint-and-Several Liability A legal principle that permits the injured party in a tort action to recover the entire amount of compensation due for injuries from any tort feasor who is able to pay, regardless of the degree of that party's negligence
Insurance Terms Definition
Key-Person Insurance Insurance designed to protect a business firm against the loss of income resulting from the death or disability of a key employee.
Insurance Terms Definition
Lapse Termination of a policy due to failure by the insured to pay the premium as required
Larceny The unlawful taking, carrying, leading or riding away of another person's property
Law of large numbers While it is impossible to prdict either the time or the loss amount of adverse events in relation to individuals, the averages for a sufficiently large set (of insureds) exhibit certain patterns of loss frequency and loss extent
Legal Costs The costs of defending a claim from a third party and claimant's costs for which an insured is liable, are usually covered by a liability policy.
Legal liability Any liability imposed on a person by a court of law
Lessee The person to whom a lease is granted, commonly called the tenant.
Lessor The person granting a lease, also known as the landlord
Letter of Credit (LOC) Within the context of reinsurance, a banking instrument established on a 'standby' basis to secure recoverable s from non- admitted reinsurers to enable the ceding company to reduce the provision for unauthorized reinsurance in its statutory statement
Liability Any legally enforceable obligation
Liability Insurance Insurance covering the policyholder's legal liability resulting from injuries to other persons or damage to their property. Liability Insurance. Provides protection for the insured against loss arising out of legal liability to third parties
Licensing The incorporation of a company in the jurisdiction or the approval given to a company to underwrite insurance in the jurisdiction. These are recognized to be separate approvals and may be made in separate jurisdictions
Line One line is equal to the ceding company 's retention. A proportional treaty may have a total capacity expressed as x lines and a re-insurer's share may be y lines
Line of Business The general classification of business as utilized in the insurance industry, i.e., fire, allied lines, homeowners, etc.
Lloyds A voluntary unincorporated association of individuals organized for the purpose of writing insurance; normally refers to Lloyd's of London, a group of individual underwriters and syndicates that underwrite insurance risks severally, using facilities maintained by the Lloyd's of London Corporation
Load To add charges to an insurance premium
Loss Adjuster An independent professional appointed by the insurers to settle claims
Loss of Profits A synonym for business interruption insurance
Loss Ratio The proportionate relationship of incurred losses to earned premiums expressed as a percentage.
Insurance Terms Definition
Manual A book of rates, rules, and coverages usually available for each kind of insurance
Margin of Solvency The total assets of an insurance company must exceed its liabilities (other than share capital) by a relevant amount, known as the margin of solvency
Marine Pertaining to the sea or to transportation: usually divided as to 'ocean marine' and 'inland marine'; the insurance covering transportation risks
Marine Insurance A form of insurance primarily concerned with means of transportation and communication, and with goods in transit
Market Value The price for which something would sell, especially the value of certain types of assets, such as stocks and bonds. It is based on what they would sell for under current market conditions. For example, common stock market value would be the price of the stock as of a specified date
Material Damage Policy The policy covering damage to property (usually a commercial fire policy) as the result of which damage a business interruption claim may result. It is a condition of business interruption insurance that a material damage policy must be and remain in force
Material Fact Information about the subject of insurance that if known would change the underwriting basis of the insurance, and which would cause the insurer to refuse the application or charge a higher rate
Misrepresentation Act of making, issuing, circulating or causing to be issued or circulated an estimate, an illustration, a circular or a statement of any kind that does not represent the correct policy terms, dividends or share of surplus or the name or title for any policy or class of policies that does not in fact reflect its true nature.
Moral Hazard Moral Hazard refers to increase in probability of loss that results from dishonesty in the character of the insured person. Thus it is the dishonest tendencies on the part of the insured person that may induce that person to attempt to defraud the insurance company
Morale Hazard An attitude that increases the probability of loss from a peril. The attitude of, "It's insured; so why worry?" is an example of a morale hazard
Mortgage
A deposit or conditional transfer to secure the performance of some act: the person who makes the transfer is called the 'mortgagor', the other party, the 'mortgagee'; sometimes an intermediary called a 'trustee' is appointed
Mortgagor A borrower who takes out a mortgage
MPL (Maximum Probable Loss) The largest loss thought probable under a given insurance policy. Normally applied to material damage risks where the total sum insured is not considered to be at risk from one loss event
Multi-Peril Policy A package policy which provides protection against a number of separate perils. Multi-peril policies are not necessarily multiple line policies, since the combined perils may be all within one insurance line
Insurance Terms Definition
Named Perils Policy Coverage in a property policy that provides protection against loss from only the perils specifically listed in the policy rather than protection from physical loss. Examples of named perils are fire, windstorm, theft, smoke, etc.
Negligence Failure to use that care which a reasonable and prudent person would have used under the same or similar circumstance. Negligence may be constituted by acts of either omission or commission or both.
Net Premium A portion of the premium rate designed to cover benefits of the policy, but not expenses, contingencies, or profit
Net Premiums Earned Net premiums written adjusted for the increase or decrease during the year of the liability for unearned premiums
Net Premiums Written This item represents gross premiums written (direct and reinsurance assumed) less reinsurance ceded
Net Retention The final amount of insurance retained by the company after reinsuring such amounts as it did not wish to retain
No Claims Bonus A reduction in the price of an insurance policy because no claims have been made on it
No-Fault A type of insurance mechanism whereby the right to sue another party for damages caused by negligence is limited and, in exchange, expanded first party benefits are offered. Mainly used in Vehicles insurance Policy.
Nominee Nominee is the person who is nominated to receive the amount under a policy and to give a valid discharge to the insurer on settlement of claim under a life insurance policy
Insurance Terms Definition
Obligatory Treaty A reinsurance contract under which business must be ceded in accordance with contract terms and must be accepted by the reinsurer
Occupational Hazards Occupations which expose the insured to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected
Ombudsman An authority established either by the company or the Government for the quick redressal of grievances
Open cover Gives to insured automatic insurance protection so that there is no risk of any shipments remaining uninsured through oversight
Open Form A continuous policy written on a reporting basis
Operative Clause Defines the class and nature of business covered by a specific reinsurance treaty
Insurance Terms Definition
Package Policy A combination of two or more individual polices into a single policy. A householders policy, for example, is a package policy.
Partial Disability The result of an illness or injury which prevents an insured from performing on or more of the functions of his/her regular job
Particular Average A term meaning an accidental and usually a partial loss suffered by one interest and not chargeable against others
Peril The event insured against; the cause of possible loss
Personal Injury In law, a term used to embrace a broad range of torts that includes bodily injury, libel, slander, discrimination and similar offences. Also a standard insurance coverage that protects against a more limited group of torts (false arrest, detention or imprisonment, malicious prosecution, wrongful entry or eviction, and libel, slander, or defamation)
Physical Damage Damage to or loss of an automobile resulting from a named peril
Physical Hazard A condition of the subject of insurance which creates or increases the chance of loss, such as structural defects, occupancy, or similar conditions
Pilferage Petty theft, especially theft of articles in less than package lots.
Policy The legal document issued by the company to the policyholder, which outlines the conditions and terms of the insurance; also called the policy contract for the contract
Policyholder The person (or persons) whose risk of financial loss from an insured peril is protected by the policy.
Policyholder's funds Monies set aside by insurers to cover outstanding liabilities to Policyholders. Also known as technical reserves
Policy Period The term for which insurance remains in force, sometimes definite, sometimes not
Policyholder's surplus Amount over and above liabilities available for an insurer to meet future obligations to its policyholders
Policy Term The period for which an insurance policy provides coverage
Policyholder A person who pays a premium to an insurance company in exchange for the insurance protection provided by a policy of insurance
Pool A risk sharing mechanism in which the members of a group agree to be collectively responsible for losses
Premium The sum paid by a policyholder to keep an insurance policy in force. It is the amount paid to secure an insurance policy
Premium Notice Notice of a premium due, sent out by the company or one of its agencies to an insured. Synonym for " Renewal Notice".
Principal The applicant for, or subject of, insurance; the one from whom an agent derives his or her authority
Pro Rata Cancellation< Cancellation with a return of premium charged for the period of time the policy was in force equal to the ratio of the total premium to the total policy period
Product Liability Insurance Protection against financial loss arising out of the legal liability incurred by a manufacturer, merchant, or distributor because of injury or damage resulting from the use of a covered product
Professional Indemnity It is a cover granted to professionals like Doctors covering their legal liability for any claims arising out of professional misconduct
Property Insurance Insurance providing financial protection against the loss of, or damage to, real and personal property caused by such perils as fire, theft, windstorm, hail, explosion, riot, aircraft, motor vehicles, vandalism, malicious mischief, riot and civil commotion, and smoke
Proposal A person interested in taking out insurance has to make an offer by means of a proposal. This is an application for the cover required, or for obtaining quotations of the premium chargeable
Proposal Form It is a form which is to be completed for securing an insurance policy
Proposer Proposer is a person who proposes the insurance policy
Prospectus A form, which is often part of the proposal form, giving details of the cover available with particulars of extra benefits and rebates
Protection and Indemnity (P & I) Insurance Liability insurance coverage in an ocean marine policy
Provision for unexpired risks Amount set aside on the balance sheet in addition to unearned premiums with respect to risks to be borne by the insurance undertaking after the end of the financial year, in order to provide for all claims and expenses in connection with insurance contracts in force in excess of the related unearned premiums and any premiums receivable on those contracts
Provisions The terms or conditions of an insurance policy
Proximate Cause The dominating cause of loss or damage; an unbroken chain of events between the occurrence and damage
Public Liability/Third Party Liability The insured's liability at law (excluding liability to an employee arising out of employer/employee relationship) to pay compensation for death, injury or illness sustained by any person or damage to property caused by explosion or collapse of boiler and pressure plant or use of lilting and handling plant
Punitive Damages Damages awarded separately and in addition to the compensatory damages, usually on account of malicious or wanton misconduct, to serve as a punishment for the wrongdoer and possibly as a deterrent to others
Pure Risk A condition in which there is the possibility of loss or no loss only
Insurance Terms Definition
Quota Share Reinsurance It is an automatic reinsurance, whereby the ceding company is bound to cede a fixed percentage of every risk written by it irrespective of the size or quality of the risk.
Quote An estimate of the cost of insurance, based on information supplied to the insurance company by the applicant.
Insurance Terms Definition
Rate The pricing factor upon which the insurance buyer's premium is based
Recurring Clause A provision in some health insurance policies, which specifies an period of time during which the recurrence of a condition is considered a continuation of a prior period of disability or hospital confinement
Reimbursement The payment of the expenses actually incurred as a result of a accident or sickness, but not to exceed any amount specified in the policy
Reinstatement The restoration of a lapsed policy
Reinsurance Insurance placed by an underwriter in another company to cut down the amount of the risk assumed under the original insurance
Renewal Continuance of coverage under a policy beyond its original term by the insurer's acceptance of the premium for a new policy term
Renewal Notice The notice sent to the policyholder to remind him that an insurance is due for renewal by insurers
Renewal Receipt The written evidence that a renewal premium has been paid
Repatriation Expenses (Under Overseas Medical Policy) Expenses incurred to travel back to home country following sickness abroad
Replacement Cost The cost to repair or replace property at construction costs prevailing at time of loss; the cost to repair or rebuild property without any depreciation
Representation Statements made by an applicant in the application that he represents as being substantially true to the best of his or her knowledge and belief, but which are not warranted as exact in every detail
Rescission Termination of an insurance contract by the insurer on the grounds of material misstatement on the application for insurance
Reserve Liability set up for particular purposes
Respondentia An early form of marine insurance on cargo; similar to bottomry, the equivalent on hulls
Restoration Reinstatement, as the amount of coverage after a loss
Retention The act of retaining an exposure to loss: also that part of the exposure that is retained
Retrocession The amount of risk that a reinsurance company reinsures; the amount of a cession which the reinsurer passes on
Retrospective Date The first date for which claims will be paid under a claims-made policy of liability insurance
Return Premium An amount due the insured upon cancellation of a policy
Revocable Beneficiary A beneficiary designation that may be changed by the policy-owner without the consent of the existing beneficiary
Rider< Usually known as an endorsement, a rider is an amendment to the policy used to add or delete coverage
Risk It can be a potential source of loss or the subject matter of insurance itself
Risk Management A scientific approach to the problem of dealing with the pure risks facing an individual or an organization in which insurance is viewed as simply one of several approaches for dealing with such risks
Robbery The unlawful taking of property by violence or threat of violence
Running Down Clause Additional coverage, which can be added to, an Ocean Marine Hull policy to provide protection for damage to another ship caused by collision
Insurance Terms Definition
Salvage Recovery made by an insurance company by the sale of property which has been taken over from that insured as a part of loss settlement. The remains of damaged vehicle or any other property
Schedule A list of coverages or amounts concerning things or persons insured
Self-Insurance A form of risk financing through which a firm assumes all or a part of its own losses
Settlement A policy benefit of claim payment
Short period rates Percentage of annual premiums charged for short period policies
Short Rate Cancellation Cancellation with a less than proportionate return of premium: also known as Pro Rata Cancellation.
Social Insurance Compulsory insurance, in which the benefits are prescribed by law and in which the primary emphasis is on social adequacy rather than equity
Solvency margin Surplus of assets over liabilities
Special Damages Amount awarded in litigation to compensate for specific identifiable economic loss
Speculative Risk A condition in which there is a possibility of loss or gain
Sprinkler Leakage Insurance Insurance against loss from accidental leakage or discharge from a sprinkler system due to some cause other than a hostile fire or certain other specified causes
Standing Charges Expenses which still have to be met even if a business cannot earn its full income owing to fire or other damage. These expenses do not diminish proportionately as a result of the damage
Statutory Inspections Plant inspections which are required by law to be carried out at stipulated intervals by a competent person who must also prepare a report in a prescribed form detailing the condition of the plant
Strict Liability Liability for damages even though fault or negligence cannot be proven
Subrogation It is defined as the transfer of rights and remedies of the insured to insurers who have indemnified the insured in respect of the loss
Subsidence Occurs when the ground under a building moves downwards, often as a result of drying out too much
Sum Insured The limit of liability of the insurers under a policy
Surety Bond An agreement providing for monetary compensation should there be a failure to perform certain specified acts within a stated period: the surety company, for example, becomes responsible for fulfillment of a contract if the contractor defaults
Surplus An amount by which the value of an insurer's assets exceeds their liabilities
Surrender Value Surrender value is the amount payable to the policy holder on his surrendering his right under a policy and terminating the contract of insurance
Surrounding Property Property belonging to the insured or in his custody or control except for the plant causing the damage or property being lifted
Surveyor The company official who inspects property proposed and makes recommendations as to rating and loss reduction
Insurance Terms Definition
Tail coverage An extended reporting period extension under claims-made liability policies that provides coverage for losses that are reported after termination of the policy
Technical provision Amount set aside on the balance sheet to meet liabilities arising out of insurance contracts, including claims provision (whether reported or not), provision for unearned premiums, provision for unexpired risks
Tenants Liability Cover for damage to rented buildings
Theft The unlawful taking of property of another: the term includes such crimes as burglary, larceny and robbery.
Third party Someone other than the insured and insurance company
Third party claim A demand made by a person against a policyholder and any payment that will be made by that company
Third Party Liability Liability incurred by the insured to another party but excluding contractual liability
Tornado A whirling wind over land, accompanied by a funnel-shaped cloud. It is usually very violent and destructive in a narrow path, often for many miles
Tort A civil wrong, other than a breach of contract, for which a court of law will afford legal relied
Total Disability An illness or injury which prevents an insured person from continuously performing every duty pertaining to his/her occupation or engaging in any other type of work
Total Loss The complete loss or destruction of all the property insured under a particular policy
Treaty A reinsurance contract under which the reinsured company agrees to cede and the reinsurer agrees to assume risks of a particular class or classes of business
Turnover The money earned for goods supplied or services rendered in the course of the business at the premises specified in the policy
Insurance Terms Definition
Uberrimae Fidei Means "Utmost Good Faith'. The basis of all insurance contracts - both parties to the contract are bound to exercise good faith and do so by a full disclosure of all information material to the proposed contract.
Umbrella Liability Insures losses in excess of amounts covered by other liability insurance policies; also protects the insured in many situations not covered by the usual liability policies
Under-insurance The situation where the Sum Insured is less than the total value of property at risk.
Underwriter The company receiving premiums and accepting to cover the risk. Also, the person employed by the company who decides whether the company should accept a particular proposal for insurance or application for revival
Underwriting The process of selecting risks for insurance and determining in what amounts and on what terms the insurance company will accept the risk.
Underwriting Profit or Loss The amount of money, which an insurance company gains or loses as a result of its insurance operations
Unearned premium That portion of the original premium for which protection has not yet been provided because the policy still has some time to run before expiration.
Unenforceable Contract This is one, which lacks some evidential features. The contract is a valid one otherwise, but could not be enforced in a court of law
Uninsurable Risk Risks not acceptable for insurance due to excessive risk
Utmost Good Faith A duty imposed on both parties to an insurance contract. The legal duty implies full disclosure of all facts material to the contract during negotiations of the contract
Insurance Terms Definition
Valuation Estimation of the value of an item, usually by appraisal
Valued Policy An insurance contract in which the value of the thing insured and the amount to be paid in case of total loss is settled at the time of making the policy
Vicarious Liability In law, liability arising out of imputed negligence
Void Of no force or effect: null
Void Contract A contract obtained by fraud is a void contract
Voidable Contract A contract, which is valid until it is treated as void by the aggrieved party, is a voidable contract
Insurance Terms Definition
Warranty A statement concerning the condition of the item to be insured which is made for the purpose of permitting the underwriter to evaluate the risk; if found to be false, it provides the basis for avoidance of the policy
Weekly benefits (for Personal Accident Insurance) They are paid for the period of temporary total disablement following an injury which is admissible under the policy
Workers Compensation A system of providing for the cost of medical care and weekly payments to injured employees or to dependants of those killed in the course of or arising out of their employment in industry in which Absolute Liability is imposed on the employer, requiring him or her to pay benefits prescribed by law
Written Premiums The premiums on all policies which a company has issued in some period of time.

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Insurance Terms Definition
Accident An event or occurrence causing damage/injury to an entity, and is unforeseen and unintended.
Accident Benefit Provides for payment of an additional benefit equal to the sum sum assured in installments on permanent total disability and waiver of subsequent premiums payable under the policy.
Age Limits Stipulated minimum and maximum ages below and above which the company will not accept applications or may not renew policies.
Agent An insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.
Annuity Plans These plans provide for a "pension" ( or a mix of a lump sum amount and a pension ) to be paid to the policy holder or his spouse. In the event of death of both of them during the policy period, a lump sum amount is provided for the next of kin.
Application Form Supplied by the insurance company, usually filled in by the agent and medical examiner (if applicable) on the basis of information received from the applicant. It is signed by the applicant and is part of the insurance policy if it is issued.
Assignment Assignment means legal transference. A method by which the policy holder can person on his interest to another person. An assignment can be made by an endorsement on the policy document or as a separate deed. Assignment can be of two types Conditional absolute
Insurance Terms Definition
Beneficiary The person(s) or entity(ies) (e.g. corporation, trust, etc.) named in the policy as the recipient of insurance proceeds upon the death of the insured.
Business Insurance A policy which primarily provides coverage of benefits to a business as contrasted to an individual. It is issued to indemnify a business for the loss of services of a key employee or a partner who becomes disabled.
Insurance Terms Definition
Cancelable A contract of health insurance that may be cancelled during the policy term by the insurer or insured.
Coinsurance 1) A provision under which an insured who carries less than the stipulated percentage of insurance to value, will receive a loss payment that is limited to the same ratio which the amount of insurance bears to the amount required;
2) a policy provision frequently found in medical insurance, by which the insured person and the insurer share the covered losses under a policy in a specified ratio, i.e., 80 per cent by the insurer and 20 per cent by the insured.
Convertible Whole Life Policy A mix of "whole life policy" and "endowment policy", it provides for very low insurance premiums with maximum risk cover while the life assured is just beginning his working career, and the possibility of converting the policy to an "endowment" policy after five years of commencement.
Coverage The scope of protection provided under a contract of insurance; any of several risks covered by a policy.
Insurance Terms Definition
Days Of Grace Policy holders are expected to apy premium on due dates. a period is 15-30 days is allowed as grace to make payment of premium; such period is days of grace.
Deferment Period Period between the date of subscription to an insurance-cum-pension policy and the time at which the first installment of pension is received. Such policies generally prescribe a minimum and maximum limit on the deferment period.
Depreciation A decrease in the value of property over a period of time due to wear and tear or obsolescence. Depreciation is used to determine the actual cash value of property at time of loss.
Double/Triple Cover Plans These offer to the beneficiaries double/triple the sum assured on death of life assured during the term of the policy. On survival to the date of maturity, the basic sum assured is paid to the assured. These are low- premium plans, most useful for situations such as housing.
Insurance Terms Definition
Embezzlement Fraudulent use or taking of another's property or money which has been entrusted to one's care.
Endowment Policy The assured has to pay an annual premium which is determined on the basis of the assured's age at entry and the term of the policy. The insured amount is payable either at the end of specified number of years or upon the death of the insured person, whichever is earlier.
Excess And Surplus Insurance 1) Insurance to cover losses above a certain amount, with losses below that amount usually covered by a regular policy.
2) Insurance to cover an unusual or one-time risk, e.g., damage to a musician's hands or the multiple perils of a convention, for which coverage is unavailable in the normal market.
Exclusions Specific conditions or circumstances for which the policy will not provide benefits.
Insurance Terms Definition
Facultative Reinsurance A type of reinsurance in which the reinsurer can accept or reject any risk presented by an insurance company seeking reinsurance.
Family Insurance A life insurance policy providing insurance on all or several family members in one contract, generally whole life insurance on the principal breadwinner and small amounts of term insurance on the other spouse and children, including those born after the policy is issued.
Fiduciary A person who holds something in trust for another.
Fire Insurance Coverage for losses caused by fire and lightning, plus resultant damage caused by smoke and water. Flood insurance Coverage against loss resulting from the flood peril, available at low cost under a programme developed by the Central government.
Franchise Insurance A form of insurance in which individual policies are issued to the employees of a common employer or the members of an association under an arrangement by which the employer or association agrees to collect the premium and remit them to the insurer.
Insurance Terms Definition
Guaranteed Insurance Sum (GIS) A lump sum purchase price is given to purchase future pensions under the Jeevan Akshay Plan of Life Insurance Corporation of India. This amount is referred to as GIS. The monthly pension that is payable one month after payment of first premium is calculated on the basis of the age at entry.
Gross Insurance Value Element (GIVE) The amount payable on the deferred date under Jeevan Dhara Life of Life Insurance Corporation of India. An annuity of 1% of the GIVE is payable per month after the deferment period. And the entire GIVE is payable on death after deferment period.
Group Life Insurance Life insurance usually without medical examination, on a group of people under a master policy. It is typically issued to an employer for the benefit of employees, or to members of an association, for example a professional membership group. The individual members of the group hold certificates as evidence of their insurance.
Guaranteed Policies These are policies where the payment stays fixed.
Insurance Terms Definition
Indemnity Legal principle that specifies an insured should not collect more than the actual cash value of a loss but should be restored to approximately the same financial position as existed before the loss.
Insurable Interest A condition in which the person applying for insurance and the person who is to receive the policy benefit will suffer an emotional or financial loss, if any untouched event occurs. Without insurable interest, an insurance contract is invalid.
Insurability All conditions pertaining to individuals that affect their health, susceptibility to injury and life expectancy; an individual's risk profile.
Insurance Social device for minimizing risk of uncertainty regarding loss by spreading the risk over a large enough number of similar exposures to predict the individual chance of loss.
Insured The person whose life is covered by a policy of insurance.
Insurance Terms Definition
Joint Life Endowment Assurance Plans The sum assured ( plus any accrued bonuses) under this type of policy is payable on the end of the endowment term or on the first death of the two lives assured, whichever is earlier. Typically (though not a necessity) taken out by a couple, a variation is available for couples only. In this case, the sum assured will be payable on first death and then again on the second death (along with all vested bonuses) if both deaths occur during the term of the policy. If one or both lives survive to the maturity date, the sum assured along with all vested bonuses will be payable on maturity date. Premiums during this plan cease on the first death or the expiry of the selected term, whichever is earlier. Another variation provides for annuity to both/surviving spouse, or a lumpsum amount to the legal heirs.
Insurance Terms Definition
Keyman Insurance Policy A life insurance policy taken by a person on the life of another person who is or was his employee/connected to his business in any manner whatsoever.
Insurance Terms Definition
Lapsed Policy A policy which has terminated and is no longer in force due to non-payment of the premium due.
Limited Payment Life Policy Premiums need to be paid only for a certain number of years or until death if it occurs within this period. Proceeds of the policy are granted to the beneficiaries whenever death of the policy holder occurs. Again, this policy can also be of the "with profits " or "without profits" type.
Loyalty Additions The loyalty addition is given upon the maturity of the policy, and not before. It's a small percentage of the sum assured. Broadly speaking, loyalty addition is the difference between the performance, of the insurance company and the guaranteed additions. It is LICs effort to further share its surplus after valuation with the policy holders, as LIC is a non-profit organization.
Life Assured The person whose life is insured by an individual life policy is called life assured.
Insurance Terms Definition
Maturity The date upon which the face amount of a life insurance policy , if not previously invoked due to the contingency covered (death), is paid to the policyholder.
Maturity Claim The Payment to the policy holder at the end of the stipulated term of the policy is called maturity claim.
Misrepresentation Act of making, issuing, circulating or causing to be issued or circulated an estimate, an illustration, a circular or a statement of any kind that does not represent the correct policy terms, dividends or share of surplus or the name or title for any policy or class of policies that does not in fact reflect its true nature.
Money Back Policy Unlike endowment plans, in money back policies, the policy holder gets periodic "survivance payments" during the term of the policy and a lumpsum amount on surviving its term. In the event of death during the term of the policy, the beneficiary gets the full sum assured, without any deductions for the amounts paid till date, and no further premiums are required to be paid.These type of policies are very popular, since they can be tailored to get large amounts at specific periods as per the needs of the policy holder.
Moral Hazard Risk depends on the need for insurance, state of health, personal habits standard of living and income of insured peson. Moral hazard is the risk factors that affects the decision of the insurance company to accept the risk.
Insurance Terms Definition
Nomination An act by which the policy holders authorises another person to receive the policy moneys. The person so authorized is called Nominee.
Non-cancelable policies Such policies stay in effect regardless of whatever that might happen and as long as the premium is paid from time to time.
Insurance Terms Definition
Premium The payment, or one of the regular periodic payments, that a policy holder makes to an insurer in exchange for the insurer's obligation to pay benefits upon the occurrence of the contractually-specified contingency (e.g., death).
Premium Back Term Insurance Plans These provide for refund of all the premiums paid, in the event of th life assured surviving to the end of the policy term. The total sum assured is paid to the beneficiaries in the event death occurs during the policy term.
Insurance Terms Definition
Reinstatement The restoration of a lapsed policy to in-force status. Reinstatement can only occur after the expiration of the grace period. The company may require evidence of insurability (and, if health status has changed, deny reinstatement), and will always require payment of the total amount of past due premium.
Risk The obligation assumed by the insurer when it issues a policy. The spreading of risk across a broad base of the population, adjusted for statistical probability, and the protection against catastrophic loss, is the entire purpose of insurance. For risk assumption purposes, death is viewed as a contingency. That is, although death is certain, its timing is unknown. The process of evaluating and selecting risk is known as underwriting.
Insurance Terms Definition
Salary Saving Scheme This scheme provides for payment of premiums by money deduction from the salary of the employees by one employer.
Sub Standard Risk Person who is considered an under-average or impaired insurance risk because of physical condition, family or personal history of disease, occupation, residence in unhealthy climate or dangerous habits.
Surrender Value The value payable to the policy holder in the event of his deciding to terminate the policy before the maturity of the policy.
Survival Benefit The payment of sum assured to the inscured person which has become due by installments under a money back policy.
Insurance Terms Definition
Vesting Age The age at which the receipt of pension starts in an insurance-cum-pension plan.
Insurance Terms Definition
Whole Life Policy Premiums are paid throughout the life time of life assured . This can be with profits or without profits ( A "with profit" policy is eligible for various bonuses declared by LIC every year, while a "without profits" policy does not have this privilege )
With-Profit policy Policies entitled to bonus, which is paid at the time of claim-death or maturity one with-profit policies.
Without-Profit policy These policies are not entitled to participate in bonuses.

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