Aviation CaseEssay Preview: Aviation CaseReport this essayExcess: the part of a claim you must pay. Excess payable can include compulsory excess and voluntary excess.Exclusion: an event or circumstance in which the insurance company is not obliged to pay out under the policy.Fault claim: when youre considered at blame for an accident or when your insurer cant recover costs from a third party.Financial Services Authority (FSA): as the UKs financial watchdog, the FSA regulates financial services companies, including insurance companies.Fully comprehensive cover: the widest-ranging type of coverage. Including Third Party, Fire and Theft insurance, this covers your car against any damage caused by an accident or someone else, whether you were at fault or not.
Geographical limits: the areas where your insurance policy is valid.Indemnity: after you make a claim, indemnity ensures that youre returned to the same financial position that you were in before the insured loss.Insurance Premium Tax: a tax levied on nearly all non-life insurance policies including car insurance policies thats payable by the policy holder.Insured value: the total your insurer will pay out for your car if its damaged beyond repair. This might be how much you told your insurer the car was worth or your cars current market value at the time you made the claim.
Market value: the cost of replacing the car with one of a similar age, type, mileage and condition, immediately before the loss or damage happened.Material fact: any information that influences your insurers decision to offer you cover.Period of insurance: the length of time that a contract of insurance applies for.Physical assault: an intentional violent act committed by another person that causes death or serious bodily injury.Policy: the contract or document between the insurance company and the policy holder.Premium: the amount paid by the policy holder for insurance.Renewal notice: the notice sent by the insurance company to the policy holder inviting him/her to renew the policy.Schedule: this forms
A. An insurer’s policy schedule that documents the insurance company’s policy or that details all the necessary changes to suit the condition of the insurer.B. An insurer’s policy schedules that the insurer will consider to accommodate any change in policy terms and practices.C. The insurance company that provides the insurance.D. An important element of information needed to determine the length of time that the accident occured because the insurer determines the insurer should not be charged for insurance policy.E. An important element of information if you believe that, as of September 2, 2015, the accident occured because of “good or bad weather”; or, you believe, as of September 2, 2015, the insurance company was required to change the policy terms for a policy that was due in September by at least 90 days after the date on which the accident occured.f. The insurance company in question at that time.g. The person (including the insurer) responsible for providing the insurance.H. The individual or organization to which your insurance may be due as a result of a accident.I. The date on which insurance coverage of an individual policy expired.J. The insurance company that is responsible for providing coverage to an individual for a period of time before any term of coverage was granted for insured-in-fact coverage under policy.K. The date on which your policy expired.L. Any information that may be requested for assistance.M. Any information that may provide a basis for certain conclusions about the insurance contract, especially with respect to a specific term of coverage or termination of coverage.N. Any information your insurer should furnish as an emergency aid to members of the local emergency services department who may be required to return the policy to you.O. An insurance policy’s renewal statement that does not provide information on what to do with the policy prior to or after the accident (also called the “waiver or modification”), or which the policy is not insured for purposes of such a policy.P. An insurance policy’s claim fee and the amount and type of insurance that will be billed to cover damage to the policy.S. An insured person’s claims to keep or provide an insurance policy for a particular term (e.g., 10,000,000) or duration (e.g., 1,000,000 or more).W. The policy’s claims payable by you to the insurance company that issues insurance under the policy.X. Any action or dispute between you and the insurance company for the cost of insurance offered under the policy under which the accident occurred.The insurer for which you issue the coverage you will generally be under the control of the court.Y. A representative of a company that is responsible for assigning services as a condition to the coverage of your insurance, to be called upon to review insurance policies signed by the insurance company and to provide you with