Glossary

The scope of protection provided under a contract of insurance; , where several risks mentioned in the contract are covered.

C & F signify cost and freight as per this contract the Buyer is responsible for loss or damage to the goods and the freight as well as.

Cash against documents.

Cash on delivery

The discontinuing of an insurance policy before its normal expiry date, either by the insured or the insurance company.

It is the amount for which the insured is covered under a Personal Accident.

A generic term used in both inland marine and ocean Marine Insurance to designate the types of insurance available to provide coverage for cargo that is being transported by truck, rail, air, ship, or boat.

Event which causes a widespread loss, such as a hurricane or tornado.

Previously called "peril," this is the actual type of event that causes the loss. For Example: theft, collision, earthquake, flood, fire or mischief.

To transfer a part of risk written by an insurer (the ceding, or primary company) to a reinsurer.

A statement of coverage issued to an individual insured, specifying the insurance benefits and principal provisions applicable to the member.

The formal request by a policyholder or a claimant for payment of loss under an insurance policy.

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.

In constructive loss the goods are not physically destroyed but so damaged that the cost involved in restoring to pre loss position would be more expensive than the value of goods after repair.

Document that is issued provisionally pending issuance of insurance Policy.

The percentage at which the sum insured gets increased annually, without additional premium