Nothing in life comes for free except for my Christmas message. There is of course a reason for that.
So here it is. A Christmas gift that will go on not giving forever. miserliness forever. You can print it out, put it in your pocket, and take it out to entertain friends and family during one of those quiet moments on Boxing Day. Or you can use it for a job interview for the new year. “Any questions from you?” “Yes, only one: What is dacoity?”. Happy birthday to everyone!
A – Confirmed: ambiguous term for “Believer”They are commonly posted by an educated Queen’s Counsellor while ensuring the powder is kept extremely dry. It sure is.
B – Paratry: Cargo Legacy of Insurance, Wonderful Pastures for Word Hunters! Misbehavior of the ship’s crew, which led to the damage to it. This could be a rebellion, or just a result of being like Tony Polimore (allegedly). Or the captain of Concordia (for sure)
C – Let them go. The world of reinsurance is also a fertile plain of esoteric language. The insurance company relinquishes its risk to the reinsurer and thus becomes the assignor.
D- Dacoity. A term originally used to describe banditry in the Indian subcontinent (from the Hindi word daku). It found its way into insurance policies to provide cover against organized theft. “Don’t shoot, take my wallet – I have a protective cover.” A real gem.
E- Endorsement. An additional clause to an insurance policy that can change, extend or limit the basic wording. Like the passenger requirement. Some policies have multiple approvals; These were referred to as prolific horsemen.
And – force majeure. Superior power is sometimes referred to as an act of God. An unexpected and inevitable event that is usually excluded from coverage in insurance policies. Earthquake, tsunami, plague, epidemics, lava volcanic eruption, meteorite hit. The big bad things that we as humans cannot control or predict. Speaking of which – Friday won an animator to the spot with a short neck.
g- Condition of sifting. The wonderful world of shipping again. Tobacco, coffee beans, grains, etc. need sifting and cleaning (“distorted”) it is charged. A misrepresentation clause means that the insurance company will pay the cost of a misrepresentation. I’ve seen some really distorted sentences that I can tell you about; They do not separate the wheat from the chaff.
H – a difficult market. where we are now. No large capacity, increased premiums, restricted cover, grumbling middlemen. “Man, I can’t even get a fake clause these days, Clive.”
I – compensation. This is the cash that is paid when the insured risk occurs. Of course, it may never happen. Herein lies the core! The ‘may be’ It is self-evident – dogma ‘accidental’ Old beans. You cannot insure against certainty. Joke: Unless you write (insert appropriate profession as desired).
J – joint and multiple. Part of a perverse legal principle here: allowing the aggrieved party to recover full compensation from any offender who is able to pay, regardless of the degree of negligence of that party where there is more than one harm. The mentioned insurance companies end up bearing this particular child. annoying. Get a net contribution clause in the contracts of the insured I say!
K – In-kind hazards. Different types of dangers who handle well and hang out together in the same bars/clubs. Dangers of the same proverbs. And what a great name for a rock band – The Kindred Perils.
L – compensation limit. The maximum beyond which insurance companies will not pay. You have had your lot, there is no more in my kitty. Sounds simple – but wait, assembly, detailing, over-layering, defense cost plus that?! Let’s not go there, it’s Christmas. We are not here to learn.
m – minimum conditions. Tightly formulated policy, studded with tailored endorsements. Thus only. excellent. But wait – some professions are regulated under minimum insurance terms that take precedence over incompatible wording. Rip it off and start over.
N – Non-disclosure. When obtaining insurance, you must make a fair presentation of the risks you are seeking to insure (see Insurance Act 2015). Otherwise, insurance companies will have cures (said softly like the godfather). The treatments are actually not great compared to the old days (Advance Insurance Act 2015). But still. You can’t keep secrets – this is a scam. You may not even be able to make an innocent mistake. Depending, like. This is not a place for real explanation.
O – operating ratio. A measure of performance, which is the sum of expenses and losses expressed as a certain percentage of the premiums earned. If you are over 100 years old, you are unable to make profits from underwriting and investing activity. The cliched question arises: where else could the profit come from?
P – premium. Kind of beer. Money paid to the insurance company for the insurance policy. Later the volume of claims against the policy dwindles.
Q – Quota shares agreement. An agreement whereby the reinsurer must accept it and the assignor must assign a fixed share of risk in a potential business book. Trade futures contracts with the same risk as currency. Also – the band’s upcoming guitarist from Kindred Perils.
r – recoil. When a reinsurer cedes another reinsurer, in order to reduce the net liability on individual risks. The receiver is the retrocessionaire. When this happens in a series of “stick passes” you get locked Spirals. awesome Jeff.
S – solutions. How do you feel when you are wearing someone else’s shoes? Depends on what kind of shoes they’re on – hopefully brogues or something with a leather upper. Insurance companies take the place of the insured for the purposes of recovery procedures so that they can prosecute third parties in the name of the insured, to recover losses on compensation paid. This is a solution and the shoes are not overly comfortable.
T – Third Party (Rights Against Insurance Companies) Law 2010. Very topical. When an insured goes bankrupt, that’s how plaintiffs come directly to you. abomination. They can only reach you to the extent that the document covers the underlying claim. This is little consolation.
U – Underwriter. The person who was all this wrong. Pain or gain. Wholesale consumer and risk distributor. “accidental” It is the middle name.
Fifth: A void quota agreement. Another great rock prog band. [I’m running out of energy here].
D- Waiver. “It’s okay, that’s on me.” It would be the explicit form of waiver. But beware of the lesser-observed implicit concession; Dangerous in the wild due to the fact that you can do this by accident. oops.
X – indicates the location of the fraudulent signature. Bring the world of graph.
Y – yield. The ratio of income earned on an investment to the nominal value of the investment. Investments in William Hill tend to be zero in terms of return. Very little was achieved in that game.
Z – Zone A. I had to commit to using a research method for this: in relation to the application of the premium rates stipulated in the tariff of all cars in India it relates to one of the two areas of motor operations which includes the Madras district and the Mumbai district but excludes Mumbai itself. Don’t tell me this isn’t helpful, you never know when you might need to negotiate with a subcontinent car rental company.
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