The termination of a policy by notice or mutual consent
- Caveat Emptor
Let the buyer beware. In general the buyer is expected to look to his own interests.
- Claims Reserves
The provisions made by an insurer for (a) claims notified but not yet paid and (b) claims that may have been incurred but not yet reported.
Where a number of insurers each cover part of a risk or where a policy requires the insured to bear a part of each loss.
The portion of the insurance contract which outlines the duties and responsibilities of both the insured and the insurance company.
- Contingent Liability
A liability arising in some secondary way from a preceding incident.
The principle whereby if two or more insurers indemnify the insured in respect of the same subject matter against the same peril on behalf of the same interest, they share the loss or liability proportionately
- Contributory Negligence
A claim in respect of damage is reduced to such extent as the Court thinks just and equitable having regard to the claimant’s share in responsibility for the loss or injury.
Or, payment for the loss or damage is shared between two or more parties in proportion to their perceived responsibility
- Cover Note
A document issued by Insurer to Insured covering risks until the issue of a formal Policy. An interim document evidencing the grant of insurance cover