Glossary of Insurance Terms
Act of God
Any natural occurrence that is outside human control such as earthquake or typhoon.
Additional Perils
These are provisions that can widen the scope of basic insurance policies, for example, Fire policies, which often restrict coverage to a limited range of perils, such as fire, lightning and explosion. These provisions are sometimes called Special Perils and may include, for example, losses caused by storm, flood or damage by aircraft.
Age Limits
Ages below and above which an insurance company will not accept applications or renew policies.
Agents
Someone who sells and services insurance policies on behalf of insurers. In many countries agents can only represent either one or a limited number of insurers as opposed to brokers who have a free rein. Agents often obtain their clients from friends and relatives and therefore tend to have a personal knowledge of the client.