Glossary

Aggregate stop-loss reinsurance is a type of reinsurance in which the reinsurer pays losses in excess of the attachment point. This kind of protection, if unlimited, caps the annual aggregate loss of the captive or insurer. Unfortunately, it is seldom unlimited, hard to find, and expensive.

An agreed value coverage option is a commercial property insurance provision that suspends the coinsurance clause until a specified expiration date. Insurers usually require a statement of property values signed by the insured as a condition of activating or including an agreed value provision in a commercial property policy. It was previously referred to as an agreed amount clause.

An agreement not to rely on governmental immunity is an endorsement to liability policies expressing the insurer's agreement not to rely on the statutory limitations regarding governmental immunity unless requested by the insured is called "agreement not to rely on governmental immunity." It is used when public entities have limited liability or complete immunity under state statute, but this immunity or limitation of liability can be waived by the governmental entity on a case-by-case basis. Although instances where statutory limitations should be waived are rare, this endorsement leaves control with the insured.

Agribusiness and Farm Insurance Specialist ( AFIS ) is an insurance industry certification program that consists of a series of five courses focusing on the risk management and insurance needs of farms, ranches, and other agribusinesses. Those persons who complete the program are entitled to display the AFIS certification to demonstrate their knowledge of agribusiness and farm insurance and risk management as well as their dedication to the agribusiness industry. AFIS courses are approved for insurance agent or broker continuing education (CE) credit in most states. The AFIS program is administered by International Risk Management Institute, Inc., and delivered online at AFIS.

Airborne particulates are the total of suspended particulate matter found in the atmosphere as solid particles or liquid droplets. Chemical composition of particulates varies widely, depending on location and time of year. Airborne particulates include windblown dust, emissions from industrial processes, smoke from the burning of wood and coal, and motor vehicle or nonroad engine exhausts.

Aircraft insurance policies are necessary for businesses that elect to use private aircraft in their operations, since claims or suits that arise out of the ownership, maintenance, or use of aircraft are generally excluded under the standard commercial general liability (CGL) forms. Businesses that elect to use private aircraft in their operations must purchase specialty insurance to cover their aircraft liability loss exposure: aircraft liability coverage or stand-alone nonowned aircraft liability and perhaps excess aircraft liability coverage as well. Coverage for third-party aircraft liability is often provided, which also includes hull (physical damage) and medical payments coverages. Aircraft policies are not standardized and vary widely. Some insurers offer policies that combine aircraft liability and hull with other aviation coverages, such as aircraft products liability, airport liability, land-based general liability, and hangarkeepers liability coverage.

Airport premises liability is an aircraft liability insurance policy additional coverage that covers damages for bodily injury or property damage arising out of the use of airport premises for the parking and storage of aircraft.

A federally designated area, the air quality control region is required to meet and maintain federal ambient air quality standards. It may include nearby locations in the same state or nearby states that share common air pollution problems.

Air quality standards are the level of pollutants prescribed by regulations that may not be exceeded during a given time in a defined area.

A treatment system that removes volatile organic compounds (VOCs) from contaminated groundwater or surface water by forcing an airstream through the water, thus causing the compounds to evaporate, is air stripping.