Glossary

An annual aggregate deductible is a deductible-type program under which the insured agrees to reimburse its insurer for its own losses during the policy year up to the agreed upon annual aggregate amount.

An annual statement is a yearly report required by the state insurance commissioner detailing an insurer's income, expenses, assets, and liabilities, along with other pertinent data.

The annuitant is the person or persons (two or more) who receive an income benefit for life or during a specified period (the liquidation period) under an annuity contract.

Annuity refers to a stream of periodic payments made over a specified period.

Annuity certain refers to funds received from an annuity in the form of a guaranteed minimum number or amount of payments.

Annuity due refers to income received from an annuity that is paid at the beginning of a period rather than at the end.

An answer is the written response of a defendant to a plaintiff's complaint in which the defendant admits or denies the allegations of the complaint and presents any affirmative defenses and counterclaims.

Anti-assignment clauses are insurance policy provisions that require the insurance company's consent to any assignment or transfer of rights of the policy and are generally enforceable before a loss occurs.

Anti-concurrent causation language (ACC) is a policy provision usually inserted into the preamble to a group of exclusions in a property insurance policy that is designed to combat the misapplication of the concurrent cause doctrine from tort law to a first-party property policy.

An anti-concurrent cause (ACC) provision is a term in a first-party policy that indicates that a loss caused by a combination of covered and excluded causes of losses will not be covered.