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Glossary


Accountants professional liability insurance provides coverage for financial loss caused by professional accounting services.

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Accounts receivable coverage insures against loss of sums owed to the insured by its customers that are uncollectible because of damage by an insured peril to accounts receivable records.

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An account current is a monthly statement to the insurer by its agent showing policy numbers, premiums written, return premiums, commissions, and net amount due to or from the insurer.

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Accreditation is the process in which a state or other standard-setting regulatory organization determines whether an entity seeking to provide services subject to that organization's authority meets acceptable standards for such purposes.

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Accredited Adviser in Insurance (AAI) is a professional designation sponsored through a joint effort of the Insurance Institute of America (IIA) and the Independent Insurance Agents of America (IIAA).

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In property-casualty (P&C) insurance, accumulation refers to the total combined risks that could be involved in a single loss event (involving one or more insured perils).

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In life insurance, the accumulation period is the time during which an annuitant makes premium payments.

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Acquisition costs refer to direct costs an insurer incurs to "acquire" the premium—for example, commissions paid to a broker or fronting company.

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In reinsurance contracts, the act-as-one provision is included to avoid the situation where multiple reinsurers are all part of the same dispute and each wants to appoint its own arbitrator.

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Action levels are the maximum allowable value of a harmful contaminant after which some type of response must be taken.

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