Insurance on the life of a person on whom the continued successful operation of a business depends.
Keyperson assurance refers to policies effected by an employer on the life of an employee with the purpose of compensating the business for the loss it will sustain should the employee die prematurely. The plan guarantees that cash will be available to absorb any disruptions to the business, protect existing credit facilities and provide the necessary funds for the recruitment and training of a replacement.
Endstage renal failure due to chronic irreversible failure of both kidneys to function as evidenced by the Life Assured’s requiring regular peritoneal dialysis or heamodialysis or having had renal transplantation.
An arrangement between motor vehicle insurers whereby each will pay its own repair costs on claims made. Each insurer agrees to forego recovery action against the other irrespective of the question of fault providing all the vehicles involved in an accident are insured with signatories to the agreement.
A gold coin minted by the Republic of South Africa, produced in 1 ounce, 1/2 ounce, 1/4 ounce and 1/10 ounce. The coins are priced according to the Rand / Dollar price of gold and can trade at either a discount or a premium to this price.
A term used to describe the joint interests of a ceding company and its reinsurer(s). The term is commonly used in relation to the provision of joint reinsurance protection to both parties, for example excess of loss protection for ‘common account’ covering both parties’ interests.