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Accident and Health.

Absolute Assignment

A transfer by the policyholder of all control and rights to a third party.

Absolute Liability

Liability that arises from an extremely dangerous situation. Absolute Liability is often found in cases involving explosives. Also known as “strict” liability. For example, you are absolutely liable if you keep a wild animal as a pet.


A sudden and unexpected event, occurring at a specific time and place.

Accident and Sickness

Insurance against bodily injury, disability or death by accident, or against disability or expense resulting from sickness, and the insurance relating thereto.

Accidental Death Insurance

A form of Health insurance that provides payment, if death of the insured results from accident. Accidental Death insurance is often combined with Dismemberment insurance in a form called Accidental Death & Dismemberment (AD&D).

Accidental Means

The unexpected cause of an accidental bodily injury. Under an Accidental Means definition, which is very restrictive, if you meant to do whatever caused your injury, there is no coverage. Most Health insurance policies cover Accidental Bodily Injury, which is much broader, in that it covers accidents regardless of the cause.

Accumulation at Interest Option

A dividend or settlement option under which the policyholder allows his/her dividends or policy proceeds to accumulate interest with the company. Although the dividends or proceeds are not generally taxable, the interest earned is.

Actual Cash Value (ACV)

The cost to replace an item of property at the time of loss, less an allowance for depreciation. Often used to determine amount of reimbursement for a loss (Replacement Cost minus Depreciation).


One concerned with the application of probability and statistical theory to insurance, utilizing the law of large numbers.

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