Insurance/lloyds dictionary

dranzer01

Ive done a few searches over the last 6 months and have been astonished to find no results

Are there any Insurance dictionaries or London Market/Lloyds Dictionaries which gives definitions of the words?

Any help would be great!

SueMaggie

I just Googled "insurance terms glossary" and got loads of useful results, including Lloyd's Glossary as the first result, so try doing the same search and see if you find what you're after.

InsideInsurance

If you are interested in Lloyds the their glossary is as good as you are going to get. http://www.lloyds.com/Common/Help/Glossary

In practice many companies have their own terms and exact definitions and this can vary between their different operations. One former client had GWP in their retail business meaning the price the customer was paying. In their Lloyds business this was GGWP and GWP to them was net of the brokerage/ commissions

You'll also find same things have different words depending if its personal lines or commercial, insurance or reinsurance, lloyds/london markets or retail etc

Add different countries into the mix and the permutation of terms is endless

Astronaughtwannabe

Or just consider the ordinary, everyday use. Insurers may use their own made up version but they are ultimately bound by the court's interpretation.

They also write in many terms that fail to convince the courts that they're fair and said insurer is over-ruled. There's many examples in both the lower courts and CoA.


If it walks like a duck, quacks like a duck...

InsideInsurance

Astronaughtwannabe wrote: »

Or just consider the ordinary, everyday use. Insurers may use their own made up version but they are ultimately bound by the court's interpretation.

They also write in many terms that fail to convince the courts that they're fair and said insurer is over-ruled. There's many examples in both the lower courts and CoA.


If it walks like a duck, quacks like a duck...

You are assuming the OP is wanting to interpret a consumer insurance contract rather than the internal workings of the Lloyds market or how the much more complex corporate insurance and reinsurance operates

Astronaughtwannabe

Yes, my bad.

dranzer01

i just want a tangible dictionary, just like the normal oxford dictionaries you can buy, but insurance terms... not online based - Why is that so hard to find?

rs65

dranzer01 wrote: »

Why is that so hard to find?

Because it doesn't exist. Just use a normal dictionary.

InsideInsurance

rs65 wrote: »

Because it doesn't exist. Just use a normal dictionary.

They do, Amazon has 253 of them though cannot vouch for the quality of any of them.

rs65

InsideInsurance wrote: »

They do, Amazon has 253 of them though cannot vouch for the quality of any of them.

Never seen one of those in all the years. Strange how the OP has been looking for 6 months and you find them in a day.

InsideInsurance

rs65 wrote: »

Never seen one of those in all the years. Strange how the OP has been looking for 6 months and you find them in a day.

Well, in a prior thread someone had been arguing over the legality of insurers retaining salvage after a total loss for 4 years, only took 4 minutes for me to review all the PDF policybooks I had on my computer which all stated that title transferred on a total loss.

They arent common because they are so useless generally as companies just make up their own terminology. Due to coinsurance, reinsurance and marine they are a little more common in Lloyds/ London Markets business. There is an old boy in the office of my current client who deals with run off business of small books of commercial insurance that are outside their mainstream SME stuff and he has a couple of them from around the world on his desk plus an even more specific Reinsurance dictionary (which indeed was referenced yesterday when discussing ex gratia payments)