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The dictionary of terms of insurance
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Agent

An authorized physical person or a legal entity in charge to perform the instructions of or act otherwise on behalf of another person or entity (‘The Principal’) The agent usually acts on the basis of a proxy or power of attorney issued by the principal or on the ground of an agency agreement entered by and between the principal and the agent. The agency services are frequently used by insurance companies.

Accident

An incident, explosion, catastrophe, motor vehicle accident resulting in the death, injury, casualty or damage of the insured object.

Agency Fee

The compensation for the agency services in execution of certain functions (instructions) in favor or on behalf of the principal in line with the agency agreement entered by and between them.

Agency Agreement

An agreement entered with a physical person or a legal entity (‘The Agent’), pursuant to which the agent undertakes to perform certain functions (instructions) on behalf or in favor of the principal and arising out of such agreement.

Addendum

A written supplement to an executed insurance or reinsurance contract which contains changes to the earlier approved terms and conditions of the contracts, such changes subject to the reconciliation by the parties.

Acquisition

Job function of an insurance agent or an insurance broker to attract to the insurance portfolio new insurance contracts with retail clients or legal entities.

Actuary

An expert in actuarial calculations.

Actuarial calculations

An aggregate of economic and mathematical methods of calculating tariff grids.

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In case of disparity between information presented in Armenian, Russian and English the Armenian variant is preferable.