Annual Sum Insured definition

Annual Sum Insured means the amount specified in the Policy Schedule / Certificate of Insurance which is Our maximum, total and cumulative liability for any and all Claims during the Policy Year in respect of all Insured Persons. If the Policy Period is more than one year, then the Annual Sum Insured will apply afresh to each Policy Year in the Policy Period, but any portion of the Annual Sum Insured which remains un-utilised in any Policy Year shall not be carried forward to any subsequent Policy Year in the Policy Period. Bank means a banking company that is registered in India to transact the business of banking in India or overseas. Common Carrier Means a civilian or commercial land, air or water conveyance operating under a valid licence for transportation of goods or passengers by air, sea, road or rail for a fee. Claim means a demand made by You for payment of any benefit under the Policy in respect of an Insured Person.
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Annual Sum Insured means the maximum liability of the Company under the Policy for a Policy Year and as stated in Part I of the Schedule.
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Annual Sum Insured means the maximum liability of the Company under the Policy for a Policy Year and as stated in Part I of the Schedule. "Third Party Administrator (TPA)" means any person who is licensed under the IRDA (Third party Administrators-Health Services)
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Examples of Annual Sum Insured in a sentence

  • In circumstances where We/Our TPA refuse the request for pre-authorisation as there is insufficient Base Annual Sum Insured there is insufficient information to determine the admissibility of the request for pre-authorisation, a claim for reimbursement may be submitted to Us in accordance with the procedure set out below and We will consider the Claim in accordance with the policy terms, conditions and exclusions.

  • Increase/ Enhancement of Base Annual Sum Insured shall be allowed up to maximum Base Annual Sum Insured available under the Plan.

  • If the amount to be claimed exceeds the Base Annual Sum Insured under a single policy after considering the deductible or co-pays, the policy holder shall have the right to choose insurers by whom the claim to be settled.

  • Availing the Free Health Check-up will not impact the Base Annual Sum Insured or the Cumulative Bonus.

  • On Renewal of the Policy if an increased Base Annual Sum Insured is requested then the elapsed period for Pre-Existing Diseases shall be limited to the Base Annual Sum Insured of the immediately completed Policy Period.

  • Further, the waiting periods will apply afresh in relation to the amount by which the Base Annual Sum Insured has been enhanced.

  • We will indemnify the Medical Expenses incurred on the Hospitalisation of the Insured Person's New Born Baby during the Policy Period up to the limits of the Base Annual Sum Insured (subject to availability of Base Annual Sum Insured).

  • Taking the circumstances of the case into consideration, the Commission finds this claim to have been substantiated and therefore finds the Respondent State in violation of Article 12 of the Charter.

  • Portability benefit will be offered to the extent of sum of previous Annual Sum Insured (if opted for), and Portability shall not apply to any other additional increased Annual Sum Insured.

  • Benefits under the Extension/Endorsement will be applicable subject to the terms, conditions and exclusions of the Extension/Endorsement, the terms, conditions and exclusions of the Policy and the availability of Base Annual Sum Insured and Cumulative Bonus and subject always to any sub-limits specified in respect of that Extension/Endorsement and any limits applicable under the Plan in force for the Insured Person as specified in the Policy Schedule.


More Definitions of Annual Sum Insured

Annual Sum Insured means the amount specified in the Policy Schedule / Certificate of Insurance which is Our maximum, total and cumulative liability for any and all Claims during the Policy Year in respect of all Insured Persons. If the Policy Period is more than one year, then the Annual Sum Insured will apply afresh to each Policy Year in the Policy Period, but any portion of the Annual Sum Insured which remains un-utilised in any Policy Year shall not be carried forward to any subsequent Policy Year in the Policy Period. Bank means a banking company that is registered in India to transact the business of banking in India or overseas. Common Carrier Means a civilian or commercial land, air or water conveyance operating under a valid licence for transportation of goods or passengers by air, sea, road or rail for a fee. Claim means a demand made by You for payment of any benefit under the Policy in respect of an Insured Person. Credit means the sum of money lent at interest or otherwise to the Insured Person by any Bank/Financial Institution as identified by the Account Number specified in the Policy Schedule/ Certificate of Insurance. Credit Linked Policy means a policy in which the policy period can be extended upto the underlying credit period not exceeding five years Emergency means a serious medical condition or symptom resulting from Injury or sickness which arises suddenly and unexpectedly, and requires immediate care and treatment by a Medical Practitioner, generally received within 24 hours of onset to avoid jeopardy to life or serious long term impairment of the Insured Person’s health, until stabilisation at which time this medical condition or symptom is not considered an emergency anymore. Financial Institution shall have the same meaning assigned to the term under Section 45 I of the Reserve Bank of India Act, 1934 (as amended from time to time) and shall include a Non-Banking Financial Company as defined under Section 45 I of the Reserve Bank of India Act, 1934 (as amended from time to time). Instalment Premium Shall mean the defined proportion of the applicable annual premium with respect to the Insured Person(s) payable at regular frequency as defined in the Policy Schedule/Certificate of Insurance. Insured Person(s) / You means the person(s) named in the Policy Schedule/Certificate of Insurance, who is/are covered under this Policy, for whom the insurance is proposed and the appropriate premium received Insured Person will include Self (Group member) and th...
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Annual Sum Insured means the amount specified in the Policy Schedule / Certificate of Insurance w hich is Our maximum, total and cumulative liability for any and all Claims during the Policy Year in respect of all Insured Persons. If the Policy Period is more than one year, then the Annual Sum Insured w ill apply afresh to each Policy Year in the Policy Period, but any portion of the Annual Sum Insured w hich remains un-utilised in any Policy Year shall not be carried forward to any subsequent Policy Year in the Policy Period. Bank means a banking company that is registered in India to transact the business of banking in India or overseas. Common Carrier Means a civilian or commercial land, air or w ater conveyance operating under a valid licence for transportation of goods or passengers by air, sea, road or rail for a fee. Claim means a demand made by You for payment of any benefit under the Policy in respect of an Insured Person.
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Related to Annual Sum Insured

  • Sum Insured means the sum as specified in the Schedule to this Policy against the name of Insured / each Insured Person, which sum represents the Company's maximum liability for any or all claims under this Policy during the Policy period for the respective benefit(s) against which the sum is mentioned in the Schedule to this Policy.

  • ' Compensation Insurance With respect to all operations performed, the Party shall carry workers’ compensation insurance in accordance with the laws of the State of Vermont. Vermont will accept an out-of-state employer's workers’ compensation coverage while operating in Vermont provided that the insurance carrier is licensed to write insurance in Vermont and an amendatory endorsement is added to the policy adding Vermont for coverage purposes. Otherwise, the party shall secure a Vermont workers’ compensation policy, if necessary to comply with Vermont law.

  • Excess Insurance shall not apply to any insurance coverage currently held by The Government of Bermuda, or to our Self-Insured Retentions of whatever nature.

  • Cumulative Insurance Payments As defined in the Series Supplement.

  • Insurance Costs means the sums described in paragraph 1.1 of Part 5 of the Schedule;

  • Insurance Premiums shall have the meaning set forth in Section 6.1(b) hereof.

  • group insurance means blanket insurance and franchise insurance and any other forms of group insurance.

  • Period of Insurance means the period commencing from the retroactive date and terminating on the expiry date as shown in the Policy Schedule.

  • Travel Insurance means coverage for personal risks incidental to planned travel, including one or more of the following:

  • Insurance Coverage Contractor shall, at Contractor’s sole expense, procure, maintain and keep in force for the duration of this Contract the following insurance conforming to the minimum requirements specified below. Unless specified herein or otherwise agreed to by the City, the required insurance shall be in effect prior to the commencement of work by Contractor and shall continue in force as appropriate until the latter of:

  • Property Insurance is defined in Section 6.10(a).

  • Dental Insurance The District shall contribute $175.00 annually toward the cost of dental insurance whether for single or family coverage for full status employees who qualify for and enroll in the plan. The cost of the premium not contributed by the District for family coverage shall be borne by the employee through payroll deduction. This coverage shall continue for the duration of this contract.

  • Insurance means (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies.

  • Fidelity Insurance means insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to Seller’s regulators.

  • General Liability Insurance Subcontractor shall carry minimum primary General Liability Insurance for the following amounts:

  • Insurance Rent the sums described in paragraph 1.1 of Schedule 4; “Insured Risks” the risks of fire (including subterranean fire), lightning, explosion, storm, flood, subsidence, landslip, heave, earthquake, burst or overflowing water pipes, tanks or apparatus, impact by aircraft or other aerial devices and any articles dropped from them, impact by vehicles, terrorism, riot, civil commotion and malicious damage to the extent, in each case, that cover is generally available on normal commercial terms in the UK insurance market at the time the insurance is taken out, and any other risks against which the Landlord reasonably insures from time to time, subject in all cases to any excesses, limitations and exclusions imposed by the insurers;10

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;

  • Insurance Expenses means any Insurance Proceeds (i) applied to the repair of the related Leased Vehicle, (ii) released to the related Lessee in accordance with applicable law or the Customary Servicing Practices or (iii) representing other related expenses incurred by the Servicer that are not otherwise included in Liquidation Expenses or Disposition Expenses and recoverable by the Servicer under any applicable Servicer Basic Documents.

  • Special Primary Insurance Premium With respect to any Special Primary Insurance Policy, the monthly premium payable thereunder. Statutory Trust Statute: Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. §3801 et seq., as the same may be amended from time to time.

  • Insurance Amount has the meaning set forth in Section 6.12(b).

  • FHA Insurance means the Federal mortgage insurance authorized pursuant to Section 220, 221(d)(3), 221 (d)(4) or 223(f) of Title II of the National Housing Act of 1934, as amended.

  • Surplus lines insurance means insurance in this State of risks located or to be performed in this State, permitted to be placed through a resident licensed broker with a nonadmitted insurer eligible to accept the insurance, other than reinsurance, wet marine and transportation insurance, insurance independently procured, and life and health insurance and annuities. Excess and stop‑loss insurance coverage upon group life, accident, and health insurance or upon a self‑insured’s life, accident, and health benefits program may be approved as surplus lines insurance.

  • Casualty insurance means liability insurance.

  • Additional Insured is defined in Section D of Annex D to the Lease.

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Mortgage guaranty insurance means surety insurance under which a mortgagee or other creditor is indemnified against losses caused by the default of a debtor.