Page 61 - Personal Underwriting Mandates & Guidelines - Binder product rules & addendums - Version 1

Terminology
Underwriting
the process of assessing a proposal for insurance to decide on its acceptability and if so, on what terms.
Utmost Good Faith
Valued Policy
Voidable Contract
Warranty
see UBERRIMA FIDES (“Utmost” has been ruled to have no particular meaning in South Africa).
a contract in which the insurers agree to pay the sum stated in the event of total loss without the usual allowance for depreciation or appreciation.
a contract which one party can choose not to enforce.
a condition, which must be complied with literally.
Valuations
a list of property with values allocated to each item as the basis of insurance.
Void Contract
a contract that cannot be enforced by either party.
Waiver
an act of relinquishment or of giving up a right. The voluntary surrender of a right or privilege known to exist.
Write (Insurance Business)
provide insurance cover.
Full Binder Claims Mandates and Guidelines – V3: 2019 Page | 59