Commercial term that buyer shall accept delivery of goods at the same place where it lies and in the same condition as it exists at the time of inspection prior to purchase. In General Insurance this term is used mostly relating to salvage disposal transactions.

Any one accident. The term, in relation to liability insurance, refers to the maximum liability of the insurer in respect of all claims, both for bodily injury and property damages of third parties arising out of any one accident.

Any one vessel. The term, which relates to Marine Cargo Insurance, refers to the insurer's maximum commitment under the policy for all cargo in respect of any one vessel.

Any one year. The term refers to the maximum liability of the insurer under the policy for all claims preferred during the policy period.

In Marine Cargo and Marine Hull Insurance, 'Abandonment' is a condition precedent to a constructive total loss of the property insured. The insured must inform the insurer of his intention to abandon the property before doing so. But the insurer is under no obligation to accept the abandonment.

Agreement to an offer, thereby leading towards conclusion of a contract. One of the fundamental requirements of any contract of sale. Applicable to Contracts of Insurance also.

The term, also called the Inspection of Records Clause, refers to the right of the reinsure to inspect any books or records of the Reinsured Company, at the expense of the former.

The term generally refers to those parts which are directly supplied by the manufacturer along with the equipment /vehicle but which are not essential for the operation/running of the equipment/vehicle.

An unlooked for mishap or an untoward event which is not expected or designed

Term used to denote a personal accident insurance policy, which is extended to cover sickness benefits also. However benefits relating to sickness extension will be restricted to weekly compensation for temporary total disablement and for reimbursement of medical expenses towards treatment in a hospital or a nursing home for all sickness other than those which are excluded. The cover will be subject to a period exclusion and a maximum period limit in respect of any one sickness A policy like this which was in existence in the Indian Market was discontinued after nationalization of general insurance. It is possible that in the current scenario some companies introduce a similar insurance cover with the approval of the regulatory authority. (See also "Accident Insurance").