In relation to Medical Insurance, means a person who holds a certificate of recognised Nursing Council and who is employed on recommendations of the attending Medical Practitioner.
As per the Carriage of Goods by Sea Act, the carrier is not responsible for any loss to cargo arising out of the vessel carrying a cargo that is being subject to certain restrictions imposed by the health authorities of the countries involved. However the cargo insurer will consider this as a delay beyond the control of the insured and pay the claims for loss or damage to cargo as long as it has been caused by an insured peril.
Quarrels and Arbitration
In relation to reinsurance, an Arbitration Clause is provided in treaty wordings setting out the mechanism for settling any disputes, quarrels etc. as between the parties to the reinsurance contract by Arbitration.
Quid Pro Quo
Exchange. In relation to insurance the insurer selling a policy of insurance to someone in consideration of the premium paid by the latter.
Quota Share cum Surplus Treaty
A method of proportional treaty arrangement combining the quota share treaty and the surplus treaty. For example a risk may be ceded on quota share basis of 50%, 50% being the reinsured retention and 50% ceded to the quota share reinsurer. The 50% retained by the reinsured may be further protected by a surplus treaty after fixing the line of retention of the reinsured.
Quota Share Pools
Market Pools are arranged on Quota Share basis where participating member companies make quota share cessions and then share the entire business according to their participation percentage.
Quota Share Treaty
This is an agreement whereby the ceding company is bound to cede and the reinsurer Is bound to accept a fixed percentage of every risk accepted by the ceding company.
An estimate of the cost of insurance, based on information supplied to the insurance company by the applicant.