The following are some of the more frequently used insurance terms:

Dependent Children - means the Insured Person's unmarried Dependant Children who are under 19 years of age and living with the Insured Person, or under 25 years of age and are full-time students at an accredited institution of higher learning and primarily Dependant upon the Insured Person for maintenance and support.  This include step or legally adopted children.

Business - Principally, educational and/or research institution, development, testing, property owners and/or occupiers and all other activities in which the Insured is or may become engaged.

Claims Made Insurance - Coverage for incidents that happen after the retroactive date, but prior to the expiration of a policy. The claim, however, must be reported while a policy is in force. Claims filed after coverage ends, may be covered by purchasing an Extended Reporting Period.

Deductible / Excess - The amount of loss paid by the policyholder before the insurance policy benefits become payable.

Exclusions - A person, property or occurrence not covered by an insurance policy.

Good Faith - A basic principle of insurance. The Assured and their broker must disclose and truly represent every material circumstance to the Underwriter before acceptance of the risk. A breach of good faith entitles the Underwriter to avoid the contract.

Hold Harmless Agreement - A contractual arrangement whereby one party assumes the liability inherent in a situation, thereby relieving the other party of responsibility. Such agreements are typically found in contracts like leases. A lease could provide that the lessee must "hold harmless' the lessor for any liability from accidents arising out of the premises.

Indemnity - To restore the victim of a loss, in whole or in part, by payment, repair or replacement.

Insurable Risk - A risk which meets most of the following requisites: (1) The loss insured against must be defined; (2) It must be accidental; (3) It must be large enough to cause hardship to the insured; (4) It must belong to a homogenous group of risks large enough to make losses predictable; (5) It must not be subject to the same loss at the same time as a large number of other risks; (6) The insurance company must be able to determine a reasonable cost for the insurance; (7) The insurance company must be able to calculate the chance of loss.

Insured - means University of Technology, Sydney including all related and affiliated bodies, institutions and associations incorporated or otherwise, all as are now existing or may be hereinafter constituted.

Non-Disclosure - See "Good Faith" above.

Occurrence Policy - A policy providing liability coverage for incidents occurring during the policy period, regardless of when the claim is filed.

Occurrence v Claims Made Policy - Under an Occurrence contract, the policy in force on the date of the event causing the loss the insurer must respond with both defence and indemnity. Under the Claims Made contract, the date you become aware and inform the insurer of the claim or potential claim is important and the insurer must respond with both defence and indemnity.

Personal Injury - bodily injury, sickness, disease, disability, shock, fright, mental anguish and mental injury, false arrest, false imprisonment, wrongful eviction, wrongful detention, malicious prosecution and humiliation.

Property Damage - loss of or damage to or destruction of tangible property including any consequential loss at any time resulting therefrom.

Product - any property (including any container) (after it has left the custody or control of UTS) which has been designed, specified, formulated, manufactured, constructed, installed, sold, supplied, distributed, treated, serviced, altered or repaired by or on behalf of UTS.

Reinstatement - (1) Putting a lapsed policy back in force; (2) The payment of a claim under some forms of insurance reduces the principal amount of the policy by the amount of the claim. Provision is usually made for a method of reinstating the policy to its original amount. (3) Payment of claims on a new for old basis.

Reinsurance - (1) A contract of indemnity against liability by which the insurance company procures another insurance to insure against loss or liability by reason of the original insurance; (2) Insurance by one insurance company of all or part of a risk accepted by it with another insurance company which agrees to reimburse the insurance company for the portion of the claim insured.

Run Off Provisions - Or Tail (see below).

Subrogation - The legal process by which an insurance company seeks from a third party who may have caused the loss, recovery of the amount paid to the insured.

Tail - This term has been used to describe both the exposure that exists after expiration of a policy and the coverage that may be purchased to cover that exposure. On an "occurrence" form a claim tail may extend for years after policy expiration, and the losses may be covered. On a "claims made" form a tail coverage may be purchased to extend the period for reporting covered claims beyond the normal policy period.

Without  Prejudice -The claim is paid on this occasion, although the Underwriter feels it does not attach to the policy, but this action must not be treated as a precedent for future similar claims.