Definitions

Insurance Contract: is a contract under which the insurer is committed to pay to the insured or beneficiary a sum of money or any other financial compensation in case of incident or risk specified in the contract in return for a premium paid by the insured for the insurer.

Reinsurance contract: any agreement or obligation between the original insurance company (the ceding party) and another company or companies (reinsurers) in which the assignor company transferring all or some of the risks which the company undertake to others according to an insurance contract in exchange for certain amount of paid by the ceding company to the reinsurers, known as reinsurance premium. The reinsurers committed under this contract to indemnify the Ceding Company against inflict damage that was insured.

The Actuary: a person who has a specific qualifications for this title or qualifications approved by the Executive President.

The Insurer: the insurance company licensed to operate in the Sultanate.

Insured: The owner of the vehicle whose accidents on the road are covered by the insurer, and anyone driving the insured vehicle is considered as the insured.

Third-party: Everyone other than the insured or anyone on his behalf and non- members of their families, even if that person is employed by the insured.

Mandatory insurance: insuring the body of the vehicle, third- party, natural disasters and personal accidents.

Insurance Broker : A person licensed by the Authority to conduct insurance broking business that serve as an intermediary in insurance operations independently between the insurer and the insurance company , and in return receive a commission fees from the insurance company .

Insurance agent: A person licensed by the Authority to exercise Agency's work in insurance, and authorized by the insurance company to transact insurance business on its behalf under an agreement between them.

Premium: The amount paid by the insured to the insurance company (insurer) in exchange for its pledge to pay the amount of insurance to the insured upon the occurrence of risk covered by the insurance policy.

 

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