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Insurance Glossary

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Year of Account basis
This term relates to an accounting methodology practiced in connection with reinsurance transactions. In this category are accounts that deal with premiums and losses in the year under review irrespective of the year of origin of the cession or of the loss.

Yield
This refers to the ratio that income from an investment bears to the cost/face value of the investment. In the case of a 14% Debenture of face value of Rs.100/-, the income will be Rs.14 per annum on the investment of Rs.100 and hence the yield is 14% if the debenture is acquired at Rs.100. In case the same is acquired at a price of Rs.110, the income in a year will be Rs.14 on an investment of Rs.110 and hence the yield will be 14/110x100. This is called current yield of the investment.

York-Antwerp Rules
The set of rules, which has been devised as a voluntary code to maintain universal uniformity on treatment of General Average. The provisions of these rules form the basis for General Average adjustments. There is specific incorporation in all the bills of Ladings agreeing for adoption of these rules. Underwriters, world over approve these rules in connection with consideration of General Average related claims under their polices. These rules were first coded in 1890 and have undergone few amendments over the period to take care of developments that have taken place in the implementation of these rules.
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