Glossary

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Accounts Receivable

Money owed by customers to vendors in exchange for goods or services rendered.

Affiliate Company

Two companies are affiliated when one owns less than a majority of the voting stock of the other or if both are subsidiaries of a third company.

Aggregate First Loss (Aggregate Deductible)

The total amount of claims payable during an insurance period, which are to be borne by the policyholder for their own account prior to indemnification by the insurer.

Arbitration

A consensual dispute resolution process where the parties agree to submit their disputes to be resolved by an arbitral tribunal composed by arbitrator(s) who is/are independent third party/parties appointed by or on behalf of the parties in dispute. Arbitration awards will be final and binding.

Assignment of Debt

Transfer of debt and its rights and obligations to a third party.

Associate Company

A company whose shareholding is at least 20% but less than 50% owned by another company.
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