Insurance Act No.54 of 2005 - Vanuatu Financial Services ...

managing executive means the chief executive officer of an insurer or a manager of aninsurer who reports directly to the Board of Directors.marine, aviation and transportation policy means an insurance policy that coversa risk relating to:(a)(b)(c)the possession, use or ownership of a vessel, aircraft or other craft; orthe conveyance of persons or goods by air, space, land or water; orthe storage, treatment or handling of goods so conveyed or to be so conveyed.Minister means the Minister responsible for Finance and Economic Management.miscellaneous policy means an insurance policy that covers a risk relating to an eventthat is not mentioned elsewhere in this section.motor policy means an insurance policy that covers a risk relating to the possession,use or ownership of a motor vehicle.personal lines business means general insurance business for which the policyholder isa natural person.policy benefits means:(a)(b)(c)a sum of money; andservices or other benefits; andan annuity.policyholder means:(a)(b)the person entitled to a benefit under an insurance policy; andanother person, such as the purchaser, who can require the insurer to meet itsobligations under the policy.premium means the money to be paid in return for an undertaking to provide policybenefits.property policy means an insurance policy that covers a risk relating to the use,ownership, loss of or damage to property, other than a risk mentioned elsewhere in thissection.11