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Equitable assignment

Type of written notice or act that does not fully meet the requirements of a legal assignment but is valid and enforced by the courts in the interest of fairness and justice.
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UK: Assignment that does not give the assignee the right to sue in his own name. No particular form is necessary, not even writing, e.g. insured hands his life policy over to the bank as security for a loan. The assignee should notify the insurer as there may be successive assignees. Insurers in doubt as to the entitlement to the policy proceeds can pay the money into court under the Life Assurance Companies (Payment into Court) Act 1896.

Equitable Estoppel

A court will apply the doctrine of equitable estoppel to prevent a party from applying a defense or pursuing a cause of action if three elements can be met: (i) Belief and reliance on some representation by the party seeking estoppel (ii) Change of position by the party seeking application of the doctrine as a result thereof, and (iii) Detriment or prejudice incurred by the party seeking application of the estoppel doctrine caused by the change of position.

Equitable interest

A legal term referring to interests in property originally created and enforced by the Court of Chancery. Such an interest can arise in a number of ways such as where money has been advanced on property but no formal mortgage deed drawn up. The lender has an equitable interest and this creates an insurable interest. Similarly, a person on whose behalf property is held in trust has an insurable interest in that property.

Equitable Tolling

A court made delay in the running of a statute of limitations. The court determines that because of actions of the party against whom the suit is brought to lull the plaintiff into not suit it is not fair to apply the statute of limitations. When a statute of limitations is tolled” it means it stops running.

Equitas

Equitas is the general label given to a group of companies linked to Lloyd’s of London. It was set up in 1996 specifically to reinsure liabilities that had accumulated in the syndicates at Lloyd’s of London on policies written from the 1930s up to and including 1992. This business was reinsured by Equitas Reinsurance Limited, which was also appointed as run-off agent. The liabilities were retroceded to Equitas Limited, to which Equitas Reinsurance Limited has also delegated its run-off function. The proposal to set up the structure was accepted by 90% of the 34,000 ‘Names’ who under-wrote policies at Lloyd’s, and it became mandatory for all members to reinsure their liabilities into Equitas. When it started it had £15 bn of liabilities at net present value, which were expected to take up to 40 years to settle. It also had assets amounting to 105% of the liabilities, making it the largest start-up company to date. It is not allowed to take on fresh business but it remains the largest solvent run-off reinsurer globally. Equitas is run by directors. It is owned by trustees who hold the shares on behalf of those who reinsured their liabilities into it.

Equitas Reinsurance Ltd

A reinsurance company that was formed by the Society of Lloyd’s for the purpose of accepting reinsurances to close of non-life syndicates for the 1992 and prior years of account in 1996. The company is not a subsidiary of the Society of Lloyd’s and operates independently of it.

Equity

Fairness. A decision made in a court based on fairness to both parties. Courts of equity judge fairness and seldom award money damages. They issue orders that will do justice. Typical equitable remedies re reformation (where the court changes a contract to state the terms both parties really agreed upon) or rescission where the court will make null a contract and make each party return the consideration paid.
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MEDICAL,USA: Interest or value of an individual or business that is in excess of its liabilities.
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The cash value of an insurer, after liabilities.