UK: A catastrophe excess of loss clause that treats multiple losses originating from the same cause (e.g. a hurricane), and occurring during within a specified time (typically 72 consecutive hours), as a single loss occurrence. If treated as individual losses the probability is that most would fall below the level of the deductible. The reinsured is allowed to choose the date/time for the commencement of any consecutive hours period and allowed to divide the catastrophe into two or more loss occurrences.
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REINSURANCE: A clause within a catastrophe reinsurance treaty which specifies the limited period during which claims can be aggregated for the purpose of one claim on the reinsurance contract. Commonly 24 or 72 hours.
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REINSURANCE: The colloquial term which limits the time period during which claims resulting from a given occurrence may be included as part of the loss subject to the cover. The time period is usually measured in consecutive hours and most often applies to property Reinsurance, e.g., a windstorm, conflagration, or earthquake, and less frequently in occupational disease and other aspects of casualty. Commonly 24 or 72 hours.

Highest court in the UK. It is the Supreme Court of Appeal from the Court of Appeal in England and the Superior Courts of Scotland and Northern Ireland. Appeals are heard by the Appellate Committee, which usually consists of five, or three, Law Lords. They give written judgments. Since its Practice Statement in 1966 it is not bound by its previous decisions, but they do bind the lower courts.

Life insurance is used in connection with house purchase but endowment mortgages are no longer popular. The homeowner bought a policy (sum insured equal to mortgage debt) to run parallel with the mortgage, paying interest and premiums until, on death or maturity, the policy proceeds repaid the loan. The ‘low cost endowment’ used an endowment with profit policy with a sum insured below the mortgage amount in the expectation that bonuses would accrue sufficiently to produce a full repayment. Any shortfall due to premature death was covered under a decreasing term policy. The underperformance of many endowments are leaving housebuyers with a debt at the end of the term, leading to accusations of mis-selling.

Recognised index of changes in the cost of rebuilding houses produced by Building Cost & Information Service Ltd of the Royal Institute of Chartered Surveyors. It is used by insurers of buildings under household insurances as the basis of automatic increases in the sum insured on renewal where the policy concerned is subject to indexation.