An option within an annuity that converts the annuity to a installment refund annuity. After choosing this option, the annuity will continue to pay benefits, even if the person covered by the annuity is deceased, until the price paid for the annuity has been paid out.

A term referring to the payment of a life insurance policy’s benefits in installments instead of a lump sum.

An option wherein the value of a settlement is paid in equal portions for a time frame that is specified in the settlement.

Provisional certificates provided by insurers for the use of the ceding insurer in connection with open covers and the like pending the availability of printed certificates.

An Agent appointed by the Institute of London Underwriters and authorized to settle claims payable abroad.

Ocean Transit : Risks covered : 1. Ocean Transit-ICC ‘C’ 2009 : 01. Fire or Explosion 02. Vessel being stranded, sunk, grounded or capsized 03. Overturning or derailment of land conveyance. 04. Collision or contact of vessel/craft/conveyance with any external object other than water. 05. Discharge of cargo at a port of trust. 06. General Average sacrifice 07. Jettison 08. General Average & Salvage Charges 09. Any liability arising out of “both to Blame” collision clause in the contract of carriage. 2. Ocean Transit-ICC ‘B’ : 2009 : Coverage available under ICC ‘C plus 01. Earthquake, volcanic eruption or lightning 02. Washing overboard of insured cargo 03. Entry of sea, lake or river water into the vessel/craft/hold/conveyance/container/lift van or place of storage. 04. Total loss of package in loading/unloading. 3. Ocean Transit-ICC ‘A’ 2009 : Under “Risks” Section, the clause states: This insurance covers all risks of loss or damage to the subject matter insured except those specifically excluded under the Exclusions section. In addition, ICC-A also covers General Average and Salvage charges incurred to avoid or in connection with the avoidance of loss from any cause except those specifically excluded under the Exclusions portion of the clauses plus any liability arising out of “both to Blame” collision clause in the contract of carriage. Exclusions under ICC-A, B & C Clauses 2009 : Exclusions under all three clauses can be broadly classified under four categories and are common to A, B & C Clauses except the War exclusion: General Exclusions : Willful misconduct of the insured Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of cargo. Insufficiency or unsuitability of packing or preparation of cargo Inherent vice of nature of cargo Delay, even if delay is caused by a risk insured against Insolvency or financial default of the owners, manager, charterers or operators of the vessel. Use of any weapon of war employing of war employing atomic or nuclear fission or fusion or other like reaction or radioactive force or matter.Un-seaworthiness and unfitness exclusions Unseaworthiness of the vessel or craft or unfitness of the vessels or craft provided the assured are privy to such Unseaworthiness or unfitness at the time the subject matter is loaded therein. Unfitness of the container or conveyance used for the safe carriage of the subject matter where the loading is carried out prior to attachment of this insurance or by the assured or their employees who are privy to such unfitness at the time of loading.War ExclusionsSpecific Exclusions under ICC-B and C-Clauses only- In no case shall this insurance cover deliberate damage to or deliberate destruction of the subject matter insured or any part thereof by the wrongful act of any person or persons. Duration (Transit) Clause under ICC Clauses 2009 : This insurance attaches from the time the subject-matter insured is first moved in the warehouse or at the place of storage (at the place named in the contract of insurance) for the purpose of the immediate loading into or onto the carrying vehicle or other conveyance for the commencement of transit, continues during the ordinary course of transit and terminates either (1) on completion of unloading from the carrying vehicle or other conveyance in or at the final warehouse or place of storage at the destination named in the contract of insurance, (2) on completion of unloading from the carrying vehicle or other conveyance in or at any other warehouse or place of storage, whether prior to or at the destination named in the contract of insurance, which the Assured or their employees elect to use either for storage other than in the ordinary course of transit or for allocation or distribution, or(3) when the Assured or their employees elect to use any carrying vehicle or other conveyance or any container for storage other than in the ordinary course of transit or (4) on the expiry of 60 days after completion of discharge over side of the subject-matter insured from the oversea vessel at the final port of discharge, whichever shall first occur. Delay Clause under ICC Clauses 2009 : This insurance shall remain in force during delay beyond the control of the Assured, any deviation, forced discharge, reshipment or transshipment and during any variation of the adventure arising from the exercise of a liberty granted to carriers under the contract of carriage.

There is only one standard “All-Risk” cover for Air transits (excluding sending by posts). The insurance covers all risk of loss or damage to the subject matter insured except as excluded. If an insurer would like to restrict the cover he can do so by attaching ICC(Air) clause as well a manuscript wording on the schedule of the policy restricting cover such as TLO which would mean Total Loss only. Exclusions are similar to the ones under ICC- A. Duration clause is also similar to that under ICC – A, B or C except that the cover would terminate on the earliest of the various alternatives spelt out under clause 5, one of which is “on the expiry of 30 days after unloading the subject matter insured from the aircraft at the final place of discharge.”