A clause of Ocean marine Insurance by which goods are insured by the Insurers no matter whether the same are already lost or not lost before the Policy is issued. (ii) Coverage of a ship at sea “afloat or sunk.” The reason for such a clause is that many times the owners of cargoes or ships would insure them after the ship had left the port, and prior to modern methods of communication, there was no way of knowing whether or not the venture had been lost at the time the insurance was taken out.

A means whereby an insured may cancel a policy by signing a statement to the effect that, since his or her policy has been lost, he cannot return it to the insurer to effect cancellation, but still wishes to cancel the policy.
***
A statement signed by the insured releasing the Insurance Company from all liability under a lost or mislaid contract of Insurance.
***
A statement that is typically signed after the insurer has initiated a replacement policy. This statement releases the insurer from a lost or misplaced contract.

Potential earnings the insured was unable to receive due to an injury or disability.