A number obtained by adding a list of number of values and dividing by the numbers of items in the list.
Insurance Encyclopedia
Mean Method of Apportionment
A method of apportionment of loss between two or more property insurances that are non-concurrent and not subject to average.
Means
See: lloyd’s members means.
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The minimum level of wealth that a member must demonstrate he, she or it has in order to underwrite at Lloyd’s. The means of all members must be held in approved form and must be maintained in value so long as the member has actual or potential outstanding underwriting liabilities.
Means Test
An evaluation of the assets and/or income of a person for the purpose of determining his eligibility for social security benefits or for underwriting membership of Lloyd’s.
Measure of Indemnity
The basis for calculation of the sum that an insured is entitled to recover in respect of a claim under an insurance that is a contract of indemnity.
Measurement Ton
The measurement ton (also known as the cargo ton or freight ton) is a space measurement, usually 40 cubic feet or one cubic meter. The cargo is assessed a certain rate for every 40 cubic feet or 1 cubic meter it occupies.