These are issued in connection with loss of valuable documents such as share certificates, bank deposit receipt, etc. The indemnity is provided against any loss sustained by the authority issuing a duplicate document or making a payment under a missing document.
Insurance Encyclopedia
Missing ship
Ship deemed to be missing when, after extensive enquiries, it is officially posted as ‘missing’ at Lloyd’s. It is then considered an ‘actual total loss’ and both hull and cargo claims are settled accordingly. During peacetime the cause of loss is deemed to be an insured peril but war peril during wartime.
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A ship that has been posted at Lloyd’s as ‘missing’, because, despite an enquiries, she cannot be traced. A missing ship is deemed to be an actual total loss.
Misstatement of age
Insured that gives an age that is younger or older than his or her actual age. In life insurance policies, there is a provision specifying that either the policy’s benefit amount or premium amount will be adjusted depending on whether it is an individual or group policy.
Misstatement of age (Health Insurance/Life Insurance)
The insured’s supplying a false age when applying for a policy, or giving the wrong age for a beneficiary in order to receive benefits faster. This term can also refer to a clause found in life and health contracts, which details the consequences of the insurer finding out the insured misrepresented his or her age after the policy has been issued.