A building constructed with floors that sit on wood joists, little protection of stair shafts, and interior finishes that limit the space to which fire can spread.

The reward paid to a ship owner for the carriage of goods in his ship to the port of delivery.

A pension plan that gets funding from a trust. This type of pension plan provides death benefits for participating employees through life insurance contracts that are purchased for them. The trust will pay the premium amount on the life insurance policy until the employee retires, then uses the paid up insurance policy’s value to purchase retirement benefits.

A life insurance policy with premiums that are paid for as long as the insured lives.

Payroll allotted to employees whose services could be curtailed in event of a long term shutdown of a business without a harmful effect on reopening. This figure is important in calculating business income insurance exposures.

Endorsement to business interruption coverage eliminating Insurance for the entire (or some portion of payroll expense for all the employees of an insured except officers, executives, department managers employees under contract, and other important employees. Coverage for any continuing ordinary payroll expense usually can be purchased for an additional premium.

The total amount of payroll expenses for all the employees of an insured business. This does not include payroll for executives, contract employees, officers of the company, and department managers. This amount may or may not be included in a business insurance form.

A record book that is kept by an agency or insurer that lists data on the ordinary policies in an agent’s account.

A share in the capital of a company which gives the holder a right to share in the distribution of its profits and in the residue of the company’s assets after it has paid its creditors and preference shareholders whatever is due to them.