When two ships collide, the shipowner with the greater share of the blame pays the other the difference between their respective liabilities; according to maritime law there are not two liabilities. However, marine hull policies provide that claims shall be settled on the basis of cross liabilities.
Insurance Encyclopedia
Single limit
A general term used to refer to coverage expressed as a single amount or single limit.
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An insurance coverage which is expressed as a single amount of insurance, or a single limit of liability.
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In liability Insurance, overall maximum on the Insurer’s liability for all types of bodily injury, property damage or personal injury claims growing out of one accident, regardless of the number of persons suffering injury. Compare with ‘Split limit.’
Single Limit for Liability
Liability Insurance that imposes a single Policy limit on all claims per occurrence, regardless of the mix off bodily injury and property damage and the number of claims.
Single market agreement
Any agreement that extends across a single market, i.e. marine, aviation or non-marine, only. They may be joint agreements between Lloyd’s underwriters and insurance companies. Examples include leading underwriters’ clauses in all three markets, the ‘companies collective signing agreement’ (non-marine) and the Marine Waterborne Agreement.
Single organ system examination 1997 guidelines
Examinations other than eye or psychiatric examinations should include performance and documentation of at least 12 elements identified in a table by a bullet (•), whether in a shaded or unshaded box. Eye and psychiatric examinations should include the performance and documentation of at least nine elements identified in a table by a bullet (•), whether in a shaded or unshaded box.
Single passport
EC term for single European licence.
Single practitioner
Physician or provider who does not practice in a group and does not share personnel, facilities, or equipment with another business. Also called solo practitioner .
Single premium
An insurance under which a ‘one off’ premium secures cover for a long term, even in perpetuity as for a restrictive covenant indemnity.
Single premium bonds/insurance bonds
Life company single premium contracts providing a lump sum investment with limited cover for medium- to long-term capital growth. They are a collective investment alternative to a unit trust. Special tax rules allow limited tax free withdrawals but capital growth is subject to higher rate income tax. The bonds may guarantee income or growth. Bonds may be categorised as: managed bonds; with profits bonds; equity bonds or income bonds.
Single premium funding method (Pensions)
A method used to save money to be used toward future benefit payments. Under this method, the money needed to pay out the benefits each year is paid to an insurer or a trust fund on an annual basis.