Freight rates for liner cargo generally are quoted on the basis of a certain rate per ton, depending on the nature of the commodity. This ton, however, may be weigh ton or a measurement ton.
Insurance Encyclopedia
Ton-Deadweight
Indicates the carrying capacity of the ship in terms of the weight in tons of the cargo, fuel, provisions and passengers which a vessel can carry.
Ton-Displacement
The weight of the volume of water which the fully loaded ship displaces.
Ton-Kilometer
Measure of airline freight capacity
Ton-Registered
Indicates the cubical contents or burden of a vessel in tons of 100 cubic feet. The space within a vessel in units of 100 cubic feet.
Tonner reinsurance
1. Form of total loss only reinsurance of: (a) vessels over or between specified tonnages; or (b) aircraft over or between specified hull values and/or seating capacities. The policies are effected on policy proof of interest without the benefit of salvage to the insurer. 2. An aviation reinsurance under which the reinsurer agrees to pay a fixed amount if an air crash results in a stated number of deaths.
Tontine bonus method
A method of distributing bonuses to ‘with profits’ life insurance policyholders which has been used in the US but not in the UK. There are variations but the general principle is that declared surpluses are retained for ultimate distribution to the policyholders who survive a certain fixed period.
Tontine policy (Life Insurance)
A policy that was popular after the Civil War, which is now illegal. The policy paid dividends to the policyholders who were still living at the end of a certain period. The money for these dividends came from people who had paid in and were now deceased or who had let their policies lapse.