If amounting to 3 per cent Clause limiting recovery of partial losses under a marine policy to those reaching a franchise of 3 per cent (the customary level for commodities) of the insured value.
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Policy that covers both total and partial loss normally used in relation to cargo policies, with particular average subject to memorandum.
Insurance Encyclopedia
With average irrespective of percentage
Allows full recovery of all partial losses due to a named peril in a marine policy. No franchise based on a percentage of the value applies.
With Benefit of Salvage (WBS)
A Policy containing such provision is void at law.
With Particular Average (WPA)
An insurance term meaning that partial loss or damage of goods is insured. Generally must be caused by sea water. Many have a minimum percentage of damage before payment. May be extended to cover loss by theft, pilferage, delivery, leakage and breakage.
With privity of the assured
An expression from the Marine Insurance Act 1906, s.39(5), meaning that a shipowner, while not having knowledge regarding the soundness, i.e. seaworthiness, of his vessel is not entitled to turn a ‘blind eye’ to the situation.
With proportion
Indicates that if an annuitant dies before the next annuity payment is due, a pro rata payment will be made in respect of the period from the last payment to the date of death.
With-profits
assurances whose policyholders have an expectation of sharing in surplus, with a minimum sum assured to which bonuses are added.
With-profits annuity
The annuity payment follows the fortunes of the value of the underlying assets. Consequently income can rise or fall. The fund may benefit from increased bonuses declared in future years and the annuitant selects at the outset a future bonus rate, typically up to 5 per cent of the fund, but if the selected rate is not achieved the income will fall. Some providers offer guaranteed minimum income payments.
With-profits bond
Single premium life policies invested in the insurer’s with profits fund made up of investment in company shares, fixed interest securities, commercial property, cash, etc. High tax payers can benefit by withdrawing 5 per cent each year for 20 years without an immediate tax liability as the IR treat it as a return of capital. Annual reversionary bonuses are added and a terminal bonus is paid out at maturity.
With-profits policies
Whole life policies and endowment policies that attract bonuses representing a share in the profits (see divisible surplus). The bonuses are declared each year and become a guaranteed addition to the sum assured at death or maturity.