A court bond guaranteeing the performance of receivers and managers appointed by the Chancery Division of the High Court. The receivers and managers may deal with the preservation of property or collection revenue arising from property. Receivership may arise: pending litigation; during the minority of an infant; to prevent dissipation of assets by persons having immediate or partial interest in it, or to whom it is entrusted by law. The Chancery division fixes the amount of the guarantee and the remuneration of the receiver.
Tag: RAW
Change agent
Individual whose efforts assist change in a group or organization.
Change in Condition
Damage to property resulting from a change in the property’s environment such as spoilage or freezing.
Change in Net Premium Written (IRIS)
The annual percentage change in Net Premiums Written. A company should demonstrate its ability to support controlled business growth with quality surplus growth from strong internal capital generation.
Change in occupancy or use clause (Property Insurance)
A change in the use of the premises that increases the possible risk. Once an insurance company receives notice of such a change, it may then increase the premiums or cancel the insurance policy.
Change in Policyholder Surplus (IRIS)
The percentage change in policyholders surplus from the prior year end derived from operating earnings. Investment gains, net contributed capital and other miscellaneous sources. This ratio measures a company’s ability to increase policyholder’s security.
Change in temperature clause
Fire policy exclusion in respect of damage to perishable goods caused by a change in temperature resulting from destruction or disablement by an insured peril of the cold store or refrigerating plant. The risk can be bought back for an additional premium.
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An exclusion in a fire policy on goods in a cold store of damage to perishable goods caused by a change in temperature.
Change of beneficiary provision
A provision that permits the insured to change the beneficiary as often as he or she wishes, except in policies where the beneficiary is irrevocable. In the case of an irrevocable beneficiary, the beneficiary must provide written consent for a change to be made.
Change of condition provision
Insurance article or clause specifying that for an insurance policy to become effective, all conditions stated in the application for insurance must be true at the time of delivery of the policy.
Change of interest endorsement
Signifies that the original insured’s interest in subject matter of insurance has been taken over by a new party who is the new insured. The latter normally completes a new proposal form prior to being accepted. See NOVATION; PERSONAL CONTRACTS.