Where goods are normally sold in bond, the bonded price is considered to be the ‘gross value. However, The Marine Insurance Act 1906, s.71(4) defines gross value as the wholesale price or estimated value ruling on the day of sale after freight, landing charges and duty have been paid.

An approved warehouse for goods upon which excise duty has not been paid. The warehouse owner becomes the subject of a government bond, i.e. a general or warehouse bond or a removal bond. This guarantees payment of the duty to HM Customs & Excise in the event that goods removed from the warehouse without payment of the duty. are
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A Warehouse storage area of manufacturing facility in which imported goods may be stored or processed without payment of customs duties.

Single savings contracts issued by insurance companies. They are collective investments that create a fund whose manager aims to secure growth. An increase or decrease in the value of the fund is reflected in the value of the investors’ units. The fund is treated differently in terms of taxation from unit trust funds as most taxation (income tax and capital gains) takes place within the fund. These single premium bonds are either: income/distribution bonds; with profits bonds; equity bonds (investing exclusively in company shares); managed bonds (spread risk by investing in shares, gilts and property).

Fixed interest securities issued by governments (gilts), financial institutions and companies (corporate bonds) to investors. The issuer pays a fixed rate of interest for a fixed number of years (e.g. 7.5 per cent for five years), at the end of which the capital is repaid. Bonds are traded in the open market in the same way as shares. Insurance companies and pensions funds are substantial investors in UK government bonds. Distinguish BONDS (SURETY BONDS) and BONDS (INVESTMENT INSURANCE).

A surety bond involves three parties, a surety, a principal (often a contractor) and an obligee (often a project owner). The surety guarantees under seal that the principal will carry out his obligations or alternatively compensate the obligee for losses due to the contractor’s breach. In the construction industry this is known as a performance bond. The surety has recourse against his principal (the obligor). A retention bond is required when the developer releases the amount retained for defects before the contractor has completed the defects. A pre-payment bond guarantees any advance payment for the contractor’s mobilisation. Bid bonds guarantee that the contractor’s bid or tender is made in good faith and he is capable of entering into the contract. If the contractor fails to proceed, the surety pays for the project owner’s costs in scrutinising another tender. Payment bonds guarantee payment for project labour and materials. See COURT BONDS; LOCAL AUTHORITY BONDS; GOVERNMENT BONDS.

UK: 1. A non-guaranteed benefit added to with profits life policies periodically from the divisible surplus. Once allocated, the bonuses are guaranteed and become payable at the same time as the sum insured, i.e. they are reversionary bonuses. A uniform simple reversionary bonus is proportionate to the sum insured; a uniform compound reversionary bonus is proportionate to the sum insured and accrued bonuses. Interim bonuses are added to policies becoming claims in between two declarations. A terminal bonus is added when the policy ends by death or maturity. 2. See NO CLAIM BONUS.
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MEDICAL,USA: Payment a physician receives beyond any salary, fee-for-service payments, capitation, or returned withhold from a managed care plan. Bonuses and other compensation that are not based on referral or utilization levels (such as bonuses based solely on quality of care, patient satisfaction, or physician participation on a committee) are not considered in the calculation of substantial financial risk.
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The benefits paid in addition to the sum insured. The system awards discounts for claim free policy/ies for a certain continuous period. This goes on increasing up to a certain limit for continuous claim free years.
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UK: the share of surplus allocated to holders of with-profits policies.