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Means

See: lloyd’s members means.
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The minimum level of wealth that a member must demonstrate he, she or it has in order to underwrite at Lloyd’s. The means of all members must be held in approved form and must be maintained in value so long as the member has actual or potential outstanding underwriting liabilities.

Means Test

An evaluation of the assets and/or income of a person for the purpose of determining his eligibility for social security benefits or for underwriting membership of Lloyd’s.

Measurement Ton

The measurement ton (also known as the cargo ton or freight ton) is a space measurement, usually 40 cubic feet or one cubic meter. The cargo is assessed a certain rate for every 40 cubic feet or 1 cubic meter it occupies.

Mechanical breakdown exclusion

Motor insurers exclude mechanical and electrical breakdown from the own damage’ section of a comprehensive policy. If the breakdown, e.g. brake failure, causes an own damage’ accident, the damage will be covered but not the repair of the brake. However, if the breakdown is the result of failure to observe the reasonable care condition the insured may get no cover except for the compulsory insurance elements of his policy and then subject to the insurer’s right to recover the amount paid.