Executors, administrators or trustees may wish to distribute an estate among the available beneficiaries even though a beneficiary may be missing. The indemnity enables them to proceed knowing that they will be indemnified against claims if the missing person reappears.
Tag: RAW
Missing document indemnity
A transaction may depend upon a life insurance policy, share certificate or other document that is missing. An indemnity given by an insurer may enable the transaction to proceed as the insured is then covered against any loss resulting due to another person subsequently producing the document and basing a claim upon it.
Missing Documents Indemnities
These are issued in connection with loss of valuable documents such as share certificates, bank deposit receipt, etc. The indemnity is provided against any loss sustained by the authority issuing a duplicate document or making a payment under a missing document.
Missing ship
Ship deemed to be missing when, after extensive enquiries, it is officially posted as ‘missing’ at Lloyd’s. It is then considered an ‘actual total loss’ and both hull and cargo claims are settled accordingly. During peacetime the cause of loss is deemed to be an insured peril but war peril during wartime.
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A ship that has been posted at Lloyd’s as ‘missing’, because, despite an enquiries, she cannot be traced. A missing ship is deemed to be an actual total loss.
Misstatement of age
Insured that gives an age that is younger or older than his or her actual age. In life insurance policies, there is a provision specifying that either the policy’s benefit amount or premium amount will be adjusted depending on whether it is an individual or group policy.
Misstatement of age (Health Insurance/Life Insurance)
The insured’s supplying a false age when applying for a policy, or giving the wrong age for a beneficiary in order to receive benefits faster. This term can also refer to a clause found in life and health contracts, which details the consequences of the insurer finding out the insured misrepresented his or her age after the policy has been issued.
Mixed insurer/company
An insurer owned by both stockholders and policyholders, or an insurer who writes both life and health contracts.
Mixed model
Managed care plan that mixes two or more types of medical care delivery systems (e.g., open-panel and closed-panel systems). It contracts directly with individual physicians. Also called hybrid model .
Mixed Perils
Two or more perils which simultaneously cause loss, such as when, during a sea coast storm, both wind and water damage property. Mixed perils become significant when one peril causing loss is covered by Insurance, but another is not. If it is not possible to separate the damage done by the insured peril usually the entire loss is fully covered up to other applicable Policy limits.
Mixed policy
Marine policy covering the subject-matter for the voyage and a period of time thereafter, such as a period in port.