A policy that is written without specifying an amount to be paid out in the case of a loss.

An agreement between an insured and an insurer that a claim defense is being undertaken but without agreement that coverage is due. Usually the insured gives up some rights in exchange for the insurer undertaking the defense.

A provision in an insurance contract stating that the insurance coverage starts at noon, standard time, at the location of the insured’s property. Most property policies have now been changed so that the effective time is 12.01 a.m., thus the noon clause is not often encountered.

A clause stating that coverage begins at noon. This clause is not often found anymore, and most policies are effective as of 12:01 a.m.

The orderly transit of merchandise from the point of origin to the final destination without interruptions or delays resulting from the action or inaction of any party at interest.

A mathematical distribution, bell-shaped in nature, in which approximately 68 percent of all observations fall within one standard deviation of the mean, approximately 95 percent fall within two standard deviations of the mean and approximately 99 percent of all observations fall within three standard deviations of the mean.

Rupee amount of a particular type of loss which an organization typically suffer annually. Unless Insurance is needed for loss control or other reasons and organization typically will plan to retain rather than insure its normal losses budget able business expenses.