International Hull Clause enabling the insurer to take tenders for repair after notification of a loss. The insurer can decide where repairs are carried out and veto a particular place of repair or particular ship-repairing firm. The insurer makes an allowance (30 per cent of insured value) for time lost between invitations to tender and acceptance.
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A clause in a Marine Hull Policy which provides for immediate notification of accident and gives the insurers various rights in connection with repairs, including one to take tenders for repairs.
Tag: RAW
Tender Offer Defense Expenses Insurance
Insurance designed to reimburse a publicly held corporation for defense expenses in resisting takeover attempts.
Tenderer
A member that seeks to sell some or all of his underwriting capacity in a capacity auction.
Tenderers
Lloyd’s members wishing to surrender their capacity. They enter a tender bid into the capacity auction, stipulating the minimum amount (the floor limit), in multiples of 0.1p per pound of capacity they are prepared to accept. Subsequently, tender bids are matched against bids submitted by subscribers to ascertain the amount of capacity to be transferred and the price of the transaction. See CAPACITY TRANSFER MARKET.
Term
The length of time for which a policy is valid.
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The period of time for which an Insurance Policy or a lease is issued.
Term assurance
life assurance under which benefit is payable only on death of the life assured on a predetermined date; sometimes called temporary assurance.
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A simple form of life assurance whereby in return for a premium an Insurer agrees to pay a fixed sum if the proposer should die within a stated period. No benefit is payable if the proposer survives the period. Under a decreasing term assurance, the benefit payable decreases from year to year.
Term Contract
A form of reinsurance contract written for a stipulated term (usually one year). The contract automatically expires at the end of the term and renewal must be negotiated. See also Continuous Contract.
Term insurance
Type of insurance that is in force and provides protection for a specified period of time (the term). It does not build cash value and if the insured survives the stated period, it expires without value. Insurance is payable to a beneficiary at the death of the insured provided death occurs within a specified period or before a specified age. Also called term life insurance .
Term insurance (Life Insurance)
A kind of life insurance policy that is only valid for a particular period of time. The term length may be measured by years, or can be until the insured reaches a certain age, most often 65 or 70. This type of policy does not accumulate the kind of nonforfeiture value usually associated with a whole life policy.
Term insurance/temporary insurance
Life policy that pays the sum insured only if death occurs within the policy term. If the life insured survives the term, there is no survival benefit. Decreasing term insurance and convertible term insurance are forms of term insurance.