Closing of an occupational pension scheme, usually done by buying annuities for all members, including deferred annuities. Alternatively all assets and liabilities can be transferred to another scheme in accordance with the scheme rules and any relevant laws. There are statutory provisions to determine when winding up commences for statutory purposes (Occupational Pension Schemes (Winding Up) Regulations 1996, Regulation 2 (SI 1996/3126)).
Tag: RAW
Windscreen breakage
Under private comprehensive car policies, insurers agree that, if a claim for damage consists solely of damage to the windscreen or windows, payment will be made without prejudice to the insured’s entitlement to no claim discount.
Windstorm
Wind of sufficient violence to be capable of damaging insured property.
Windstorm (including tornado and cyclone)
insurance Insurance against damage done to property by unusually high winds or cyclone or hurricane. The risks are usually insured as additional perils, but it is possible to insure against these perils alone.
Windstorm (Property Insurance)
A wind of significant force that is able to cause damage to an insured property. Coverage that protects against the effects of a windstorm is usually included in basic property insurance.
Windstorm Insurance Policy
Insurance Policy providing coverage against loss due to windstorm, cyclones, hurricanes and high winds.
Winter
See: HEATING SEASON.
Wisconsin life fund (Life Insurance)
A state sponsored life insurance plan, which provides coverage to the state’s citizens who request it. Wisconsin is the only state to have such a plan.
WISE (World InSurance – E-commerce)
1999 merger of three electronic networks: WIN created by international brokers, LIMNET, the London market network successful at transmitting accounting transactions, and RINET, a consortium of mainly European (re)insurers. Membership of WISe is also available to captives, loss adjusters and third party suppliers. The activities of the three merged networks are grouped under two main programmes. WISe Trusted Trading focuses on a legally regulated environment for electronic trading. WISe Data Exchange focuses on facilitating the exchange of administrative transactions. WISe operates on a non-profit basis from Brussels, London and New York. Its work with electronic data standards was transferred to ACORD. WISe aims to ‘facilitate the use of electronic commerce to improve client service, reduce processing and administrative costs and provide maximum scope for competitive trading. By April 2003, WISe had attracted 50,000 registered users.
With average
If amounting to 3 per cent Clause limiting recovery of partial losses under a marine policy to those reaching a franchise of 3 per cent (the customary level for commodities) of the insured value.
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Policy that covers both total and partial loss normally used in relation to cargo policies, with particular average subject to memorandum.