UK: Breach of the duty of utmost good faith occurring where the person knowingly makes a false statement relating to a material fact, does not believe it to be true or makes it recklessly without due regard to its accuracy. The Road Traffic Act 1988 makes it a statutory offence for a person to make a false statement or to withhold material information for the purpose of obtaining a certificate of motor insurance required by the Act.
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MEDICAL,USA: False statement to get an insurance company to provide insurance coverage for an applicant. Fraudulent misrepresentation gives an insurance company grounds to terminate a policy at any time.
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Misrepresentation made knowingly with intent to deceive, or recklessly without care whether it be true or false.

Occurs when a company continues to trade and incur debts, when, to the knowledge of the director(s), there is no reasonable prospect of the creditors being paid. It includes a situation where there are no good grounds for believing that the company can pay its way even if the director(s) hold an opposite view. Any director guilty of fraudulent trading may be liable to contribute to the company’s assets. See DIRECTORS’ AND OFFICERS’ LIABILITY.

A policy to indemnify building societies and similar institutions against losses incurred as a result of payments made in connection with fraudulent withdrawals and forged signatures. The annual premium is adjustable and is based on the annual amount of withdrawals.

For UK life insurance companies only, a solvency measure calculated as available assets minus the required minimum margin/admissible assets. All other things equal, the higher the free asset ratio, the higher the level of surplus capital relative to the asset base. Reported free assets ratio are dependent on the assumptions made to value the liabilities.

Life insurance company’s assets that exceed the sum of the company’s liabilities and the required minimum margin of solvency (RMM). It is a measure of surplus capital once the RMM has been covered.

The maximum amount of death or disability cover which an insurer covering a group is prepared to insure for each individual without production of evidence of health.

A clause whereby cover excludes partial losses unless the vessel has been stranded, sunk, burned or in collision with another vessel regardless of whether such losses were actually caused by these perils. This ‘major casualty’ partial loss insurance is the substance of Institute Cargo Clauses (C) used particularly for bulk cargoes such as grain.

War peril exclusion under SG policy. The War Exclusion Clause is now integral to the Institute Cargo Clauses and the International Hull Clauses.

UK: A sales contract, mainly used for bulk cargoes (coal, grain), whereby the seller is responsible for the goods until loaded (‘over ship’s rail’) and the buyer is responsible for all charges (including insurance) thereafter.
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The designation of the place of free on board determines the responsibility for insuring shipped goods. For example, “free on board origination” or just “free on board” means that the seller’s responsibility for damage ends when the goods are loaded onto the carrier’s truck, train, or ship. At that point, any damage is the responsibility of the buyer.”Free on board destination” means that the shipper assumes responsibility for damage to the shipped goods until the goods are off-loaded at the buyer’s location. In either case, risk managers need to know when their responsibility for damage begins and ends in order to avoid gaps in coverage.
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The term has special significance in Marine Insurance, where it is vital to determine when title passes from the seller to the buyer. If the materials are shipped FOB point of destination, the seller is liable for damage caused during the course of transportation. If the material is shipped FOB point of departure, the buyer becomes liable for it.

the excess of the value of an insurer’s assets over the sum of its liabilities and its minimum solvency margin.
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The excess of the value of an insurer’s assets over its technical reserves and current liabilities. Sometimes, referred to as shareholders’ funds or net asset value.