Marine cargo term referring to the last packages to be discharged which total an insufficient number to reach the agreed ‘series’ for the application of a franchise or a deductible.

Damage to cargo the result of being stowed close to other cargo that has adversely affected it.

Islamic form of insurance where participants come together to share risk on a co- operative basis in a manner that does not contravene Shari’a law. May be mutual, but some more complex non-mutual varieties exist.

A document issued in facultative reinsurance by a reinsurer indicating acceptance of a risk offered in the request note submitted by a cedant.

UK: A very large risk that attracts the attention of brokers and insurers because of its size. It becomes widely offered in the market place. The term also describes a risk that is offered to many insurer because of its undesirable, hazardous features.
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In personal lines casualty insurance, a phrase that refers to celebrities and wealthy individuals. At one time, the Target Risk Exclusion Clause in reinsurance listed major bridges, tunnels, and art collections, but that clause has been replaced by the total insured value (TIV) exclusion clause.
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REINSURANCE: In property reinsurance, certain risks (for example, particular bridges, tunnels, fine arts collections, and property of similarly high value and exposure) that are expressly excluded from coverage under reinsurance treaties. Such risks may require individual acceptance under facultative contracts.
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The prospective policyholders, divided by race, age, sex, and other demographics.

Defined contribution scheme indicating the amount of benefit it proposes to pay. There is no obligation to pay this amount but the intention influences the level of contributions.

Minimum premium rates drawn up by a trade association for a particular class of business.
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A general term for any obligatory listing of rates, terms conditions and exclusions etc for any particular or all classes of insurance business. An obligatory and binding schedule of premium rates, terms and conditions created and published by the Tariff Advisory Committee or Regulator.

Low tax areas offshore, particularly attractive to captives. Bermuda tops the list followed by the Cayman Islands, Guernsey, Gibraltar and the Isle of Man. Taxes on profits are deferred until they are repatriated. Formation is more straightforward and, given that captives will have one main or only customer, this is appropriate as the procedures in the developed countries are stringent as their aim is to protect the general public.

Impairment of an insurance company’s assets to the point where it no longer maintains the required margin of solvency but which would not make a non-insurance company insolvent.

the provisions and reserves shown in the regulatory return in respect of general insurance; the term is also used of the equivalent accounts provisions/reserves.