A method of rating motor traders’ road risks policies. The insurer charges a flat rate for each set of trade plates. Cover is limited to vehicles carrying a set of specified trade plates. Alternative methods of rating: named plate basis and points basis.

Wastes of organic and inorganic origin discharged by industrial and commercial concerns. Organic wastes are discharged on a considerable scale by the food industries: canneries, dairies, breweries, abbatoirs and fish-meat factories. Other significant waste generator include paper-mills, tanneries, petro-chemical works, textile manufacturers and laundries. Inorganic wastes include acids, alkalis, cyanides, sulphides and the salts of arsenic, lead, copper, chromium and zinc. Underwriters concern themselves as to the methods of waste disposal used by firms as considerable pollution damage and cleaning up costs can arise. Any discharge of waste into the air, soil or water can create major problems not least for liability insurers. See also WATER POLLUTION.

Endowment policy that has been sold by the original policyholder to an investor before the policy matures. The policy is assigned to the new owner who pays all future premiums but who ultimately receives the policy proceeds. The insurer is notified of the assignment. The original owner ‘trades’ his policy when the market value exceeds the surrender value.

Trade’ in marine insurance means where the vessel navigates. Underwriters control navigation risks by means of the Institute Warranties.
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A set of warranties in a Marine Hull Policy dealing mainly with prohibition of a vessel entering specified hazardous areas.

Transfer of goods from one vessel or conveyance to another, often contracted for in ‘through’ bills of lading. The Transit Clause provides continuity of cover following any forced discharge, reshipment or trans-shipment or during any permitted variation provided the original destination is unchanged.

Group of employers and occupational schemes that have agreed to deal with transfer payments in the same way.

The benefit purchased for a member when a transfer payment is made by his ex-pension scheme to his new scheme. Pensionable service in the old scheme is linked to service in the new scheme.

A procedure whereby an insurance company can, subject to supervision by the FSA, transfer its rights and obligations under policies issued to another insurer without obtaining the formal consent of the policyholders concerned.

Amount paid by one pension scheme to another when its former member joins another occupational pension scheme or starts a personal pension to which his benefits are transferred. The transfer payment may be made in accordance with the scheme rules or in the exercise of a member’s right under PSA93.

The value of a pension in a previous employment when transferred to a new employer’s pension scheme. An occupational scheme is not bound to accept a transfer value.