The amount of the increase in the value of property after it has been reinstated or repaired by the insurer under a contract of indemnity. Insurers make a deduction from the claims payment as the insured’s contribution to ‘betterment’.
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A term used to express the difference in the value of property before loss and after restoration. If a 20-year roof is damaged by an insured peril and it has to be replaced in its 15th year and the restoration renews the 20-year life expectancy, the owner has obtained a 15-year betterment in the roof. Without replacement cost insurance on the roof, the owner is expected to reimburse the insurance company for the betterment entailed in the restoration. Also see Improvements and betterments.Improvement in a property which is considered to add to its value, as distinguished from repairs or replacements where the original value of the property is unchanged. 

the price at which an insurer will redeem the units associated with a unit-linked assurance policy.

The spread is the difference between the bid (the buy-back price payable to holders of unitised funds by fund managers) and the offer (the higher selling price at which the managers will offer the units for sale on the same day). This is normally 5-7 per cent, and covers the costs and profit of the fund.

Legally enforceable agreement under which two parties involved in swaps agree to exchange only the net difference in their obligations to each other rather than making full payments one to the other.

The authorisation by the buyer for the seller to draw the price of the goods on a due date, on the buyer’s bank, usually when the goods reach their destination. The bank will not discount the bill unless the specified goods are insured against marine risks and the policy lodged with the bank as collateral security.
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It is the bill drawn by exporter against the importer.

An international shipping document issued by a carrier to a cargo exporter. It serves three purposes: (a) definition of the contract between the parties, including details of the shipowner’s duties and responsibilities for the property (as defined) from the port of shipment to the port of destination; (b) receipt for the goods delivered for shipment; (c) evidence of title, and as such is transferable by endorsement and delivery. A clean bill carries no qualifying endorsement; a ‘dirty bill’ may be endorsed, for example, ‘badly packed’. Copies are kept by the master, the shipper and the consignee.
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A document issued by a carrier that is a receipt for the merchandise or other property to be transported, and that outlines just what the carrier agrees to do and his responsibilities for the property.

The amount payable to the shipowner for the carriage of cargo and by common law earned only on completion, unless otherwise agreed. See ADVANCE FREIGHT.

Pays agreed sums to fund household bills following accident, sickness and unemployment. The insurance is not linked to a credit agreement and therefore stands alone.

A certificate that sets out a general description of vehicles rather than identifying the vehicles covered by their registration numbers. Particularly useful for fleet insurances, it obviates the need for fresh certificates when a fleet owner buys or sells vehicles.