UK: A person who owes money to another, i.e. his creditor. The creditor has an insurable interest in the life of the debtor.
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One who owes a legal obligation or money to another.
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MEDICAL,USA: Person owing money that is obligated on a debt.

Single premium tenyear (or longer) latent defects insurance indemnifying the owner against physical damage to the premises caused by an inherent defect in the design, materials, or construction of the structure. Cover includes remedial work when an inherent defect threatens the stability of the building. Subsidence, heave and landslip are covered if accompanied by damage to the structure. Insurers paying claims may acquire subrogation rights against any contractor or professional otherwise liable for the defect. The policy is assignable by the insured to new owners.

Issued to inform a person of the disciplinary action the FSA proposes to take against him. The recipient is allowed 28 days in which to refer the matter to the FSMA Tribunal. If no referral occurs the FSA issues a final notice stating the action to be taken and the date upon which their decision takes effect. The FSA’s Decision Making Manual refers. (Visit www.fsa.org.uk).

Cargo carried outside rather than within the vessel’s enclosed cargo spaces. Rule for Construction 17 provides that, in the absence of custom and trade practice, deck cargo and living animals should be insured specifically and not under the general denomination ‘goods. The insurer’s knowledge is such that a mere description of the goods may be sufficient notice that the cargo will be carried on deck.
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Cargo carried on deck rather than stowed under deck. On deck carriage is required for certain commodities such as explosives.

A declaration confirming continued good health, sought by a life insurer, from a proposer who, having been offered life insurance, has failed to pay the premium within the stated time or from a policyholder who wishes to revive a lapsed policy.

A declaration at the foot of a proposal form that the sum insured represents the full value of the property at risk. The declaration forms part of the basis clause and is commonly used in the insurance of private dwellings and their contents as an alternative to using an average clause.

1. Property insurance. Policies covering stock that allow the insured to maintain a full insurance on fluctuating stock values without over-insuring. The insured selects an amount at risk and pays a deposit figure based on 75 per cent of that figure. Following a series of stock declarations the premium is adjusted up or down by up to 33% per cent at the end of the year. 2. Business interruption. The insured identifies an estimated gross profit and the policy automatically allows an increase in this figure. The premium is adjusted up or down by up to 33% per cent at the end of the year when the actual gross profit is known.

A term used in fire insurance to refer to the total cost of reinstatement as declared by the insured (see DAY ONE BASIS OF REINSTATEMENT COVER). The cost will include re-building and re-equipping, plus due allowance for professional fees, public authority requirements and debris removal.

a variety of term assurance under which the sum assured decreases during the term of the policy, often in line with repayment of mortgage debt.