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.

Additional voluntary contributions to an insured defined contribution scheme that is independent of the member’s occupational pension scheme. Where contributions exceed £2,400 per annum (year 2002/3) the FSAVC administrator must carry out a headroom check except for scheme members with net relevant earnings below £30,000 who also contribute £3,600 each year to a stakeholder pension. An FSAVC must be used to purchase a retirement annuity with no tax-free lump sum.

The right to transact business across national frontiers with those domiciled in another country without having an establishment in that country.