The parent of a captive insurance company.

Adjustment applied to actuarial liability to reflect the difference between the market value and the actuarial value of the assets.

The rule, that a person who bought goods in ‘market overt’ (an open market) acquired a good title even if the goods were stolen, has been abolished by the Sale of Goods (Amendment) Act 1994. The so-called ‘thieves charter’ prejudiced the real owners of the goods and frustrated the subrogation rights of theft insurers.

A principle whereby all manufacturers of a particular type of product share liability for its injurious nature in proportion to their market shares for that particular product. The principle is adopted in some US courts where the cause of the harm cannot be traced to particular manufacturers.

reduction that may be applied by an insurer to the value of a with-profits policy (sum assured plus accumulated bonuses) on withdrawal prior to termination, designed to reflect the situation where the value of the underlying assets falls short; sometimes called Market Value Adjustment (MVA) or Market Level Adjustment (MLA).

A collection of wordings created from duplicate wordings being registered by Lloyd’s brokers. It means that more wordings are available to other brokers and underwriters.

The Scottish equivalent of the Married Women’s Property Act 1882.

Allows a married woman to effect a policy on her own life or the life of her husband for her separate use. The Act further provides that a policy effected by a man on his own life for the benefit of his wife and/or children, creates a trust in favour of the stated objects. The policy proceeds do not form a part of the husband’s estate or become subject to his debts. The same applies when a wife takes out the policy for benefit of her husband and/or children. The Act creates a trust of life policies where, apart from the Act, they would not be created and gives special protection against creditors.

The suspension of ordinary law due to war and rebellion. It is not a law in the proper sense but the exercise of will by a military commander who takes the responsibility for suspending ordinary law to ensure safety of the state. It is illegal in time of peace but, by inference, lawful in times of war or civil commotion. Insurance policies may exclude losses during a period of martial law.

marine, aviation and transport business (classes of general insurance).