A category of marine hull policies covering various forms of watercraft used for private purposes. Types of vessel include: yachts, including sail boats; outboard motors; and jet skis. The basis of cover is usually hull and liability.

Premises occupied by a number of different tenants. The situation may present fire hazards due to: 1. Trades of widely different character under one roof. 2. Different standards of cleanliness. 3. Frequent changes of tenants without notice to the insurer. 4. Poor upkeep of fire extinguishing appliances in the absence of clear responsibility. 5. Risk of insecure and badly kept heating appliances in some parts of the building. If there is no fire division between the individual risks, the rate for the whole is fixed by reference to the highest-rated tenant.

This exists when a fire insurance covers more than one building or range of buildings each with its own separate sum insured.
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There is said to be plurality of risk where a fire insurance policy covers more than one location or set of property.

A system of rating motor traders’ road risks policies by allocating a certain number of points for each feature of the insured’s business (e.g. number of vehicles; number of persons permitted to drive; number of trade plates, etc.). The insured submits an annual declaration in respect of these activities.

The concept of polarisation was introduced by the preFSA regulators making it mandatory for financial advisors to be either independent or tied to one company. The FSA has depolarised and restricts an authorised representative to one principal for investment business for retail clients while able to access the products of other providers through their princip There is no limit on the number of principals in regard to commercial customers. Authorised persons are not restricted as to number of principals in regard to non-investment general insurance contracts but the principals enter into a multiple-principals agreement to facilitate the supervision of the authorised person concerned.

An Act enabling the assignee of a life policy to sue in his own name provided that he has an equitable right to the proceeds and has given the insurer written notice of the date and purpose of the assignment. The assignee has no title until notice is given and will find that ‘priority of notice regulates the priority of the claim. The assignment can be by endorsement or separate document.

Policy whereby the insurer waives proof of insurable interest when settling a claim. The policy is unenforceable as it is a wagering contract but is otherwise valid. PPI policies are significant in maritime trade where cargo changes ownership and it would be difficult to prove an interest at a particular time. A PPI clause is attached to the policy, otherwise known as an ‘honour policy’, peculiar to marine insurance.

UK: 1. The period between inception or renewal date and expiry of an annual policy. 2. A term used for certain loss statistics, it relates to the calendar year or accounting year in which the commencement date of the policy falls and may include policies issued for varying periods of time.
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Period between a Policy’s anniversary dates.
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The 12-month period between the policy’s anniversary dates.
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REINSURANCE: The year commending with the effective date of the reinsurance policy or with an anniversary of that date.
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MEDICAL,USA: Twelve-month period between an insurance policy’s anniversaries.
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Unique to the insurance business, this is a means of cost accumulation in which the aggregate transactions of all policies becoming effective in a given year determine the financial performance of those policies.

A large part of the investment earnings of non-life insurers comes from the administration of what is called the policyholders’ equity’ in the assets of the company covering the unearned premium reserve and outstanding claims.