Marine cargo clause applied to cotton cargoes providing that the sum insured will be based on the highest value in the cotton market at the time of loss.
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A clause used in cargo insurance on cotton which provides that the sum insured shall be the peak value pertaining in the cotton market at the time of loss.

Pecuniary means ‘relating to money’. Pecuniary loss insurances are those that protect the insured’s financial rights or interest such as revenue or receivables. This includes: business interruption insurance, book debts, legal expenses and fidelity guarantee.

tax-exempt annuity, death in service and other business contracted with the managers of occupational pension schemes or in connection with personal pensions.

Amount allocated to the employer’s profit and loss account for his pension contributions over the period that scheme members are expected to work.

Amount in a pension credited to the former spouse of a pension scheme member following a pension sharing order. Compare with pension debit.

The reduction of a member’s pension by a certain percentage following a pension sharing order that matches the pension credit awarded a former spouse. It is based on the cash equivalent transfer value in regard to the order.

The fraction used in working out a member’s pension entitlement in a final salary scheme. The pension may be one-sixtieth for each year of pensionable service up to a maximum of two-thirds of final salary.

1.The accumulated assets of a pension scheme. 2. Amount built up in an individual’s pension scheme while an active member to fund his retirement benefits. The fund value depends on the level of contributions and investment earnings. Final salary schemes have a notional cash equivalent transfer value (CETV) which is calculated actuarially to give the fund value that would arise in the event of the member leaving the scheme at the date of the calculation.
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See: pension plan.