life assurance under which benefit is payable only on death of the life assured on a predetermined date; sometimes called temporary assurance.
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A simple form of life assurance whereby in return for a premium an Insurer agrees to pay a fixed sum if the proposer should die within a stated period. No benefit is payable if the proposer survives the period. Under a decreasing term assurance, the benefit payable decreases from year to year.

Life policy that pays the sum insured only if death occurs within the policy term. If the life insured survives the term, there is no survival benefit. Decreasing term insurance and convertible term insurance are forms of term insurance.

An additional bonus added to existing life insurance benefits when a ‘with profits’ policy becomes a claim by death or survival of the policy term. See BONUSES.
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UK: the share of surplus allocated to holders of with-profits policies at the insurer’s discretion to policies maturing or otherwise terminating.

Pension arrangement, not common in the UK, except for a discretionary payment to meet the present value of a benefit when that benefit is due to commence.

The onset of a terminal illness is treated under some life policies as an insured event. It means that the sum insured is paid prior to death.

In certain circumstances, e.g. war, the shipowner is able to terminate the contract of affreightment at a place other than the original destination. Provided notice is given to the cargo insurer and any additional premium paid, the goods are held covered until sold and delivered at the place of termination or during forwarding or delivering to the policy destination to a limit of 60 days after discharge at the final port.
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A clause in a cargo policy which continues the cover the adventure is terminated short of destination in circumstances beyond the insured’s control.

Under a voyage policy this is when the ship has safely moored at anchor for 24 hours at the stated port of destination. To prevent overlap with the succeeding policy which normally runs ‘at and from’, that policy is claused ‘no risk to attach until expiry of the previous policy. Under the ordinary form of cargo policy the risk terminates upon the goods being safely landed at the port of destination but account has to be taken of the clauses that normally extend the cover. See WAREHOUSE TO WAREHOUSE.

Indication on a slip that certain contract terms have to be finally agreed. Marine underwriters commonly accept the risk at a rate to be agreed although other aspects of the risks, e.g. commencement date, can be covered by the term. An alternative term ‘t.b.a. l/u’ means ‘to be agreed with the leading underwriter’.

Geographical limits within which the insured event or loss must occur. Example: A public liability policy applies to occurrences within Great Britain, Northern Ireland, the Channel Islands or the Isle of Man plus temporary visits overseas for manual or non-manual work. Cover may be subject to a jurisdiction clause.
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The geographical limits within which an insurance is stated to operate.

1. The Pool Re/HM Treasury definition for (re)insurance purposes is: ‘an act of any person acting on behalf of or in connection with any organisation which carries out activities directed towards the overthrowing or influencing of any government de jure or de facto by force or violence. 2. Terrorism Act 2000, s.1: an act of terrorism is any specified action, the use or threat of which is designed to influence any government or to intimidate the public in order to advance a political religious or ideological purpose. The specified actions are actions which: (a) involve serious violence against a person; (b) cause serious damage to property; (c) endanger a person’s life (other than the person committing the act); (d) create a serious risk to the health or safety of the public; or (e) are designed to interfere with or seriously disrupt an electronic system.
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The use of violence for political ends and includes any use of violence for the purpose of putting the public in fear.