Insurance premiums paid for the benefit of risk transfer, costs of resources engaged in the risk management process, i.e. risk evaluation, risk control, etc., including public sector fire and police authorities, uninsured losses and self-insured losses make up the total cost of risk.

Career average scheme meaning that a member’s pension is worked out as a fraction of their total earnings while being a member of the scheme.

Marine cargo provision whereby the loss of whole package in loading or discharge or the loss of a whole craft load shall be treated as a total loss of that part of the cargo and consequently will not be subject to a franchise.
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A Marine cargo policy may provide that a loss of a whole package in loading or discharge or the loss of a whole craft load shall be treated as a total loss of that part of the cargo and hence will not be subject to a franchise.

Term from the equity derivative markets to describe a swap under which one party pays all dividends received from, and the periodic appreciation in, a specified share and the other pays interest plus periodic depreciation in that share. The technique is now applied to credit derivatives as a means of selling the credit risk.