A contracted out occupational pension scheme must pay at least this amount in pension benefits to the surviving spouse of a member who dies. This applies for any benefits earned pre-April 1997. WGMP does not apply to a scheme that has contracted out under protected rights rules.

The ignorance which occurs when a person deliberately and wilfully refrains from inquiring into a situation or deliberately disregards a situation in the hope of profiting from it. It applies to assignees for value who seek to gain advantage by giving notice of an assignment under the Policies of Assurances Act 1867 ahead of previous assignees they know or suspect to exist who have not yet given notification. This conduct is not permitted as a means of an assignee gaining priority.

Formed by leading international insurance brokers to exploit the use of Internet technology to place risks internationally while also continuing to place business manually. In June 1999, WIN merged with LIMNET and the RINET to form WISe (the World InSurance – E-commerce).

The risk that wind speed variations will reduce the volume of electricity generated by wind farms and therefore sales for wind power companies. The risk can be managed by a weather derivative based on wind power indices (WPIS). The average value of the index over any 12-month period is 100 in a normal year. An annual value of 95 indicates that the index is 5 per cent below normal for the region and leads to a payout. Wind farm developers, operators and financiers may all hedge against the wind risk.

Closing of an occupational pension scheme, usually done by buying annuities for all members, including deferred annuities. Alternatively all assets and liabilities can be transferred to another scheme in accordance with the scheme rules and any relevant laws. There are statutory provisions to determine when winding up commences for statutory purposes (Occupational Pension Schemes (Winding Up) Regulations 1996, Regulation 2 (SI 1996/3126)).

Under private comprehensive car policies, insurers agree that, if a claim for damage consists solely of damage to the windscreen or windows, payment will be made without prejudice to the insured’s entitlement to no claim discount.

insurance Insurance against damage done to property by unusually high winds or cyclone or hurricane. The risks are usually insured as additional perils, but it is possible to insure against these perils alone.

1999 merger of three electronic networks: WIN created by international brokers, LIMNET, the London market network successful at transmitting accounting transactions, and RINET, a consortium of mainly European (re)insurers. Membership of WISe is also available to captives, loss adjusters and third party suppliers. The activities of the three merged networks are grouped under two main programmes. WISe Trusted Trading focuses on a legally regulated environment for electronic trading. WISe Data Exchange focuses on facilitating the exchange of administrative transactions. WISe operates on a non-profit basis from Brussels, London and New York. Its work with electronic data standards was transferred to ACORD. WISe aims to ‘facilitate the use of electronic commerce to improve client service, reduce processing and administrative costs and provide maximum scope for competitive trading. By April 2003, WISe had attracted 50,000 registered users.

If amounting to 3 per cent Clause limiting recovery of partial losses under a marine policy to those reaching a franchise of 3 per cent (the customary level for commodities) of the insured value.
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Policy that covers both total and partial loss normally used in relation to cargo policies, with particular average subject to memorandum.