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.

Allows full recovery of all partial losses due to a named peril in a marine policy. No franchise based on a percentage of the value applies.

An expression from the Marine Insurance Act 1906, s.39(5), meaning that a shipowner, while not having knowledge regarding the soundness, i.e. seaworthiness, of his vessel is not entitled to turn a ‘blind eye’ to the situation.

Indicates that if an annuitant dies before the next annuity payment is due, a pro rata payment will be made in respect of the period from the last payment to the date of death.

assurances whose policyholders have an expectation of sharing in surplus, with a minimum sum assured to which bonuses are added.

The annuity payment follows the fortunes of the value of the underlying assets. Consequently income can rise or fall. The fund may benefit from increased bonuses declared in future years and the annuitant selects at the outset a future bonus rate, typically up to 5 per cent of the fund, but if the selected rate is not achieved the income will fall. Some providers offer guaranteed minimum income payments.

Single premium life policies invested in the insurer’s with profits fund made up of investment in company shares, fixed interest securities, commercial property, cash, etc. High tax payers can benefit by withdrawing 5 per cent each year for 20 years without an immediate tax liability as the IR treat it as a return of capital. Annual reversionary bonuses are added and a terminal bonus is paid out at maturity.

Whole life policies and endowment policies that attract bonuses representing a share in the profits (see divisible surplus). The bonuses are declared each year and become a guaranteed addition to the sum assured at death or maturity.

Phrase used during the negotiations of third party claims settlements indicating that liability is not admitted. Statements and offers made ‘without prejudice’ cannot subsequently be used in evidence at court proceedings.
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(i) An ex-gratia settlement made by an underwriter on condition that such action shall not be used as a basis for settling a similar loss in the future. (ii) In all correspondence with the insured relating to a claim, the Insurers incorporates the words “without prejudice” on the top. The effect of these words is that whatever action the Insurers may take in the processing of the claim, they reserve their right to deny liability ultimately if they are legally entitled to do so.