Classification of ships according to their construction material, age, physical condition, propulsion type, stress tests of structure, and owners. Marine insurance rates for a particular vessel are based on these demographics. Lloyd's register is used worldwide by government agencies and industry to track and identify vessels. In many instances the country of registration is of strategic importance if a vessel is exposed to attack, say, in the Middle East and in other danger points in the world.
Popular Insurance Terms
Loss of a key person due to death, disability, sickness, resignation, incarceration, or retirement. Because of the expertise of such an individual, there could be a loss of income, market ...
Classification of occupations according to the degree of risk inherent in that occupation. ...
Quality of being useful. Risk diminishes maximum utility in society because resources gravitate to activities, businesses, and investments that are least risky. By absorbing or protecting ...
Rate of increase in asset value. ...
Option clause in a disability income policy that the insured can exercise that would permit the insured the right to purchase additional limits of coverage regardless of the insured's ...
Deduction allowed for gifts and bequests to a spouse for federal estate and gift tax purposes. Under the Economic Recovery Tax Act of 1981 (ERTA), the deduction became unlimited. Prior to ...
Record of insurance policies sold to an individual. ...
Individual added to a life insurance policy other than the insured named in the policy. For example, an insured father can have a dependent son and daughter added to the policy as ...
Policy that provides an income for life to the primary beneficiary upon the death of the insured. The face amount of the policy becomes payable to the secondary beneficiary upon the death ...
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