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Terms and abbreviations - Lloyd's
Name of the financial year or year in which a deficit is incurred. A person in the subscription framework with the main power to assume insurance and re-insurance risks on account of members of a consortium. These terms derive from Section 57 of the Maritime Insurance Act 1906 (MIA) and refer to maritime insurance where::
c) the object of the insurance is forever withdrawn from the insuree. MIA Section 58 added that if there is no notification of a missed vessel, an effective lost may be assumed after a reasonable time. A supplementary or surrender bonus to be paid in respect of a contribution bonus dependent on the fulfilment of an insurance or re-insurance policy.
Lloyd's UNDerwriters have four major types of intermediaries that can be engaged in writing insurance and re-insurance risks: member intermediaries, Managing agents, broker and policyholder. There are also Lloyd's representatives, who are independently owned entities that offer global survey and claims settlement solutions to administrative agencies, insurance carriers and others.
Furthermore, in some circumstances an individual may act as a representative of other individual asset managers (see General Underwriters' Agreement). This is a type of excessive claims re-insurance in which the deductible and limitation of indemnity are stated as total sums per annum. Syndicated Businessplan that has been authorized by or on account of the Lloyd's Franchise Board.
Under no circumstances may a director sign for a consortium without an approved consortium businessplan. Arranged Consortium Agreements may be modified with the approval of the Franchise Board or a person authorized to act on its name. A policy under which the insurance company undertakes to make a specific payment to the policyholder in the case of complete damage to the goods covered by the policy, without adjusting for write-downs or increases in value.
Corporative member of a consortium directly or indirectly held by the same company that holds the consortium manager. Non-life insurance covering any incidental losses or damages not expressly covered by the insurance contract. It may be the assigned capability of a member or the assigned capability of a consortium.
Reports on the results of the consortium are made on a calendar-year base, with profit-taking limited to the prizes deserved. These terms refer to the reconstruction of a consortium as an annually planned operation in which the insurance and re-insurance operations are concluded on an annually accrued year. As part of non-life insurance, an appreciation in the value of the object covered.