A component that can be replaced when it is needed to be because of malfunction or wear.

A risk acceptance that is not automatically accepted by a reinsurance contract.

See general agent also. The agent who acts only for a principal and only for a particular purpose.

A tax that is levied on properties in an area to provide for infrastructure such as street lighting and footpaths.

An assessment that is based on an auditor’s report that asks for the further analysis of a business practice.

A motor car policy not used any more.

A form that was used to cover a commercial building against any perils. Now obselete and replaced by the Building and Personal Property Coverage form.

A term used in quality control for a cause in variation which is not part of a process but will arise from an intermittent, instabel and unoredictable factor.

The provisions in a contract that are specific to a project that is under consideration and don’t fall under any other general or supplementary conditions.

Offer a broad coverage to any property, commercial or personal that will cover all risks but might have a lot of other exclusions.

Created in 1970 by International Monetary fund to coincide with a a disfavour in the US dollar as the main world currency. It is an accounting entry.

An endorsement where the endorsee is named and to whom a negotiable instrument is to be paid.

A book containing original entries that is ditinct from a general journal that is used for recording only specific types of transactions that are repeated during the month.

A lien that includes the right to sell a property in default after giving notice and without getting a foreclosure.

A term used in the travel industry for an alternative meal ordered in advance by passengers. It may be for a child, vegetarian , low salt for example.

A meeting of share holders called in order to discuss a specific matter that has ben stated in the meeting notice.

An account for money where it can absorb the costs incurred by a capital loss.

A policy that eliminates the need for more than one contract by combining all of them into the same policy.

A supplememntal fund given to a person with a disability that does not jeopardise any government support payments.

A form that has been nearly replaced by Building and Personal Property Coverage Form and covers commercial risks for all perils.