A settlement option under which equal installments are paid as long as the beneficiary lives, even if the principal has been exhausted.
A settlement option under which equal installments are paid as long as the beneficiary lives, even if the principal has been exhausted.
Money paid to a ship owner in compensation for delay of a vessel beyond the period allowed in a charter party when loading or discharging. In marine insurance the term is used to denote any loss of hire period incurred by the ship owner.