Utilised in marine insurance for coverage on shipments of frozen meat. The clauses are not designed for the insurance of chilled, cooled or fresh meat, nor any frozen products other than meat.
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Whole Life Insurance
Insurance which may be kept in force for a person’s whole life and which pays a benefit upon his death, whenever that may be. All Whole Life policies build up non-forfeiture values, but they are paid for in 3 different ways. Under a Straight or Ordinary Life policy, premiums are paid for as long as the insured lives. A single premium policy is paid for at one time in one premium. Between these two types there are many limited-payment plans, under which the insured pays premiums for a certain period or until reaching a certain age. Contrast with Term Insurance.