Examlex
The opportunities for additional mutually beneficial exchanges cease only if
Peril
A specific risk or cause of loss covered by an insurance policy, such as fire, theft, or natural disaster.
Beneficiary
An individual or entity entitled to benefits or proceeds from a will, trust, insurance policy, or other contract.
Open Policies
Insurance policies that do not fix the value of the insured cargo but leave it to be ascertained in case of loss.
Fair Market Value
The price at which an asset would change hands between a willing buyer and seller, each having reasonable knowledge of relevant facts, and neither being under compulsion to buy or sell.
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