The Rantings of the barely human.
Injury arising out of libel or slander, violation of the right to privacy, misappropriation of advertising ideas or infringement of copyright, title or slogan committed in the course of advertising goods, products or services.
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Claim arising out of slander, libel, copyright infringement, or misappropriation of advertising ideas. Coverage is provided as part of coverage B of the commercial general liability policy.
In regulating the UK insurance where the sales process involves giving advice, the essential elements in a ‘private customer advised sale’ must be (a) on the advantages and disadvantages of the customer buying or selling, and (b) a particular insurance contract(s). Generic advice, e.g. recommending that someone should buy a household policy, would not fall within the definition of advice. See ADVISING AND SELLING STANDARDS.
The risk of liability attaching to the insured as a result of giving advice. Solicitors, etc., are liable when ‘negligent’ advice leads to financial loss. The risk is insurable under professional indemnity insurance. Advice for which a fee is normally payable is excluded under public and products liability insurances. Advice that is incidental to supplying a product or carrying out work is not excluded but any resultant loss will only normally be within public/product liability cover if the third party suffers accidental bodily injury or damage to property.
See: Advising And Selling Standards.
A financial adviser; representative; appointed representative.
FSA requirements laid down in ICOB which categorises sales into advised sales and non-advised sales. The former occurs where the customer is given an opinion or recommendation to buy or sell a specific non-investment insurance contract. The customer must be given a statement setting out the reasons for the recommendation as well as a demands and needs statement. Non-advised sales occur when the sales process only involves providing information and no advice. The customer must be given a demands and needs statement unless the policy is sold directly to a commercial customer. See ADVISING ON INVESTMENTS; ARRANGING INSURANCE.
A bank that receives a letter of credit from an issuing bank, verifies its authenticity, and forwards the original letter of credit to the exporter without obligation to pay.
A regulated activity which occurs when the person advised is: (a) an investor or potential investor, or is acting as agent for such a person; (b) in receipt of advice on the merits of doing any of the following (whether as principal or agent): buying, selling, subscribing for or underwriting a particular security or relevant investment, ((i) designated investment, funeral plan contract, pure protection contract, general insurance contract, or right to, or interest in, a funeral plan contract; or (ii) exercising any right conferred by such an investment, other than a pure protection contract, to buy, sell, subscribe for or underwrite such an investment.)
In a 401(k) defined-contribution pension plan, a firm that helps the employer choose a provider, select the investment options, and make any other decisions about the plan.
A term indicating that a shipper’s agent or representative is not empowered to make definite decisions or adjustment without the approval of the group or individual represented.