Otherwise known as ‘collecting societies’ they are like industrial life companies but owned and operated for the benefit of its members. They are authorised to transact industrial life assurance as defined in the Industrial Assurance Act 1923. Friendly societies started as local organisations, distributing benefits to sick and bereaved members. They have to be registered under the Friendly Societies Act 1974 and are subject to the supervision of the FSA.

(1) an unincorporated association set up under the provisions of the Friendly Societies Act 1974, or similar earlier legislation, and carrying on certain types of insurance business allowed by that Act; (2) an incorporated society set up under the provisions of the Friendly Societies Act 1992 and allowed to carry on a wider range of insurance and other financial activities than is permitted under the 1974 and earlier legislation.
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A mutual society established for the relief or maintenance of its members or their relatives during sickness or othr infirmity or in old age or widowhood or for life assurance and certain other purposes.

An insurance company not regarded as one of the ‘majors’ by whom or for whom business is written in one of the underwriting rooms near Lloyd’s.

An act ‘for one’s own purposes. It describes circumstances when an employer is not vicariously liable for the tort of his employee because the latter was not acting in the course of employment as he was ‘on a frolic of his own’, i.e. engaged in an activity on his own account. In Hilton v. Thomas Burton (Rhodes) Ltd (1961) demolition workers left work in the employer’s van to go to a cafe. The driver, an employee of the defendants, was negligent and the foreman was killed. The defendants were not liable as the men were on a ‘frolic of their own’.

When a ship is insured ‘from’ the port of departure, the insurance commences when she breaks ground intending to proceed on her voyage.