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P. P/ P& Pa Pc Pd Pe Ph Pi Pl Pm Pn Po Pp Pr Ps Pt Pu Py

Polarisation/depolarisation

The concept of polarisation was introduced by the preFSA regulators making it mandatory for financial advisors to be either independent or tied to one company. The FSA has depolarised and restricts an authorised representative to one principal for investment business for retail clients while able to access the products of other providers through their princip There is no limit on the number of principals in regard to commercial customers. Authorised persons are not restricted as to number of principals in regard to non-investment general insurance contracts but the principals enter into a multiple-principals agreement to facilitate the supervision of the authorised person concerned.

Polarization

Division of insurance intermediaries in two categories: those placing business for one company, and those free to place business with any insurer without intermediate categories.

Policies Attaching (See also Basis of Attachment Underwriting Year)

The provision in a reinsurance contract that designates that the losses to which the reinsurance applies are those losses that are covered under those original policies that are issued (as new or renewal policies) during the term of the reinsurance even if the actual date of the original loss happened after the termination of the reinsurance contract. (See also Loss Occurring During.)

Policies Incepting Basis

A basis for a reinsurance treaty whereby the test of the reinsurer’s liability is when the original insurance was effected rather than whether the loss occurred or was notified during the reinsurance period.
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UK: A reinsurance treaty written on the basis that the reinsurer’s liability is based on when the underlying policy was effected and not whether the loss occurred or was notified.

Policies of Assurance Act 1867

An Act enabling the assignee of a life policy to sue in his own name provided that he has an equitable right to the proceeds and has given the insurer written notice of the date and purpose of the assignment. The assignee has no title until notice is given and will find that ‘priority of notice regulates the priority of the claim. The assignment can be by endorsement or separate document.