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While clauses

A clause stipulating that coverage will be suspended while certain things are happening at the property.
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Clauses which suspend coverage “while” certain conditions exist, such as vacancy.

Whiplash injury

Neck injury suffered by drivers and passengers of motor vehicles caused by their sudden involuntary body movement due to a collision. The cost to motor insurers is £600 million to £700 million each year. The ABI has commissioned research under the title, ‘Prevention and Management of Whiplash Neck Injury.

Whistle blowing

1. The reporting in writing to Opra by an actuary or an auditor of an occupational pension scheme where they suspect that a breach of certain rules has occurred. Others may report such breaches but the actuary and the auditor have a legal duty to do so (PA95, s.48). 2. The FSA can accept whisteblowing information from insiders in regulated firms by virtue of its prescribed regulator status under the Public Interest Disclosure Act 1999. The Act protects ‘whistleblowers’ from reprisals and secures compensation for victims for revealing serious wrongdoing.

Whistleblower provision

Qui tam provision that allows any person having knowledge of a false claim against the U.S. government to bring an action against the suspected wrongdoer on behalf of the federal government. A person who files a qui tam suit on behalf of the government is known as a ‘relator’ and may share a percentage of the recovery realized from a successful action.

White labelling

Term that applies when a firm, e.g. broker, labels and sells an insurance product under its own name when it is the product of another firm, e.g. an insurer. The FSA does not restrict this practice but has issued a guidance note to say that firms should make clear to the customer the identities of both the insurer and the intermediary and should ensure that their communication with the customer is clear, fair and not misleading.