A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Applicant’s form

The form used in fidelity guarantee insurance by the person, e.g. the employee, against whose dishonesty insurance is sought by the insured employer. The form elicits details of name, address, age, salary, present post within the firm and financial status of the employee. Details are also elicited about previous employment history and any previous guarantees.

Application

A signed statement by a prospective insured person which becomes part of an insurance contract.

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Questionnaire providing information to be used in determining the coverage an Insurer will provide as well as the acceptability of the applicant for the amount of Insurance and the premium to be charged.

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US: A signed statement of facts made by a person applying for insurance and then used by the insurance company to decide whether or not to issue a policy. The application becomes part of the insurance contract when the policy is issued.

 

 

Application form

1. Request form to be completed with pertinent data when applying for employment. This may be done in person, by telephone, or on the Internet. 2. Statement of information form that is completed and signed by an individual to obtain insurance coverage. The prospective insured is required to undergo a medical examination. The information supplied on this form and the results of the medical examination assist the insurance company in making a decision whether to accept or reject the risk. The application is usually made part of the policy.

Appointed actuary

The person appointed to a company carrying out long-term business as required by the FSA. The main statutory role of the appointed actuary is to carry out regular valuations of the insurer’s reserves needed to meet future liabilities. He must also advise the board on actuarial matters, including the fair treatment of policyholders. The person appointed must hold a prescribed professional qualification. The FSA plans to change the role of the actuary and place more responsibility on directors. However, the FSA proposes a new required actuarial function headed by an individual to advise the directors, calculate the insurer’s liabilities and liaise closely with the appointed actuary who, like the individual, will require approved person status.

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An actuary appointed by an insurance company charged with documenting the liability reserve of an insurer.

 

 

Appointed representative (AR)

A firm that undertakes regulated activities as an agent for an authorised person and is therefore exempt from authorisation. An AR can act for one principal (single principal model) for all regulated business. An AR with multiple principals is allowed only one principal for their investment business, both packaged and non-packaged policies, in regard to business with private customers (or equivalent). In regard to non-investment insurance (general insurance and pure protection) ARS are not restricted as to number of principals (i.e. product providers, intermediary or network). The principal takes responsibility for the AR’s compliance with FSA rules. Multiple principals work together on issues potentially damaging to clients via a multiple principal agreement with one taking the ‘lead’ for customer complaints. When an individual becomes an AR in regard to investment products he also becomes a financial adviser. See APPOINTED PERSON REGULATIONS; APPOINTED REPRESENTATIVE ACTIVITIES; INTRODUCER APPOINTED REPRESENTATIVES.

Appointed representative activities

ARs are permitted to carry on the following regulated activities: arranging (bringing about) deals in relevant investments, including general insurance and pure protection; making arrangements with a view to the foregoing deals; giving advice on such deals; agreeing to carry on any of the regulated activities. General insurance ARs may also deal as agents in relation to a contract of general insurance and assist in the performance or administration of such a contract.