1. Insurance that enables the insured to gain access to medical treatment, with benefits including: a private en-suite room in hospital; surgeon’s and other specialists’ fees; out-patient treatment, including physiotherapy; day care treatment, including diagnostic and surgical procedures. 2. An integral part of a typical travel insurance.

Any non-state pension scheme The main types of private pension schemes are: occupational pension schemes, personal pension schemes, stakeholders pensions.

A public liability extension to indemnify the insured and his employees in respect of their personal liability while abroad on ‘business’ but in connection with off duty’ activities. Where the insured is an individual the cover also applies within the usual country of residence.

Issued by the FSA to approved persons and firms when formal disciplinary action is under consideration.

These are life insurance policy conditions conferring concessions on the insured such as paid-up provisions, surrender values, grace period and non-forfeiture.

Also called maximum liability method. See independent liability method with which it is compared.

Money purchase scheme that purchases an insurance policy for each member. The proceeds of the policy buys the member’s pension.

ICOB (Chapter 5) requirement that the retail customer should receive key information before the contract is concluded. Retail customers must also have up to date information in the event of changes to policy terms, conditions or the premium. There is also a requirement for product disclosure for commercial customers at the point of sale and renewal. Disclosure for packaged products is covered in ICOB (Chapter 6).