UK:A form completed by a party seeking insurance. It enables the insurer to assess the risk, prepare the policy, and set up the administration. See BASIS CLAUSE.
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A questionnaire prepared by an Insurer to elicit details about proposed Insurance cover. It is a format designed to elicit all information necessary for a proper evolution of the risk and for rating. Questions asked fro according to the type of Insurance. Except in Marine cargo insurance, proposal forms are used in all classes of insurance, in which the proposer is required to answer questions. This form incorporates a declaration to the effect that the answers are warranted to be true and complete and shall form the basis of the contract. A typical declaration is worded as follows: “I/We hereby warrant that the above statements and particulars are true and complete, and I/We have not concealed, misrepresented or suppressed any material fact and I/we agree that this proposal and declaration shall be the basis of the contract between me/us and the Company and I am/we are willing to accept the policy subject to the terms, exceptions and conditions prescribed by the Company therein.” Wording may vary among different form but the legal effect of this declaration is to convert representations into warranties, that is to say, any incorrect or inaccurate answers to a question on the proposal form will render the contract voidable at the option of the insurer, irrespective of the fact whether it is material to the risk or not. The answers are required to be literally true and absolutely correct.
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UK:standard form used in most classes of business to elicit basic information about the proposer and the risk for which cover is sought.

UK: a person who makes a proposal for insurance.
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One who makes an offer to enter into a contract of Insurance-the prospective insured.
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UK: The prospective insured, i.e. the party proposing to effect an insurance, by the completion of a proposal form.

Insurance companies constituted under the Companies Acts or by Royal Charter. The proprietors of a company are the shareholders who have supplied the capital. They look to the directors and officers to manage the company and safeguard its assets.
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Companies owned by shareholders.

company owned by shareholders (contrast mutual).

Fidelity guarantee policies, such as commercial guarantees, include a clause requiring the employer to assist the insurers in bringing a civil action in the name of the insured employer for recovery of the loss. The use of the term ‘prosecution clause’ has been criticised as it normally relates to criminal proceedings.
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A clause in an insurance policy covering loss by dishonesty which obliges the insured, if so required by the insurer, to prosecute the person alleged to have caused the loss.

Method under which the actuarial liability is the present value of: (a) the benefits for current and deferred pensioners and their dependants, allowing for any future increases; and (b) the benefits which active members will receive for both past and future service, allowing for projected earnings up to their expected leaving dates and, if appropriate, increases thereafter, less the present value of future contributions in respect of current members at the standard contribution rate.

Finite risk cover under which future losses are paid by the financial reinsurer and funded in a smoothing process in the ensuing years. See SPREAD LOSS TREATY.

A life or health insurance reserve estimated to be sufficient to pay future claims. It is the amount designated as a future liability to meet the difference between the present value of projected future benefits and expenses as well as the present value of future premiums.

Length of potential service of a member up to a future age or date. This is used in some instances in working out IR limits on early retirement and by some schemes for other purposes, e.g. calculating incapacity pensions or spouse’s pensions.

UK: a form giving details of the cover available under a policy, optional additional benefits, rebates etc, often printed as part of the proposal form.
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A proposal form which also details the Insurance cover available.
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The disclosure document prepared and distributed by a company in connection with its offer to sell securities. The 1933 Act broadly defines the term to include any notice, circular, advertisement, letter or communication, whether written or by radio or television, which offers any security for sale. The prospectus may not contain any false or misleading information regarding the securities or the offering. In private placements of securities (i.e., securities offerings that are exempt from registration with the SEC), this disclosure document is frequently referred to as an “offering memorandum” or “offering circular.”