Pension scheme actuary’s recommendation as to the standard contribution rate. Usually involves adjusting the current standard contribution rate to allow for differences between the actuarial liability and the actuarial value of assets taking into account the objectives of the funding plan.

Record of amount and frequency of contributions made through the employer’s payroll to a personal pension provider. It must show: deductions from pay; the employer’s contribution; and the date by which contributions must be received by the provider. The due date for employee contributions must be no later than the 19th of the month following deduction. Providers not in receipt of contributions within 30 days of due must inform Opra.

A policy that responds when an ECGDbacked buyer credit loan agreement coincides with a supplier default on the connected export contract. In the absence of insurance, the ECGD’s right of recourse would cause the loss to fall on the exporter.

Amounts the insurer can recoup after paying for a loss. It may be the result of: sale of salvage; exercise of subrogation rights; or reinsurance recovery.

Process of rectifying a policy document that fails to represent the terms agreed between the parties. If an insured feels that a mistake has been made in the policy he may seek rectification and apply to the court if the insurer refuses. To succeed he will have to show that the policy does not represent the agreement and is not true evidence of the contract.
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Correction of a mistake made in drawing up a written contract.

Cargo policy clause printed in red to remind the insured of his obligation to preserve his right of recovery against a carrier or bailee for the benefit of the insurer.

A life insurance term referring to an extra risk which is at its greatest at the inception and then decreases, e.g. tuberculosis after treatment.

Theoretical pension scheme to which reference is made to ensure that members of contracted out salary related schemes post-April 1997 will receive as much in benefits as under the reference scheme to comply with PSA93, s.12B. The scheme actuary must certify that the scheme meets these benchmark requirements.