A forum for the exchange of data and opinion between insurance and risk managers in industry and commerce. AIRMIC has over 160 corporate members and nearly 1,000 individual members. It updates members on technical matters and current practice. It promotes the under standing of the nature and purpose of risk management and represents a body of informed opinion in dealings with trade and market associations and with government. In 2002 AIRMIC collaborated with ALARM and the Institute of Risk Managers to produce a new Risk Management Standard.

A company formed to improve the understanding of Lloyd’s amongst its members and prospective members.

‘Not for profit’ organisation run for, and by, its membership. ARC began in 1998 as an informal talking shop helping companies manage the tail of their insurance and reinsurance operations in the London Insurance Market. It now has a formal structure, and an active agenda providing information of relevance to its members, colleagues, partners and clients. (www.aroc.org.u

Trade body of unit trusts and investment management companies.

Reinsurance underwritten by Lloyd’s syndicates and insurance companies, for other syndicates and UK and overseas insurance companies.

Means the same as insured but is most commonly used in life and marine business.

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Partly indemnified or promised to be indemnified against loss by means of insurance. Also, an interchangeable word that is the same in meaning as insured.

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A party who is a potential beneficiary of an insurance contract. The synonym insured is more commonly used.

Means the same as insurer, but is most commonly used in life business.

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Same as Insurer.

A government body which, with its licensees, incurs a strict liability for injury, loss or damage arising from the operation of nuclear establishments. See NUCLEAR PERILS.

In regard to the policy it means its inception, i.e. coming into force. In regard to legal liability, liability attaches when a party is legally responsible for some injury, loss or damage to a third party.