(FSA Conduct of Business Rule 5.3). This builds on know your customer. The provider or independent intermediary must take reasonable steps to recommend an investment suitable for the customer. This applies when advising private customers, managing occupational schemes or stakeholder schemes, or promoting personal pensions schemes to groups of employees. The suitability requirements are especially stringent for packaged policies to private customers. Most suitability requirements call for a formal suitability letter to the customer explaining the reason for the recommendation. The letter must summarise the main consequences and any possible disadvantages of the transaction.

the cash benefit guaranteed by a life assurance policy; may be added to by the allocation of reversionary bonuses.

UK: The amount specified as the maximum amount that the insurer will pay under the policy. The limit is normally set by the insured and should set the full value at risk or, in some household policies, the full value of replacement, otherwise average may apply. The sum insured is normally used as the basis for calculating the premium.
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UK: the sum expressed in a policy as the amount payable on the occurrence of the contingency insured against, or as the maximum amount of the insurer’s liability under a contract of indemnity.
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This is the sum expressed in a policy as the amount payable on the occurrence of the event insured against in the case of a benefit policy, or as the maximum of the insurer’s liability under a contract of indemnity.

Proceedings relating to criminal offences tried summarily by magistrates. Employers’ liability and certain other liability policies pay for the solicitor’s fee for representing the insured in a court of summary jurisdictions, provided the circumstances of an injury or event relate within the scope of the policy.

The total face value of life policies currently in force.

This means the vessel must be fully submerged.

Weather derivative based on the number of hours sunshine recorded in a given location over a specified period. Holiday resort businesses receive a payout when the recorded hours of sunshine are below the reference point and exceed the strike. See PLUVIUS POLICY.

the FSA’s Supervision manual