Rule of construction meaning that the whole of the policy must be looked at and not merely a particular clause. Where a proposal is expressly incorporated in a policy by the terms of the policy, the two should be read together.

A credit insurance whereby the insured insures the whole of his sales ledger rather than insure selectively on the basis of named accounts.

A broker who places risks with Lloyd’s or with insurance companies on behalf of other brokers, i.e. subbrokers who are customer-facing and therefore, unlike the wholesaler, subject to ICOB rules. Wholesale brokers normally attract business as they are able to secure better policy terms and conditions than the sub-brokers. Wholesale brokers who are Lloyds-accredited provide a route to the Lloyd’s market for other brokers and may operate under binding authorities.
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A type of insurance broker who acts as an intermediary between a retail broker and an insurer, while having no contact with the insured. Wholesale agents place business brought to them by retail agents. Unlike a retail broker, wholesale brokers have direct contact with the insurer, whereas the retail agent who produced the business does not. The same broker can function as a retailer or wholesaler, depending on the specific situation. Wholesale brokers often possess specialized expertise in a particular line of coverage or in a line of coverage that is unusual and/or have greater access to or influence with certain insurance markets, which is especially valuable when dealing with a difficult-to-place risk. There are two types of wholesale brokers managing general agents and surplus lines brokers. The latter work with the retail agent and the insurer to obtain coverage for the insured but unlike a managing general agent, a surplus lines broker does not have binding authority from the insurer.

A contracted out occupational pension scheme must pay at least this amount in pension benefits to the surviving spouse of a member who dies. This applies for any benefits earned pre-April 1997. WGMP does not apply to a scheme that has contracted out under protected rights rules.

The ignorance which occurs when a person deliberately and wilfully refrains from inquiring into a situation or deliberately disregards a situation in the hope of profiting from it. It applies to assignees for value who seek to gain advantage by giving notice of an assignment under the Policies of Assurances Act 1867 ahead of previous assignees they know or suspect to exist who have not yet given notification. This conduct is not permitted as a means of an assignee gaining priority.

Formed by leading international insurance brokers to exploit the use of Internet technology to place risks internationally while also continuing to place business manually. In June 1999, WIN merged with LIMNET and the RINET to form WISe (the World InSurance – E-commerce).

The risk that wind speed variations will reduce the volume of electricity generated by wind farms and therefore sales for wind power companies. The risk can be managed by a weather derivative based on wind power indices (WPIS). The average value of the index over any 12-month period is 100 in a normal year. An annual value of 95 indicates that the index is 5 per cent below normal for the region and leads to a payout. Wind farm developers, operators and financiers may all hedge against the wind risk.

Closing of an occupational pension scheme, usually done by buying annuities for all members, including deferred annuities. Alternatively all assets and liabilities can be transferred to another scheme in accordance with the scheme rules and any relevant laws. There are statutory provisions to determine when winding up commences for statutory purposes (Occupational Pension Schemes (Winding Up) Regulations 1996, Regulation 2 (SI 1996/3126)).

Under private comprehensive car policies, insurers agree that, if a claim for damage consists solely of damage to the windscreen or windows, payment will be made without prejudice to the insured’s entitlement to no claim discount.

insurance Insurance against damage done to property by unusually high winds or cyclone or hurricane. The risks are usually insured as additional perils, but it is possible to insure against these perils alone.