A life insurance bonus payable at the same time and in the same circumstances as the sum insured which is declared periodically as an addition to the sum insured and accrued bonuses.

An arranged settlement on a hull policy where there is no actual or constructive total loss but where repair of the vessel is impracticable.
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An agreement between a hull underwriter and assured ship-owner, whereby the underwriter is prepared to pay a compromised settlement on a total loss basis because, although the estimated cost of repairs does not justify a constructive total loss, repairing the ship would be an uneconomical proposition in view of its market value and the high cost of repairing the damage. The settlement usually, allows the assured to retain the wreck.

An annuity that must be purchased with funds from a personal pension or an occupational pension scheme to provide a retirement income by age 75. See AGE 75 RULE.

A combined liability policy for computer consultants not engaged in manufacture, installation or servicing of hardware covering: professional indemnity insurance, public and products liability and employers’ liability.

Covers ‘all risks’, theft and breakdown included, puter and ancillary equipment. Chips and standard software are included autocommatically. Other key features: ‘new for old’ settlements; cover in UK premises and in transit; negotiable excesses; loss of data; Data Protection Act liability; and consequential loss following an insured breakdown or loss. Liability insurance may be included. Exclusions are minimal but special precautions have to be taken when computer equipment is left in an unattended vehicle. Policies may apply to personal computers, laptops and mainframe systems. (See Figure 4). See INTERNET LIABILITY INSURANCE.

Insured as ‘contents’ under commercial material damage policies up to £10,000 in respect of the material costs and the cost of reproducing them. Liability for loss of such records is similarly insured under ‘Loss of Documents’ cover for computer consultants.

The placing of a significant proportion of the assets of a pension fund in any single investment. PA95 lays down compulsory reporting requirements for specific amounts and levels of concentration.

Occurs when one party (the customer or the insurer/intermediary) accepts an offer made by the other, e.g. when a customer accepts an insurer’s quotation.

Two or more causes operating together to produce the loss. If an insured peril combines with an excepted peril and the effects cannot be separated, the excepted peril applies. If an insured peril combines with an uninsured peril, the insured peril applies unless the insurer has modified the operation of proximate cause by covering ‘losses solely and independently’ caused by the insured peril as in the case of personal accident policies. See CONSECUTIVE CAUSES.
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Causes of a loss which occur together.