In marine insurance practically all return premiums by agreement are and arrival’. This means that an underwriter will not be liable to pay the return unless the ship is safe at expiry of the policy.

Anglers insure their liability for accidents to the public, personal accident benefits for the anglers themselves and loss or damage to tackle up to a specified limit. Where the angler engages a gillie in the course of a business, employers’ liability cover is compulsory. If the gillie is a ‘domestic’ employee, the liability section of the household contents policy applies.

Provides that, where damage is caused by an animal of dangerous species the keeper, subject to exceptions, will be strictly liable. In the case of an animal of non-dangerous species the keeper will be liable for the damage that, to the keeper’s knowledge, that particular animal is likely to cause (s.2). A trespasser cannot generally recover damages (s.5(3)). The keeper of a dog is strictly liable for killing or injuring livestock subject to certain defences.

The clause in a standard fire policy on buildings that brings outbuildings and the like within the scope of the cover.

accounting for general insurance business whereby a result is determined at the end of the accounting period reflecting the profit or loss from providing insurance cover in that period (compare with fund basis).

1. All listed companies should conduct an annual review to confirm that the company, through its directors and officers, has followed sound practices in terms of corporate governance. The directors must report on key risks facing the company and state how the risks are controlled or avoided. See TURNBULL REPORT. 2. An annual review is also required of managing and members’ agents at Lloyd’s to demonstrate their commitment to, and achievement of, recognised compliance standards.

Statement issued each year of the benefits a member has earned and, based on forecasts, it estimates the pension benefits at retirement age.

This is the official formula for measuring the price of money the true interest rate. APR is the total credit cost expressed as an annual percentage rate of charge.

A method of determining the premiums payable under an insurance contract with the object of keeping the premium of each life insured or member of a pension scheme at a constant rate until there is a change in circumstances.

Financial statements that insurers must submit to the FSA after the end of the financial year in the prescribed format (volume 2 of IPRU (INS)). The returns are made up of: balance sheet and profit and loss account; general business revenue account and additional information; long-term business revenue account and additional information; abstract of the actuary’s annual valuation report; auditor’s report under Companies Act 1985, s.235, for companies incorporated in the UK or the equivalent for companies not so incorporated. Certificates must accompany the report from the directors, the appointed actuary and the auditors. The returns must also include statements about major reinsurers and cedants, the company’s policy on investing in derivatives and a statement of the controllers of the company. Companies engaging in cross-border EEA business must provide separate statistics on this business.