Third party motor insurance policy issued by an authorised insurer under which the cover is limited to the minimum cover required to comply with the compulsory requirements of the Road Traffic Act 1988, s. 145.

A personal action dies with the person,’ meaning that, at common law, a right of action in tort ceases on death of the claimant or defendant. Following the Law Reform (Miscellaneous Provisions) Act 1934, causes of action survive death and keep claims alive on both sides. Liability insurers grant an indemnity to a deceased insured’s legal personal representatives.

Actual statements that convey false or misleading information relating to a material fact. Innocent misrepresentation is the unintentional misrepresentation of a material fact; fraudulent misrepresentation is deliberate. See Utmost Good Faith.

Occurs when pension funds are used to purchase and sell particular investments to secure growth above the level of a chosen benchmark.

A current employee of a pension scheme engaged in building up pension benefits in an occupational pension scheme. During a contribution holiday a member may still accumulate extra pension benefits without payments into the scheme.

Group life or health policy term requiring a new member (or a member increasing cover) to be at work or on holiday on the day of joining or increasing the cover, and not absent due to sickness or industrial action. Cover may begin on the employee’s return to work, either automatically or with the insurer’s consent.
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Some group health insurance policies stipulate that if an employee is not actively at work on the day the policy goes into effect, the coverage will not begin until the employee return to work.

A health policy term that may be used to define incapacity or disability for manual workers. A worker unable to perform activities that include skills such as dexterity, mobility and communication may be disabled for the purpose of the policy while able to undertake other activities not dependent on those skills.

Assumptions made by an actuary as a basis for the figures and estimates needed for an actuarial valuation. The assumptions are based around life expectancy, inflation, earnings levels and income from pension scheme investments. See ACTUARIAL REPORT.
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Mediical/US:1. Characteristics used in calculating the risks and costs of a plan (i.e., age, sex, and occupation of enrollees; location; utilization rates; and service costs) to calculate premium rates and reserves. 2. In relation to pension plans, these assumptions affect the amount of the yearly contribution to adequately fund a defined benefit pension plan (DBPP).

Indicates either or both of the valuation method and the actuarial assumptions made for the purpose of an actuarial valuation.

Issued by an actuary arising out of actuarial work. The work may include: (a) carrying out the solvency test required by some contracted out schemes; (b) certifying to the IR that pension scheme surpluses have been dealt with as required under ss.599A602, ICTA 1988; (c) the position on the minimum funding requirement under the Pensions Act 1995 ss.56-60; (d) the bulk transfer certificate under Regulation 12 of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 (SI 1991/167).