An Act compelling the courts to award interest on damages for personal injuries for the period from date of service of claim to the date of judgement at a standard rate. Interest is only awarded on those cases that proceed to court and payments into court should include interest.

Section 1 abolished the right to damages for loss of expectation of life while s.3 replaced it with an action for bereavement by close relatives by amending the Fatal Accidents Act 1976. Section 4(2) abolished claims for a deceased person’s ‘lost years’, i.e. no claim for loss of the deceased’s income after the date of death. Section 2 abolished action for loss of services. Section 5 lays down that maintenance provided at public expense is to be taken into account in assessing personal injury damages. Section 6 allows, where the claimant’s condition may deteriorate, for the award of provisional damages and a subsequent further award where deterioration actually occurs.

Life reinsurance under which closed blocks of business from both active and inactive primary insurers are accepted by reinsurers. It allows the primary insurers to realise value and release capital as well as ease their administrative constraints.

An asset, under rule 4.1(3) of IPRU (INS), that be may brought into account in determining the value of an insurer’s net assets for margin of solvency purposes. Goodwill and stock-in-trade, for example, are not admissible assets and certain assets are admissible only to a specified extent. See ASSET VALUATION RULES.

In life insurance the insured may have his policy endorsed ‘age admitted’ by supplying the insurer with his birth certificate. This may occur at inception or during the currency of the policy. When age has been admitted, the insured or his representatives will not to have to prove the insured’s age when a claim is made.

1. An admission by an insurer or reinsurer that they are liable for a claim under their contract. 2. An admission by an insured that he is liable for injury or damage caused to a third party. In a liability policy the insurer’s conduct of proceedings clause and non-admission of liability clause prevent the insured from negotiating with the claimant or admitting liability without the insurer’s consent. The clauses are conditions precedent to liability.

(automatic personal accident cover). A personal accident insurance for aircraft passengers offering benefits in return for which they waive any rights they may have at law. The maximum sum payable usually corresponds with the limits of either the Warsaw Convention, the Hague Protocol or the 1967 Carriage by Air (Applications and Provisions) Order.