IR rule allowing members of defined contribution pension arrangements to defer the compulsory purchase of an annuity until age 75. During the deferment period the member may take ‘income drawdown’ within prescribed limits.

The age last birthday of a proposer for life insurance.

Payment made by the IR National Insurance Contributions Office to an appropriate scheme, contracted out money purchase scheme or contracted out mixed benefit scheme from April 1997 for members who have contracted out. The payments increase with the age of the member.

A captive insurance company formed in the US by insurance agents singly or in groups to insure selected risks from their own accounts.

The authority to act on behalf of his principal. An insurance broker may act at one time for the insured (i.e. placing insurance as instructed) and at other times for the insurer, e.g. collecting the premium. In order to determine who is bound by the agent’s act it is necessary to ascertain for whom he was acting in regard to the relevant issue. An agent’s authority may be express as when acting on specific instructions or it may be implied (actions taken in accordance with prevailing custom) or apparent (or ostensible) authority (actions based on appearances). Where the agent acts without authority and the principal becomes obligated the agent may be liable to his principal. See IMPUTED KNOWLEDGE.

A person is guilty of this offence if he commits any burglary and at the time has with him any firearm or itation firearm, any weapon of offence or any explosive (Theft Act 1968, s. 10).

in a reinsurance policy, the aggregate amount that the insurer must retain before anything is paid by the reinsurer; for example £200,000 XS £100,000 with an aggregate retention of £500,000 means that a £150,000 loss would erode £50,000 of the aggregate; once the aggregate has gone, the reinsurance policy begins paying out, subject to the excess.

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Total (limit of indemnity, premium, retention etc).

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The greatest amount recoverable on account of a single loss or during a policy period, or on a single project.

A form of excess of loss reinsurance loss where both the deductible and reinsurer’s limit of liability are expressed as annual aggregate amounts rather than on a per risk or per occurrence basis. The cover, unlike a stop loss treaty is expressed in cash sums not loss ratios. The arrangement is suitable for a reinsured whose concern is protection against cumulative losses on an account, e.g. medical insurances and not against a major ‘per occurrence’ exposure.

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a form of excess of loss reinsurance which indemnifies the ceding company against the amount by which the ceding company’s losses incurred during a specified period exceeds either a predetermined sum or a percentage of the premium income for the class of business concerned; also known as stop loss or excess of loss ratio reinsurance.

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A form of excess of loss reinsurance in which the excess and the limit of liability are expressed as annual aggregate amounts.

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Refer: “Reinsurance, Aggregate Excess of Loss”

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A form of Excess of Loss Reinsurance that indemnifies the ceding company against the amount by which its losses incurred during a specific period, usually 12 months, exceed either (01) a predetermined amount, or (02) a percentage of the company’s premium (loss ratio) for that period. This is commonly referred to as Stop Loss Reinsurance or Excess of Loss Ratio Reinsurance.

Reinsurance contract provision meaning that when the reinsured’s losses exceed the annual aggregate deductible the reinsurer pays the whole of the loss without deduction.