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.