The stakeholder version of an approved personal pension.

A personal pension plan or FSAVC granted an appropriate scheme certificate that has met the conditions for contracting out of the state second pension.

earmarking for the benefit of policyholders or shareholders what was formerly ascertained but unappropriated surplus.

Following changes made in 1987 and 1989 Inland Revenue approval of pension schemes falls into three different categories of membership: Class A; Class B; Class C. New schemes may only be approved under the 1989 rules following the Finance Act of that year.

Household contents insurers may give discounts to insureds who install and maintain an intruder alarm approved by NACOSS the National Approval Council for Security Systems. It is common practice in commercial policies to include an intruder alarm warranty requiring the installation and maintenance of a NACOSS approved alarm. The alarm system has to be kept in operation.

Merchandise approved by an insurer for cover under an open cargo policy on the terms and conditions agreed. Other goods are ‘held covered’ subject to the payment of an additional premium.

IR list of occupations (e.g. professional footballers, jockeys) whose members can receive a pension prior to age 50, e.g. the lowest age, 35 for footballers, reflects short careers.

Packaging meeting the packaging industry standards of sufficient design and construction to protect the cargo from the normal hazards expected during the intended voyage. This includes hazards associated with normal domestic handling and storage from point of origin to final destination.

A person upon whom the FSA has conferred approved person status, allowing them to undertake a controlled function, having passed the fitness and propriety test (FIT). Approved persons must abide by the Statement of Principles and Code of Practice for Approved Persons. See SIGNIFICANT INFLUENCE (www.fsa.gov. uk).

***

An individual who has been approved by the Financial Conduct Authority (FCA) to perform a FCA controlled function for an authorised person.

1. An employers’ liability policy that does not contain prohibited conditions, i.e. certain conditions allowing an insurer to repudiate a claim. This does not preclude a condition allowing the insurer to reclaim from any employer any amounts paid by the insurer following injury to an employee when a condition, otherwise prohibited, has been breached. The prohibited conditions are set out in the Employers’ Liability (Compulsory Insurance) Regulations 1998. 2. The term is also used in contracts that impose an obligation to insure one of the parties to the effect that the policy has to be approved by the party imposing the obligation.