Selling insurance through a bank’s established distribution channels often in association with the bank’s own insurance subsidiaries. It means that banks can offer banking, insurance, lending and investment products to customers. The term has also been used to describe separate banks and insurance companies each selling the other’s products.

The band of total earned income between lower and upper earnings limits on which state second pension and personal NI contributions are based.

Broad policy protecting the first-party liability of leading financial institutions. Key areas of cover embrace: fidelity dishonesty of employees; fraud; forgery of cheques or other instruments; theft or robbery of valuables from own premises or in transit; damage to premises and contents during theft; counterfeit securities and counterfeit currency. The policy may be extended to cover computer fraud, safe deposit liability and kidnap and ransom. Cover is available for banks and financial institutions such as central depositories, processing centres and clearing houses. Standard wordings and manuscript wordings are available.

A reinsurance contract under which premiums are ‘banked’ with the reinsurer for later return to the reinsured with interest.

A bond to guarantee the trustee in bankruptcy appointed by the creditors. If the trustee, who controls the assets of the insolvent party, fails to carry out his duties properly, the surety (e.g. an insurer) will make good the loss.

A contingency cover to protect banks and lessors against their inability to secure full or part payment in respect of their interest under the operator’s aviation policy. It also covers aircraft in the custody or control of the bank or lessor.