The CII offers Fellows and Associates Chartered Titles. A Chartered Insurer applies to members working for insurance companies and Lloyd’s underwriting agents. Chartered Insurance Practitioner applies to those working as intermediaries or loss adjusters, in trade or professional bodies and in other insurance-related occupations. Chartered Insurance Broker applies to members who are carrying on business as an insurance broker. Chartered titles are granted to individual qualified members and are not used as applying to firms, partnerships or corporate bodies.

The party who acquires the whole of the carrying capacity of ship for the transportation of cargo or passengers in accordance with the agreement made with the shipowner.

Liability to/in respect of: third parties, including cargo owners; the shipowner; indemnity to owner for liability to third parties; general average and salvage (time charterers only). Insurance cover is available on a fixed premium basis and cover is limited to the amount the charterer would have been able to limit his liability had he been the shipowner. Shortfalls in cover may be arranged in P & I Clubs, a charterers’ club or in the London market.

Set up by the ABI to enable members of the public to report cases of insurance fraud by freephone. Receives an average of 50 calls a week.

The largest futures exchange in the US. CME offered the world’s first exchangetraded weather derivatives based on 10 US cities in 1999. By 2003, the number increased to 15 to include five European cities (Amsterdam, Berlin, London, Paris and Stockholm.) (www.cme.com).

Life policy under which, until the agreed ‘vesting age’ (e.g. 18), the premium is paid by the parent. At ‘vesting’ the child takes over the policy on a whole life or endowment basis in his own name at the insurer’s normal rates regardless of health. Alternatively the child may take the cash sum or defer the benefits. If the parent dies before the ‘vesting age’ premiums are suspended until the child takes over the policy.

The separation of key functions of a business to ensure that no conflicts of interest arise, and to prevent the inappropriate transfer of sensitive or regulatory information to another part of the business.