Registered friendly societies which operate almost exclusively in the field of industrial life insurance.

Unit trust and similar schemes that provide for the collective holding, management and investment of a pool of assets from which the earnings or gain on disposition are shared among investors. These attributes are reflected in the definition of a CIS set out in FSMA, s.235(1). A distinct characteristic of UK schemes is that they are based on the concept of trusts. An open-ended vestment company (OEIC) is a CIS.

A life insurance effected by credit companies to cover the loans they have advanced. The benefits are payable on death. This policy is distinguished from group life policies effected by employers or affinity groups.

1. A single policy on behalf of several co-insurers (see coINSURANCE). 2. A fidelity guarantee policy embracing a number of employees with a separate amount guaranteed for each.
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(i) A policy issued on behalf of a number of insurers (ii) A policy in respect of a number of persons with insurance in respect of each separately.

In marine insurance, a vessel striking another vessel or floating object but not a stationary object. The collision clause insuring a ship’s legal liability is known as the Running Down Clause. See BOTH TO BLAME CLAUSE.
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The violent encounter of two objects. In Marine Hull liability insurance a distinction is drawn between “collision” with vessels and “contact with fixed objects” such as piers, wharves and fastened buoys, the latter not being covered by collision clauses.

Hull policy clause known as the Running Down Clause.

Cover for a person renting a car where the rental firm waives any right to recover the amount of damage to the car from the renter regardless of fault.
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When paired with an auto rental agreement, the rental car company agrees to waive the renter’s responsibility for any physical damage to the rental car in exchange for an additional payment. Sometimes called a loss damage waiver. Abbreveiated as CDW or LDW.

Re-published in 2003 following the Higgs Report and the Smith Guidance on Audit Committees. The Code raises corporate governance standards for listed companies, and incorporates the Turnbull report on internal control, the Smith guidance and good practice guidance from Higgs. Directors should at least annually conduct a review of the effectiveness of all internal controls including financial, operational, compliance and risk management. The FSA’s Listing Rules underpin the Code by obliging companies to state in their annual reports how they have applied the principles of the Code (www.frc.org.uk).

Policy combining two or more types of liability insurance in one document, e.g. public liability, products liability and employers’ liability.
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A policy combining employers liability and public liability cover.

A single limit of protection on a liability policy for all sections of cover, i.e. bodily injury, property damage and passenger liability, in contrast to a policy with split limits, i.e. specific limits for each section. This approach applies in aviation insurance where one overall limit applies to three separate sections.
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Total liability due to bodily injury and property damage combined, as one single sum of coverage.