FSA rules that relate primarily to the marketing of products and the advice that financial advisers give to customers concerning financial products (www.fsa. gov.uk). See KNOW YOUR CUSTOMER; SUITABILITY.

Liability policy clause (a) restraining the insured from making an admission of liability and (b) enabling the insurer to take over conduct and control of all proceedings, including the defence or settlement of any claim that may be within the policy. Enables the insurer to use the name of the insured to enforce claims against third parties, effectively permitting the exercise of subrogation rights before any indemnity payment has been made.

Certain non-investment insurance contracts that are sold by providers of non-motor goods (domestic electrical goods) and services related to travel, e.g. non-motor extended warranties and travel insurance sold with a holiday that are not subject to FSA rules on selling and administration.

Pension scheme rule under SSASs preventing the scheme from dealing with members or connected persons in terms of buying, selling, leasing, etc. In the case of past members three years must elapse before the scheme can purchase an investment owned by a previous member or connected person.

1. Broken sequence of events. If an insured peril has been preceded by excepted perils, they will be disregarded given the break in the chain of causation. If the insured peril intervenes and causes the loss it is the proximate cause. 2. Unbroken sequence of events. When the insured peril is the natural and probable consequence of an excepted peril, the excepted peril is the proximate cause. When the excepted peril is the natural and probable consequence of the insured peril the latter is the proximate cause of the loss. See CONCURRENT CAUSES.

Means in perfect agreement’, i.e. of the same mind. Contracts are founded upon agreement although the parties will be judged by what they appeared to mean and not what they may have intended to mean.
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Both parties to a contract should agree to the same thing in the same sense. the consent must arise out of common intention. There will be no consensus if either of the parties or both of them are under an erroneous impression as to some circumstances affecting the contract.

The former term for business interruption insurance.
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Insurance against pecuniary loss, other than material damage, resulting from an insured peril.

The party (usually the buyer) named in a bill of lading or waybill, who is entitled to receive cargo that is shipped by the consignor and delivered by the carrier. Under CFR terms the consignee arranges the transit insurance, but under CIF he pays the premium in the price of the goods.
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(a) Person or firm to whom goods are shipped under a bill of lading. (b) The individual or company to whom a seller or shipper sends merchandise and who, upon presentation of necessary documents is recognized as merchandise owner for the purpose of declaring an paying customs duties.

Clause in an open cargo policy providing cover at an agreed premium on goods while in transit to, or while at, a common consolidation point for the purpose of preparing or consolidating the goods for export.