Equal treatment legislation (PA 95, s.62) came into force on 1 January 1996 following the Barber judgment. The main effect is that every occupational pension scheme will be treated as containing an equal treatment rule which will override any contrary provisions in the actual trust deed and rules of a scheme.

an amount set aside out of past or current underwriting profits to meet future underwriting losses, in particular losses arising from claims due to the occurrence of events of an exceptional nature, that is events not normally occurring every year.

The amount set aside to prevent exceptional fluctuations in the amounts charged to revenue in subsequent years in respect of claims of an exceptional or irregular nature (e.g. catastrophes). Amounts are added to the reserves in profitable years and released when losses are made.

A legal term referring to interests in property originally created and enforced by the Court of Chancery. Such an interest can arise in a number of ways such as where money has been advanced on property but no formal mortgage deed drawn up. The lender has an equitable interest and this creates an insurable interest. Similarly, a person on whose behalf property is held in trust has an insurable interest in that property.

Life insurance policies combining life insurance with investment in equities, i.e. ordinary shares. Life insurance is linked to equity investment either through an established unit trust or unitised fund administered by the life office itself. Usually a large part of the premium is invested in the unit trust or equity portfolio, the balance provides life cover, usually term insurance.