A policy provision that eliminates cover in regard to specified property, persons, perils, forms of damage or particular circumstances. The excluded risks may be uninsurable, require special consideration or readily be ‘bought back’ if required. The exclusions may be general, i.e. across all sections of the policy, or section-specific. The insurer must prove that an exception applies unless the exclusion comes in the form of qualifying words in the operative clause. See QUALIFIED PERILS.

The client is someone with sufficient experience and understanding of relevant investments that he places no reliance on the judgment or advice of the firm concerned. He approaches the firm or intermediary with his mind made up and asks for the transaction to be carried out on his behalf. Execution only clients forgo the cancellation rights under the Conduct of Business Rules (COB 6.7).

A money purchase discretionary occupational pension scheme principally used for directors and senior executives. An EPP can supplement any occupational scheme, but the IR maximum retirement benefit of two-thirds of pensionable earnings still applies.

Occupational pension scheme granted exempt approval by the Inland Revenue to allow benefits up to the maximum levels as set out in the Inland Revenue practice notes (IR12). The privileges arise from ICTA 1988, s.592, and give greater flexibility than schemes approved under s.590. To qualify as exempt approved schemes they must: be established under an irrevocable trust; have a UK resident administrator; involve contributions from the employer to the scheme; and comply with the Practice Notes (IR12). Compare with Approved Scheme.

Certain employers are exempt from the compulsory insurance requirements of the Employers’ Liability (Compulsory Insurance) Act 1969. Section 3 of the Act exempts: (a) any local authority (other than a parish council); (b) any joint board or committee whose members include representatives of any such local authority; (c) any police authority; (d) any nationalised industry and its subsidiaries; (e) certain bodies financed out of public funds; (f) employers of crews covered by insurance with a mutual insurance association of shipowners.

Person exempt from the general prohibition in respect of a regulated activity as a result of the FSMA (Exemptions) Order 2000. See EXEMPT REGULATED ACTIVITIES.

Regulated activities under FSMA that may be carried on by members of a profession that is supervised and regulated by a designated professional body without breaching the general prohibition.

Transfers of money or money’s worth that is free of liability to inheritance tax. See PREMIUM EXEMPTIONS; BACK-TO-BACK ARRANGEMENTS.

Insurance in respect of loss or damage to exhibits, stands and furnishings while at the exhibition and in transit to and from the exhibition. Public liability cover is added. A further option is cover in respect of exhibition expenses wholly or partly lost following damage to property on the exhibition premises or due to abandonment or interruption due to damage by fire, lightning, aircraft or explosion at the exhibition premises.