A credit insurance where the credit term exceeds 180 days.
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A form of Export Credit Insurance where credit is being granted in excess of 180 days.

Contracts which extend the manufacturer’s one year guarantee on domestic electrical goods (DEGs) and motor vehicles for between three and five years, but not general household insurance or service arrangements for central heating or alarm systems. The warranties may also cover additional risks during their term and the term of the original guarantee. Motor EWs are FSA regulated while retail sales of DEG EWs are usually exempt. All insurance-backed EWs are FSA regulated. See INSURED WARRANTY.

A clause in a policy that introduces additional cover.

An insurance company whose head office is situated in a country outside the European Community.
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A Company not having its head office within the Indian territory.

Risks attaching to a business as a result of dependencies on supplies from, or sales to, outside enitities. Loss of trade may be due to occurrences, e.g. fires, at the premises of customers and/or suppliers. Risk man agement involves a scrutiny of external dependencies and internal dependencies. Business interruption policies can extend to cover loss of trade due to damage occurring at the premises of customers and/or suppliers, utility suppliers, loss of attraction, etc.

Insurer whose head office is located outside the UK and other than an EEA insurer, a Swiss general insurer or an insurer subject to special rules.

Bodily injury, for personal accident policy purposes, must, inter alia, be caused by ‘external and visible’ means. This is to make it clear that the bodily injury must be due to some outside event clearly visible as distinct from internal physical defects – the words are used as the antithesis of ‘internal means. Exceptions to this strict meaning arise in connection with the inhalation of gas or the accidental taking of poison.

A Lloyd’s underwriter who does not fall within the definition of a working member.
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A member who is not a working member or a nominated member.

an underwriting member of Lloyd’s who plays no active part in the underwriting (contrast Active Underwriter).

Occurs where a pension sharing order has been made and the former spouse is not able to make an internal transfer to the members scheme because dual membership is not permitted. Consequently an external transfer must be applied to the pension credit.