Qualification under the advanced financial planning certificate (AFPC). Demonstrates that an adviser has comprehensive knowledge of pensions matters. It also classifies an intermediary, such as an independent financial adviser, as a pension transfer specialist.

These principles, as practised in the UK under the Companies Act, require company accounts to give a true and fair view. There are moves towards a globally accepted GAAP for insurance accounting. GAAP is associated with annual accounting, which by 2005 will supersede the three-year accounting system at Lloyd’s to bring them into line with insurance company accounting. See ANNUAL VENTURE.

Government Actuary’s Department. Note the functions of GAD examining periodical returns previously performed for the DTI are now performed by actuaries within the FSA.

Policies that contravene the Marine Insurance (Gambling Policies) Act 1909. It is not legal to enter into a marine insurance without a bona fide interest, or possibility thereof, in the subject matter insured. It is also an offence for a shipowner’s employee, not being a part-owner, to effect a policy on PPI terms. The Act prevents gambling in marine insurance.

Specialised cover for printers and vendors of instant ticket sales and online lottery services. The policy covers: (a) contractual obligations with first party principals; (b) increased cost of failing to conform to these contracts, e.g. print re-runs; (c) printer’s liability following machinery or computer breakdown, etc., not covered under an errors and omissions policy or professional indemnity policy.

Makes all wagering or gaming contracts null and void. An insurance on goods without insurable interest is a wager and therefore unenforceable.

A trigger under a contingent capital arrangement based on trading conditions as benchmarked by changes in the growth rate of the gross domestic product in a defined trading area, e.g. Europe. The insured corporation calls in capital from an insurer when the trigger event occurs, e.g. decline in growth rates of GDP, as it will signify poor economic conditions that hit sales.

annuity business other than pension annuity business or overseas life assurance business. Not a separate tax category since 1991.

Loss through voluntary sacrifice of any part of the ship or cargo, or an expenditure to safeguard the ship and remaining cargo from imminent threat. General average losses include jettison, discharging cargo to refloat a ship, etc. A general average expense may occur when a ship is towed to port. An average adjuster works out the value of each ‘saved interest’ who then make general average contributions, proportionately, to the expenditure and the ‘sacrificed losses. Insurance applies to general average if incurred to avoid an insured peril. See GENERAL AVERAGE ADJUSTMENT; GENERAL AVERAGE AGREEMENT; GENERAL AVERAGE BOND; GENERAL AVERAGE EXPENDITURE; GENERAL AVERAGE FUND.