Pension scheme under which benefits are related to earnings in each year of membership. An alternative term is salary grade scheme.

Causes that result in loss over time, e.g. rust, corrosion and normal wear and tear. No fortuitous element is present and compensation for the reduction in value would contravene the principle of indemnity. Wear and tear, etc., is specifically excluded from all risks’ policy but ‘new for old’ and reinstatement policies modify the principle of indemnity.

A rule of construction meaning that in construing a policy the ordinary rules of grammar and punctuation will apply, although a court has a discretion to correct obvious slips. The draftsmen of policies and legal documents try not to rely on punctuation to convey their meaning.

The legal process of proving a will, appointing an executor and settling an estate; but by custom, it has come to be understood as the legal process whereby a deceased person’s estate is administered and distributed. Where the deceased dies intestate the deceased’s legal personal representative is called an administrator.