Doctrine mean ing indemnity from another source. It must be distinguished from subrogation. If the insured receives any sum, before or after a loss, that reduces his actual loss, he must credit the insurer with that sum. For example, an employer holding salary otherwise due to a defaulting employee must deduct the relevant sum from any claim under a commercial guarantee.
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The liability of insurers under a contract of indemnity is to make good the insured’s loss. If the insured’s loss is made good aliunde (from another source) the insurer’s entitled to credit accordingly for any sum received.

Commission advanced by a life company to an intermediary on the understanding the company can clawback the whole or part of the commission if the policy lapses within a specified period of time.
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commission paid to an agent in advance but subject to the condition that it shall be repaid if the premium by reference to which it is calculated is not paid by the policy holder, for example, because the policy is allowed to lapse.

Imposed by liability (re)insurers to put a ceiling on their potential liability. Public liability insurers usually limit their liability in respectof the damages and claimant’s costs arising from any ‘one occurrence’ with no limit for the period of cover. In addition the insurer pays the insured’s own costs but some liability policies are ‘costs inclusive’. Under products liability and professional indemnity policies it is usual to impose annual aggregate limits per-occurrence limit. Some policies may contain both per-occurrence and annual limits. ‘Inner’ or ‘sublimits’ may be applied to particular forms of loss (e.g. financial loss cover). with no

In a business interruption insurance, it is the period beginning with the occurrence of the damage and ending not later than the end of the period stated in the policy as the maximum indemnity period, e.g. 24 months. The period reflects the time needed to restore the business to its preloss trading level and is chosen by the insured.

Adviser able to offer a full range of products from financial services companies or from a selected panel on grounds of merit. IFAs may work on their own account or for firms. Key principles they must follow include: ‘know their client’ by means of a fact find to form a comprehensive view of the client’s needs in order to offer ‘best advice’. IFAs can be remunerated by commission and/or fees. He must give full details at the outset of fees and, under the FSA’s disclosure rules, full details of any commission they will receive on recommended transactions. Regulated by the FSA, they must contribute to an industry wide compensation scheme.
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an intermediary who provides potential investors and policy holders with advice on a range of products from different companies (contrast tied agent).

Two (or more) policies, each covering a range of risks, are of independent range when each covers property of a specific description that is within the non-identical range of the other. The policies overlap in that they have common ground (e.g. Policy 1 insures stock in buildings A, B, and C; Policy 2 insures stock in A and B only).
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Insurance policies are said to be of independent range when one cover property of certain classes or at certain situations and the other covers classes of property or situations which are not identical. If there is some overlap in cover the respective insurers must contribute in the settlement of a loss.

Trustee unconnected to the pension scheme, its members or the employer. Such an appointment may be compulsory when an insolvency practitioner has taken over from an employer (PA 1995, ss.22-26).

A means of continually measuring the movement of a particular set of statistics over periods of time. Most unit trust fund managers measure their fund’s performance against that of an appropriate ‘benchmark’ index with the aim of at least matching or beating its progress. Weather derivatives are based on movements in an underlying index.