1. Reinsurance clause under which the reinsurer and the reinsured share any interest awarded on damages in proportion to their respective shares of the actual loss in those cases where the reinsured’s net loss exceeds a given level, e.g. £250,000. In long-tail liability business large claims may take years to settle and interest may be awarded. 2. Treaty clause describing the business and limits covered.

The profit attributable to a life insurer earning a higher rate of interest than that assumed at a previous valuation. The profit becomes a part of the surplus.

Life insurance bonus calculated and paid at the time of a claim on with profits policies maturing or becoming the subject of a death claim during the interval between two bonus declarations.

Allows a pension scheme to be set up on the basis of very general terms. The detailed rules are set up later in a definitive trust deed.

UK: A ‘middleman’ through whom the insurance is arranged.
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US: A reinsurance broker who negotiates contracts of reinsurance on behalf of the reinsured, usually with those reinsurers that recognize brokers and pay them commissions on reinsurance premiums ceded. The intermediary also acts as a conduit through which communications between the insurer and reinsurer are passed, including the payment of premiums by the reinsured to the reinsurer and the collection of losses for the reinsured from the reinsurer.
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REINSURANCE: A third party (usually a Reinsurance Broker) in the design, negotiation, and administration of a reinsurance agreement. Intermediaries recommend to cedant the type and amount of reinsurance to be purchased and negotiate the placement of coverage with reinsurers.
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A third party in the design, negotiation, and administration of a reinsurance agreement. Intermediaries recommend to cedants the type and amount of reinsurance to be purchased and negotiate the placement of coverage with reinsurers. At Lloyd’s of London, called a broker. See Brokerage market and Direct market.
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UK: an agent or broker through whom a contract is arranged.
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Any person who, or organization which, gives advice by way of directly offering, advertising or on a person-to-person basis in respect of an insurance product and includes the promotion of such a product or the facilitation of an agreement or contract between an insurer and a customer. Intermediaries are generally divided into several classes. The most common types are “Agents” (which generally include Corporate Agents and sub-agents) who represents the insurer and “Brokers” who represent the buyer in dealings with the insurer. (ii) A reinsurance broker who negotiates contracts of reinsurance on behalf of the insured. These Transactions normally take place with those reinsurers that recognize brokers and pay them commissions on reinsurance premiums ceded.
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MEDICAL,USA,REFERENCE: See: fiscal intermediary (FI) .

All of the policies, procedures and processes established to ensure that business objectives are achieved in a cost effective manner. The Turnbull Report on Compliance with the Combined Code of Best Practice in Corporate Governance requires the board in a listed company to give high level meaningful information in its annual report on, inter alia, its responsibility for internal control and confirm that there is an ongoing process for identifying, evaluating and managing significant risks.

A business interruption term referring to internal activities and situations which, if interrupted by material loss or damage, would adversely affect the firm’s ability to maintain turnover. One small machine could be of such strategic importance it could hinder or stop production runs. Compare with EXTERNAL DEPENDENCIES.

System which must be included in an occupational pension scheme for dealing with members’ concerns and complaints. It must be used by a member before taking a case to the Pensions Ombudsman or OPAS.

Motor trader’s version of a public liability policy but adapted to cover custody and control of customers’ cars, the sale of parts and defective workmanship, if required.

Promotes safe, regular and economical air transport and is a means of collaboration amongst air transport operators. IATA has drawn up standard conditions relating to the carriage of passengers and baggage setting out limits of liability. Carriers are always free to use their own conditions. The IATA Inter-Carrier Agreement on Passenger Liability has ‘modernised’ the Warsaw Convention.
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Association formed in 1945, following the Chicago Convention of 1944 The main objects of the Association are:(a) to promote safe, regular and economical air transport for the benefit of the world, to foster air commerce, and to study the problems connected therewith; (b) to provide means for collaborating among the air transport enterprises engaged directly or indirectly in international air transport services; and (iii) to co-operate with International Civil Aviation Organizations and other international organizations.