In-house or independent advisers who advise corporate members on their underwriting commitments. They work in the same way as members’ agents work for names.

Made insurances on the lives of persons or events (ships or merchandise excepted) null and void if the person benefiting had no interest. It also made it unlawful to issue policies without naming the person for whose benefit the policy is issued. It further provided that no greater amount than the value of the interest could be recovered under the policy meaning the amount of interest at inception not the time of claim. See INSURABLE INTEREST.

Enables a life insurance company, unable to obtain a satisfactory discharge for the policy proceeds, to pay them into court.

the individual on whose death or survival the death benefit under a life assurance policy becomes payable; may not be the same as the assured meaning the holder of the policy.
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The person whose life is insured under a life insurance.

The borrowing of money from the capital market through the sale of bonds by a special purpose vehicle. The bonds are secured against the anticipated surplus from a portfolio of life insurance or pensions policies. The surplus will be used wholly or partly, depending on whether there are shortfalls in the anticipated surplus, to meet repayment and interest obligations. The SPV arranges reinsurance to provide liquidity where the surpluses are not adequate to pay the bondholder. See SECURITISATION.

UK: A policy that pays a specified sum on death or upon the life insured surviving a given term of years depending on the type of policy. Insurances are on lives where the contract is not one of indemnity but of an ultimate claim. In the UK ordinary life insurance means all life business that is not within the term industrial life assurance. The principal life contracts are: endowment; whole life; and term insurance. Each type can be adapted or combined to meet a variety of circumstances.
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A policy that pays a specified sum to beneficiaries upon the death of the life assured, or upon the assured surviving a given number of years, depending on the terms of the policy. Life insurance policies may be for fixed or indefinite term. See term life as regards fixed term policies.
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A policy that will pay a specified sum to beneficiaries upon the death of the insured.
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MEDICAL,USA: Type of insurance that provides protection against financial loss resulting from death of the insured individual.

Life insurance in the satellite insurance market refers to an ‘all risks’ insurance in respect of total or partial loss during the operating life of the satellite.

Association (23,000 individual members) with objectives to: (a) promote communication, participation and education within the life insurance industry; (b) improve business standards and heighten professionalism in the selling of life insurance via a professional code; (c) sponsor courses, seminars, etc., to increase awareness of the activities of the life industry; (d) promote understanding with government, the FSA and other bodies.

Operates as part of the ABI dealing specifically with the life insurance industry. Its elected management committee reports to the full council, which in turn reports to the Board of the ABI.