Life policy clause that keeps the policy in force out of the surrender value for a limited period, after the grace period and continued nonpayment of the renewal premium. The policy may remain open for one year or until the surrender value has been exhausted. If a limited period applies, any balance remaining is paid to the insured or used to buy a paid-up policy. When the non-forfeiture period ends a revival clause may apply.

A clause that can be added without charge to a fire policy. It protects the property owner against a breach of warranty by a tenant provided that the owner was not aware of the breach and he advises the insurers as soon as he becomes aware of it.

A general insurance contract or a pure protection contract but which is not a long-term care insurance contract. Such contracts are governed by Insurance: Conduct of Business Rules except travel insurance sold as a part of a holiday package (a decision to be reviewed in 2007).

Regulated activity of an authorised professional firm in relation to which certain conditions (5.2.1, The Professional Firms Sourcebook) are satisfied. This includes a condition making the regulated activity incidental to the provision of professional services. FSA requirements are modified or disapplied so that the supervision in regard to the activities is equivalent to that which applies to the exempt regulated activities of exempt professional firms.

Life insurance arranged without the proposer being medically examined. The insurer requests a medical report from the proposer’s doctor with the proposer’s permission. Life offices have their own non-medical underwriting limits expressed in terms of age and sum insured, and type of policy.

An alternative term for a non-profit policy also called a without profits life insurance policy.

Earnings such as overtime and bonuses not taken into account when calculating pension scheme benefits or contributions.

Employment where either the worker chooses not to join an occupational pension scheme or there is no available scheme for him to join. Earning from such employment can be included in net relevant earnings. and impose conditions or warranties.

A life insurance policy that does not participate in the divisible surplus so that the amount payable is the sum insured only. Alternatively called a non-participating policy.