A life or health insurance reserve estimated to be sufficient to pay future claims. It is the amount designated as a future liability to meet the difference between the present value of projected future benefits and expenses as well as the present value of future premiums.

Length of potential service of a member up to a future age or date. This is used in some instances in working out IR limits on early retirement and by some schemes for other purposes, e.g. calculating incapacity pensions or spouse’s pensions.

UK: a form giving details of the cover available under a policy, optional additional benefits, rebates etc, often printed as part of the proposal form.
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A proposal form which also details the Insurance cover available.
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The disclosure document prepared and distributed by a company in connection with its offer to sell securities. The 1933 Act broadly defines the term to include any notice, circular, advertisement, letter or communication, whether written or by radio or television, which offers any security for sale. The prospectus may not contain any false or misleading information regarding the securities or the offering. In private placements of securities (i.e., securities offerings that are exempt from registration with the SEC), this disclosure document is frequently referred to as an “offering memorandum” or “offering circular.”

A single entity that segregates its assets between different cells. Each cell is used by a company whose risks are not sufficiently large to justify forming their own captive but they get the benefits of self-insurance. The offshore’ legislation, under which PCCs operate, was originally designed for rent-a-captives but is now applied more widely.

Pension under a money purchase arrangement arising from being contracted out scheme. The benefits are derived from the minimum equivalent payments that would otherwise have been paid to the state second pension but for the contracting out.

Pension purchased with the money from protected rights.

A risk which, as a result of the insurer’s advice or insistence, is protected by loss prevention measures as in fire insurance (e.g. sprinkler leakage system installed) or theft insurance (e.g. intruder alarm installed).
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A property risk which is within the geographical area protected by a fire department.

Mutual associations protecting shipowners in respect of risks not covered in the marine insurance market. The shipowner enters his vessel on a tonnage basis that determines his levy or call at the beginning of the financial year. If claims are heavy a further levy may be demanded. The most important P & I classes are: 1. Protection. Covers shipowner in respect of liability for loss of life or personal injury, damage to immobile objects, onequarter Running Down Clause, oil pollution and life salvage. 2. Indemnity. The basis is ‘pay to be paid’ and means reimbursing shipowners who have indemnified cargo owners for damage caused by negligence of the crew. There are two other classes: war risks and freight war risks. P & I Clubs accommodate 90 per cent of the world’s merchant tonnage. See BAIL CLAUSE.