Life insurance to protect business partners against the withdrawal of capital and meeting the financial obligations that arise on death or retirement of a partner. Various combinations of life insurance can be used. The aim is to ensure that the money gets into the right hands at the right time, while minimising costs and taxation liabilities.

Wall separating two buildings, but which is not regarded as an effective fire shield unless it passes through the roof and conforms with Building Control, which allows for differences in building material. See FIRE DIVISION.
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A dividing wall erected upon and over a line separating two adjoining properties and in which the owners of the respective properties have common rights to its use.

The indemnity granted at the insured’s request under third party motor cover to passengers for accidents they cause. The indemnity applies to private car and commercial vehicle policies.

The liability of the user or driver of a vehicle, ship or other conveyance towards passengers in respect of injury or damage to their property. Liability may be governed by common law, contract, statute or international convention. Passenger liability insurance for motor vehicles is compulsory under the Road Traffic Act 1988.
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The liability of a carrier to passengers for bodily injury varies with the nature of the transportation. Liability to passengers in aircraft is restricted in amount by International conventions and legislation. A ship owner’s liability to passengers is limited by legislation. The user of a motor vehicle may not contract out of his liability to passengers and must insured in respect of it without limit of amount.

This tort is the pretence by one person that his goods or services are those of another. The person whose business interests suffer has a right of action in damages or for an account, and for an injunction to restrain the defendant in the future. It is possible to insure under intellectual property litigation insurance against liability for having inadvertently infringed a third party’s intellectual property rights.
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A person who passes off his goods so as to misled people into thinking that they are the goods of another is subject to an action. He may insure in respect of his liability under a policy covering infringement of industrial property rights.

Innocent non-disclosure of a material fact and concealment, deliberate withholding of a material fact.

A fund management strategy that seeks to match the return and risk characteristics of a market segment or index by mirroring its composition. Also called passive portfolio strategy.

Travel insurance compensates the insured in the range £300 to £500 for the expense of replacing a lost passport.

Member’s period of service with the employer before joining the pension scheme or before a particular date. The benefit allowed in respect of previous service is called past service benefit.

Method of calculating the value of a member’s pension scheme benefits. It takes account of reserves in a final salary scheme to cover future salary increases due to inflation and career enhancement.