Gives protection for repayments on a personal loan, mortgage, credit card or other regular commitments. See CREDIT PROTECTION INSURANCE.

Details as to the amount and time of payment of contributions to a pension scheme. A schedule is compulsory for money purchase schemes.

Payroll’ includes salaries, wages and remuneration of all kinds including national insurance, bonuses, holiday pay and other payments pertaining to salaries and wages. Payroll may be insured in full as a part of the gross profit item in a business interruption insurance but the dual basis payroll provides an alternative approach.

Marine cargo clause applied to cotton cargoes providing that the sum insured will be based on the highest value in the cotton market at the time of loss.
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A clause used in cargo insurance on cotton which provides that the sum insured shall be the peak value pertaining in the cotton market at the time of loss.

Pecuniary means ‘relating to money’. Pecuniary loss insurances are those that protect the insured’s financial rights or interest such as revenue or receivables. This includes: business interruption insurance, book debts, legal expenses and fidelity guarantee.

tax-exempt annuity, death in service and other business contracted with the managers of occupational pension schemes or in connection with personal pensions.

Amount allocated to the employer’s profit and loss account for his pension contributions over the period that scheme members are expected to work.

Amount in a pension credited to the former spouse of a pension scheme member following a pension sharing order. Compare with pension debit.

The reduction of a member’s pension by a certain percentage following a pension sharing order that matches the pension credit awarded a former spouse. It is based on the cash equivalent transfer value in regard to the order.