A select mortality table based on data in respect of pensioners that is used in pensions work. The minimum funding requirement mortality basis is PA (90) rated down two years, but experts suggest that it should be rated down by 12 years to reflect improvements in mortality.

FSA term that distinguishes policies made up of risk and investment elements (e.g. life policy, unit trust) from ‘pure’ investment business (e.g. gilts). Product providers dealing with private customers must highlight particular product features in a way that helps the customer make comparisons between different products.

The total amount of losses or claims that have been settled during a given period (before adjusting for outstanding claims).

a policy kept in force for a reduced sum assured after the premiums have ceased prematurely; a fully paid-up policy is one remaining in force after payment of all the premiums due under the terms of the policy.
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Policy granted by life insurer for a reduced amount based on premiums already paid with no further premiums payable. The reduced sum is payable on death under paid-up whole life policies and an on death or maturity in the case of endowments. Paid-up pensions are called ‘preserved pensions’.

Pension scheme under which contributions have ceased. Assets continue to be held and used by the administrator in accordance with scheme rules.

Stipulates that, in the event of loss or damage to any article forming a part of a pair or set, the claim will reflect the value of the lost item and not the reduced value of the pair or set.
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Clause that stipulates that partial loss to a pair or set of items will be valued in terms of the lost item, not on the basis of reduced value of the pair or set.

Lloyd’s syndicate consisting of a single corporate member operating alongside one or more mixed syndicates participating in all the same risks on a proportionate basis.

Physical trigger applicable to a catastrophe bond based on an occurrence at a specified place and of specified severity. A bond might be contingent upon on the magnitude of earthquake activity in and around Tokyo as measured by the Japan Meteorological Agency. If the event occurs, investors sacrifice their capital and/or interest. The trigger is based on a natural catastrophe model estimating a wide variety of parameters based on incomplete data and knowledge.

International Hull Clauses that are stated to be paramount and override anything inconsistent with them. These clauses embrace exclusions of: war; strike; malicious acts; nuclear risks.

Word of mouth evidence in court. While not generally admissible to contradict the written policy, there are exceptions that allow the parties to bring evidence that they contracted otherwise than in accordance with the terms used to express their agreement, e.g. the policy was obtained by fraud.