Permission given by the FSA under Part IV FSMA to carry on regulated activities.

An injury or sickness that prevents the insured from performing fully his normal occupation activities. The insured can perform some parts of his duties or work in less demanding circumstances. The partial disablement benefit is less than the total disablement equivalent.

UK: A loss that does not destroy the insured property or damage it beyond economic repair. See PARTICULAR AVERAGE.
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A loss that does not totally devalue or ruin the insured’s property.
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A loss under an Insurance Policy which does not either completely destroy or render worthless the insured property or exhaust the Insurance applied to the property.
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A property loss that is less than a total loss. See Constructive total loss.

Pension scheme where part is approved by the IR. This might arise where some members are employed overseas and not therefore paying UK taxes.

Where a ship is only partially repaired, the insured is entitled to the reasonable cost of such repairs plus an allowance for the reduction in the ship’s market value because of the failure to effect full repairs. The aggregate must not exceed the cost of full repairs (Marine Insurance Act 1906, s.69(2)). See UNREPAIRED DAMAGE.

Calculation of reduction in value of cargo insured under valued policies following insured damage. The gross sound and damaged values are compared to find the percentage reduction in value to be applied to the agreed value to give the amount of the claim. Where percentages cannot be agreed the damaged goods are sold. The difference between the sound value and the sale price gives the relevant percentage. Total loss of part of the cargo is based on the proportion of the insurable value that the part lost bears to the insurable value as a whole.

Marine term describing expenses (excluding salvage charges and general average) incurred by or on behalf of the insured for the safety/ preservation of the subject matter. They are added to the particular average claim if related to an insured loss. Examples: survey fees, fumigating damaged cargo.

A risk that has restricted consequences. Motor accidents will normally only directly affect people within the vicinity. Fundamental risks, e.g. mass unemployment, affect society as a whole. Particular risks are susceptible to loss control. Fundamental risks lead to government schemes, e.g. social security.
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Those future outcomes that we can partially (though not predictable) control it arises from individual decisions to drive a motor vehicle, for instance, to own property, or even to cross a road.

The Civil Procedure Rules term for setting out details of the amount of the claim.

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.