Condition, other than one relating to loss of sight or limb, that attracts a lump sum benefit payable when the insured is unable to follow any occupation or gainful employment. Some policies allow the PTD benefit if the insured’s disablement prevents him from following his normal occupation not any occupation (e.g. injured ex-footballer becomes journalist).

Types of investments that pension trustees operating under trust deed rules are permitted to make. See TRUSTEE ACT 2001.

The legal name for the earnings cap.

Fire insurance method under which the insured pays a deposit in a lump sum or in instalments based on a percentage of the value of the property at risk. The insurer invests the sum paid in order to accrue interest from which claims will be paid. The insured can end the arrangement by withdrawing his deposit.
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Property Insurance (usually covering Fire and extended coverage perils) under which the insured, rather than paying periodic premiums, deposits a sum large enough that the investment earnings on this deposit can pay insured losses plus the insurer’s operating expenses. This deposit and its investment earnings, minus loss payments and Underwriting expenses, is held in the insured’s name. The insured is entitled to the balance of this account upon withdrawing from the perpetual Insurance arrangement.

the policyholder or person effecting a policy (not necessarily the same person as the life assured or the beneficiary).

The person, also called the principal, whose fidelity or undertaking is the subject of a fidelity guarantee or a bond.

An accidents only policy pays lump sum benefits following permanent total or partial disablement, dismemberment or death caused by an accident and weekly benefits for temporary total disablement. The policy is renewable annually but similar cover is available under travel policies. Hazardous pursuits (e.g. mountaineering) are excluded but can usually be bought back. A weekly/ monthly benefit can be added for total disablement through sickness – a personal accident and sickness policy. See CONTINTENTAL SCALE; INCOME PROTECTION.

Insurance contracts are personal contracts, i.e. they depend upon trust and confidence. Consequently insurance policies are not assignable without the insurer’s agreement. However, commercial and other circumstances dictate that marine and life policies are not considered to be personal contracts.

A section of a commercial legal expenses insurance to provide similar cover for directors, partners and key personnel and their families in respect of private matters.

A household contents extension indemnifying the insured (and resident family members) against legal liability for third party injury or damage resulting from acts or omissions occurring in a private capacity. Cover excludes liability arising from: business or profession; land or buildings; motor vehicles.
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The Policy for individuals in respect of legal liability arising out of their own negligence or the negligence of their family members. These policies are known as “Personal Policies”.