UK: Current value of future payments. It is calculated by deducting an amount for interest, and taking account of how likely it is that the money will be paid. Also called capitalised value.
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MEDICAL,USA: For future stream of payments, a lump sum amount that, if invested on a certain date (evaluation date), together with interest earnings, would be enough to meet each of the payments as they fell due. At the time of the last payment, the invested fund would be exactly zero.
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The current value of an amount due in the future.
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The current value of future money before interest earnings are included.

Benefits granted to an occupational pension scheme member on leaving before normal pension age based on benefits already earned. The benefits are ‘frozen’ and become payable when the member retires. In the case of a contracted out scheme the preserved pension must be in accordance with the guaranteed minimum pension and be transferable.

Plant designed to contain gas or vapour, such as steam, under pressure. The majority of items have to be inspected under statutory provisions. A steam boiler is an example. The principal risk is explosion and/or collapse.
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Any unfired closed container under steam, gas or fluid pressure.

The aim is to prevent injury from the hazard of stored energy due to system failure. Pressure system users/owners must show that they know the safe operating limits, mainly pressure and temperature, of their pressure systems, and that the systems are safe under those conditions. They need to: (a) have a suitable written scheme of examination before the system is operated; (b) ensure that the pressure system is examined in accordance with the written scheme; (c) ensure that the scheme is certified by a competent person.

product related hazard.

An aviation insurance term to describe risks which, although serious, are not potentially catastrophic.

This principle is bound up with subrogation. Where the same loss or damage becomes the subject of a claim under both a first party policy covering the owner’s interest and another person’s liability for that loss/damage, the liability insurer ultimately pays for the loss as their insured is primary liable. The property owner has no direct claim against the liability owner, only against the third party.

the FSA’s Principles for Businesses manual, setting out the fundamental obligations for all firms under the regulatory system.