UK agreements with other countries entitling travellers in those countries to obtain free or reduced rate medical attention under local national health provisions. As a travel policyholder bears the first portion of a medical expenses claim, the UK traveller should produce form E111 (obtainable from the Department of Social Security) to receive a full indemnity in the event of receiving treatment.

The opening clause of the policy reciting names of the parties and stating that the insured has applied for the contract of insurance. The clause is also called the ‘Preamble’.

income or gains are said to be recognised when credit is taken for them in, for example, the life revenue account; recognised gains are not necessarily realised gains.

Pension scheme actuary’s recommendation as to the standard contribution rate. Usually involves adjusting the current standard contribution rate to allow for differences between the actuarial liability and the actuarial value of assets taking into account the objectives of the funding plan.

Record of amount and frequency of contributions made through the employer’s payroll to a personal pension provider. It must show: deductions from pay; the employer’s contribution; and the date by which contributions must be received by the provider. The due date for employee contributions must be no later than the 19th of the month following deduction. Providers not in receipt of contributions within 30 days of due must inform Opra.

A policy that responds when an ECGDbacked buyer credit loan agreement coincides with a supplier default on the connected export contract. In the absence of insurance, the ECGD’s right of recourse would cause the loss to fall on the exporter.

Amounts the insurer can recoup after paying for a loss. It may be the result of: sale of salvage; exercise of subrogation rights; or reinsurance recovery.

Process of rectifying a policy document that fails to represent the terms agreed between the parties. If an insured feels that a mistake has been made in the policy he may seek rectification and apply to the court if the insurer refuses. To succeed he will have to show that the policy does not represent the agreement and is not true evidence of the contract.
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Correction of a mistake made in drawing up a written contract.