A combination of a single premium immediate annuity and a single premium deferred annuity whereby the premium is split between the two. The immediate annuity provides a current income, only part of which is taxed, while the deferred annuity accumulates over time to the original total premium invested.

This occurs when the results of an investigation appear to indicate an unexpected variation in mortality due to selection. It may be due to statistical faults in the data or abnormal experience.

a clause used in reinsurance contracts which is intended to protect the relative value of cover from inception, thus taking into account the effects of inflation on claims (also known as index clause).

Clause that adjusts the retention and limit provisions of an excess of loss reinsurance in accordance with the fluctuations of a published wage or price index. The clause apportions the effect of inflation proportionately between the parties. protects the reinsurer who, on the basis of unadjusted retention, would suffer the full effects of inflation. The severe inflation clause is a variant that invokes the index only if inflation exceeds an agreed level, e.g. 20 per cent.

UK: Applying the limits of more than one losses-occurring policy to an occurrence, loss or claim. It may occur when the same long-tail injury is deemed to have occurred in each of a number of years causing the limits of those periods to be aggregated to produce a gher limit than the insurer intended. Insurers use claims series clauses in order to attempt to trigger all claims from one original cause’ into a single year.
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Applying the limits of more than one policy to an occurrence, loss or claim. In some cases, courts have required a stacking of limits when multiple policies, or multiple policy periods, cover an occurrence.
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The application of the limits of one or more insurance policies to a claim or loss.

Personal pensions with strict limits on cost, access and terms targeted at the mass market. Even nonearners can contribute up to the maximum of £3,900 per year (2002/3) with contributions net of tax even if no tax is paid. Occupational scheme members earning up to £30,420 or less may contribute concurrently to the scheme.

People or organisations who may be affected by, or perceive themselves to be affected by, risk creating decisions or activities. Stakeholders can be internal (e.g. employees) or external (e.g. shareholders, regulatory bodies, customers).

Syndicate with a single corporate member and which does not write business in parallel with any existing syndicate. The syndicate writes business solely for its own account and is supported by a single underwriting corporate member, the sole source of capital. Lloyd’s does not generally allow a standalone syndicate to be established unless it brings new capital to the market.

A rating based on S & P’s assessment of the financial capacity of an insurance company and its ability to meet its claims obligations. There are two ranges of ratings: (a) secure range: AAA to BBB; and (b) vulnerable range BB to CCC.