Replaced by the Second State Pension (S2P) in 2002 as the earnings-related part of the statement retirement scheme. Rights built up under SERPS are protected.

A life insurance/personal accident underwriting term for the higher risk of accidental death of members of the armed forces.

Overseas (re)insurance business that is transacted in the UK. This cross-frontier business contributes significantly to the UK’s balance of payments. In the EC it is the right of an insurer to sell insurance cross border into other Member States. It does not apply to business accepted under full binding authorities held by coverholders in the Member State where the risk is located.
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See: freedom of services.

Clause in a fire policy on buildings in respect of the cover provided on items such as telephones, gas, water pipes and cabling which are partly outside the building. The cover is ‘accidental damage’ and applies to property belonging to the insured or that for which he is responsible.