The person or persons (corporation or individual) appointed to carry a trust. A trustee has an insurable interest in respect of the legal right or interest in the trust property vested in him if permitted or directed by the trust deed.

Given by the trustees to the scheme actuary. This results in the trustees having to provide such information as the actuary may require and any items prescribed by regulations and professional guidance published by both the Institute and the Faculty of Actuaries.

Provide that the acquirer of a business takes over the employees involved on their existing terms and conditions so that they can sue the new employer as if still employed by their original employer. Liability for accidental injury is also transferred but the insurer who pays is the one receiving the premium at the time of the accident (Bernadone v. Pall Mall Services (2000) and Haringey Health Care Trust v. NHS Trust).

Guidance published in 1999 to assist the directors of UK listed companies in complying with the internal control requirements of the Combined Code on Corporate Governance to which ‘Turnbull’ is appended. Includes guidance on risk management related to operational risk and compliance risk as well as financial risk. See CORPORATE GOVERNANCE.

The monetary value of sales in a period of time. The figure reflects the level of activity in a firm or organisation and may be used to measure exposure as in products liability. See ADJUSTABLE POLICIES; STANDARD TURNOVER.
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The money earned for goods supplied or services rendered in the course of the business at the premises specified in the policy.

A method of computing the unearned premium reserve. It is assumed that, on average, policies run from the middle of the month of inception. The appropriate number of twenty-fourths of premiums relating to the policies commencing in each month is then carried forward as unearned.

A warranty used in catastrophe excess of loss reinsurance to ensure that the reinsurance is not invoked unless at least two distinct risks are involved. Involvement in single losses applies to working cover excess of loss treaty. The warranty is used in life, personal accident, catastrophe property and reinsurance in the London excess market (LMX).