Neck injury suffered by drivers and passengers of motor vehicles caused by their sudden involuntary body movement due to a collision. The cost to motor insurers is £600 million to £700 million each year. The ABI has commissioned research under the title, ‘Prevention and Management of Whiplash Neck Injury.

1. The reporting in writing to Opra by an actuary or an auditor of an occupational pension scheme where they suspect that a breach of certain rules has occurred. Others may report such breaches but the actuary and the auditor have a legal duty to do so (PA95, s.48). 2. The FSA can accept whisteblowing information from insiders in regulated firms by virtue of its prescribed regulator status under the Public Interest Disclosure Act 1999. The Act protects ‘whistleblowers’ from reprisals and secures compensation for victims for revealing serious wrongdoing.

Term that applies when a firm, e.g. broker, labels and sells an insurance product under its own name when it is the product of another firm, e.g. an insurer. The FSA does not restrict this practice but has issued a guidance note to say that firms should make clear to the customer the identities of both the insurer and the intermediary and should ensure that their communication with the customer is clear, fair and not misleading.

Refers to excess of loss treaty protecting the whole of the reinsured’s written business or the whole of a category, such as the liability account rather than arranging separate protections for public liability, employers’ liability, third party motor, etc. Whole account cover has many layers, is often on a co-insurance basis and may take care of disasters and clashes.

assurance under which benefit is payable on death whenever it occurs; may be with- or without-profits.

Rule of construction meaning that the whole of the policy must be looked at and not merely a particular clause. Where a proposal is expressly incorporated in a policy by the terms of the policy, the two should be read together.

A credit insurance whereby the insured insures the whole of his sales ledger rather than insure selectively on the basis of named accounts.

A broker who places risks with Lloyd’s or with insurance companies on behalf of other brokers, i.e. subbrokers who are customer-facing and therefore, unlike the wholesaler, subject to ICOB rules. Wholesale brokers normally attract business as they are able to secure better policy terms and conditions than the sub-brokers. Wholesale brokers who are Lloyds-accredited provide a route to the Lloyd’s market for other brokers and may operate under binding authorities.
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A type of insurance broker who acts as an intermediary between a retail broker and an insurer, while having no contact with the insured. Wholesale agents place business brought to them by retail agents. Unlike a retail broker, wholesale brokers have direct contact with the insurer, whereas the retail agent who produced the business does not. The same broker can function as a retailer or wholesaler, depending on the specific situation. Wholesale brokers often possess specialized expertise in a particular line of coverage or in a line of coverage that is unusual and/or have greater access to or influence with certain insurance markets, which is especially valuable when dealing with a difficult-to-place risk. There are two types of wholesale brokers managing general agents and surplus lines brokers. The latter work with the retail agent and the insurer to obtain coverage for the insured but unlike a managing general agent, a surplus lines broker does not have binding authority from the insurer.