Insurance product information document and appropriate information

You are reading current version in effect from 25 November 2019
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You are reading current version in effect from 25 November 2019

Glossary terms

client

means the person for whom you act and, where the context permits, includes prospective and former clients

in the SRA Financial Services (Scope) Rules, in relation to any regulated financial services activities carried on by an authorised body for a trust or the estate of a deceased person (including a controlled trust), means the trustees or personal representatives in their capacity as such and not any person who is a beneficiary under the trust or interested in the estate

policy

has the meaning given in the FCA Handbook

personal recommendation

means a recommendation that is presented as suitable for the person to whom it is made, or is based on a consideration of the circumstances of that person

Insurance Product Information Document

means a document that meets the requirements of article 20(5) to article 20(8) of the IDD and the Commission Implementing Regulation (EU) 2017/1469

pure protection contract

means:

  1. a long-term insurance contract:
    1. under which the benefits are payable only in respect of death or of incapacity due to injury, sickness or infirmity;
    2. which has no surrender value or the consideration consists of a single premium and the surrender value does not exceed that premium; and
    3. which makes no provision for its conversion or extension in a manner which would result in its ceasing to comply with (a) or (b); or 
  2. a reinsurance contract covering all or part of a risk to which a person is exposed under a long-term insurance contract
contract of insurance

means (in accordance with article 3(1) of the Regulated Activities Order) any contract of insurance which is a long-term insurance contract or a general insurance contract