GIGI App
Appendix A: brief description of key terms in Part III
GIGI App 1
Appendix A: brief description of key terms in Part III
- 01/12/2004
GIGI App 1.1
See Notes
| Defined term | Meaning |
| Client money | Money that a firm holds on behalf of a client in the course of carrying on insurance mediation activities. This includes money that a firm treats as client money in line with the FSA client money rules in CASS. |
| Contracts of large risks | A contract that covers certain types of large risks. These include ships or aircraft (and related liability), railway rolling stock, goods in transit, credit and suretyship. |
| Customer | In ICOB, a 'customer' is a policyholder or potential policyholder. This can include a member of a group policy who has direct rights under the contract of insurance, e.g. to claim. In CASS, a 'customer' is the same as a 'client' who is any person with or for whom a firm conducts or intends to conduct designated investment business, insurance mediation or any other regulated activity. |
| Distance contract | A contract concluded without any face-to-face contact with the customer (e.g. telephone, internet, e-mail or post). |
| Durable medium | In a form that a customer can keep and refer to as needed. It can include paper, disk, and e-mail. |
| Insurance intermediary | A firm carrying on insurance mediation activities. So as well as a broker it may be a bank, IFA or a retailer or an insurance company selling directly to the customer. For the purposes of this Guide we use it to mean a small insurance broker. |
| Insurance mediation activities | Any of the following regulated activities: (1) dealing as agent in contracts of insurance; (2) arranging (bringing about) deals in contracts of insurance; (3) making arrangements with a view to transactions in contracts of insurance; (4) assisting in the administration and performance of contracts of insurance; (5) advising on contracts of insurance; (6) agreeing to carry on any of the above activities. |
| Non-investment financial promotion | A financial promotion relating to a non-investment insurance contract that is not made in the course of a personal visit, telephone call or other interactive manner. |
| Non-investment insurance contract | A contract of insurance that is a general insurance contract or a pure protection contract but which is not a long-term care insurance contract. |
| Personal recommendation | A recommendation to a specific person (or group of people) on a non-investment insurance contract. |
| Retail and commercial customer | (1) A 'retail customer' is a customer who is an individual acting outside his trade business or profession. (2) A 'commercial customer' is a customer who is not a 'retail customer'. |
- 01/12/2004