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

means:

1. for the purposes of the SRA Financial Services (Conduct of Business) Rules 2001 the meaning given in the FCA Handbook; and
2. for the purposes of the SRA Indemnity Insurance Rules and the MTC a contract of professional indemnity insurance made between one or more persons, each of which is a participating insurer, and an authorised body

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

has the meaning given in the FCA Handbook

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