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Term Definition Legal instruments

ancillary risk

01/01/2016

THIS DEFINITION ONLY APPLIES TO THE FRIENDLY SOCIETY - OVERALL RESOURCES AND GUARANTEE FUND PART

means, in relation to a principal risk belonging to a class of general insurance business, a risk included in another such class which is:

(1) connected with the principal risk;

(2) concerned with the object which is covered against the principal risk; and

(3) the subject of the same contract of insurance as the principal risk.