In your prominent reporting of "Three steps to contract certainty" (News, 6 October), you are again to be congratulated for communicating effectively with your readers.

To explain, it is only by reminding everyone who works in the UK insurance industry of the true definition of insurance that we shall be able to recognise where we are now and go back to basics to learn from past mistakes before deciding on the way forward.

Accepting contract certainty as the true definition of insurance, the question that immediately comes to mind is are unit-linked policies that warn that values can go down as well as up valid contracts of insurance?

John Lynch
Managing director
Insurance Advisory Service