Thanks for the confirmation.
As a result of the feed back so far, I was contemplating calling the policy Loss of Licence / Flying Status. So that where it says LOL it also means Loss of Flying Status.
Would those words (F.S) be appropriate / valid? If you lose your job as a result of an accident or sickness, would you lose Flying Status or is there a more technical and industry related term?
Again, thanks for the info': more useful than you can imagine!