Having just spoken to an IFA I am much clearer about this:(posted 8539 days ago)The word 'Premium', being a "payment on an insurance contract", was changed so that there could be no doubt as to whether there was any contract between the insurer and the borrower. As the borrower had previously paid, as shown on the completion statement, the premium, this meant that there was a contract of insurance which could easily be seen in the eyes of the law, to cover both borrower and lender. Apparently in the early 1990's several cases came to court and the borrower was cleared due to this. This is mainly why the wording was changed - lenders and insurers act fast when they get stung. I have looked but it seems that these cases went unreported and that unless the court where the case was held is known it is impossible to find them.
As, where the word 'premium' was used, it means there was a in theory a contract it also means that the borrower has every right to a copy of the policy.