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actuary
An expert who uses statistical records to predict the future. An actuary uses records of the occurrence of uncertain events, such as death at given ages, or fire, theft, and accidents to cars, to ...
annuity
A contract by which a financial institution such as an insurance company agrees to provide a regular income for the remainder of the holder's life. The name annuity arises from annual payments, but ...
assignment of life policies
Transfer of the legal right under a life-assurance policy to collect the proceeds. Assignment is only valid if the life insurer is advised and agrees; life assurance is the only form of insurance in ...
assured
The person named in a life-assurance policy to receive the proceeds in the event of maturity or the death of the life assured. As a result of the policy, the person's financial future is ‘assured’.
bancassurance
The combination of traditional loan and savings bank products with such assurance products as life assurance and pensions. It is now common for major UK banks to provide this combined service and the ...
custody for offenders under 21
An offender under the age of 21 cannot be sentenced to imprisonment; instead he may be sentenced to detention in a young offender institution under s 96 of the Powers of Criminal Courts Sentencing ...
group life assurance
A life-assurance policy that covers a number of people, usually a group of employees or the members of a particular club or association. Often a single policy is issued and premiums are deducted from ...
independent intermediary
A person who acts as a representative of a prospective policyholder in the arrangement of an insurance or assurance policy. In life assurance and pensions it is a person who represents more than one ...
insurance
The use of contracts to reduce and redistribute risk. In an insurance contract, the insurer accepts a fixed payment, or premium, from the insured, and in return undertakes to make payments if certain ...
insurance policy
A formal document issued by an insurer setting out the terms of a contract of insurance. Insurance contracts are not required by law to be in writing. Before the issue of a policy an insurer may ...
life policy
A policy providing a formal embodiment of a contract of life assurance. The benefit of a life policy can be assigned to a third party.
murder
N.Unlawful homicide that does not fall into the categories of manslaughter or infanticide. The mens rea for murder is traditionally known as malice aforethought and the punishment (since 1965) is ...
surrender value
The sum of money given by an insurance company to the insured on a life policy that is cancelled before it has run its full term. The amount is calculated approximately by deducting from the total ...
top slicing
A method of assessing the taxable gain on a life-assurance policy. The proceeds of the policy plus all capital withdrawals, less the premiums paid, are divided by the number of years for which the ...
unit-linked policy
A life-assurance policy in which the benefits depend on the performance of a portfolio of shares. Each premium paid by the insured person is split: one part is used to provide life-assurance cover, ...
whole life policy
A life-assurance policy that pays a specified amount on the death of the life assured. Benefits are not made for any other reason and the cover continues until the death of the life assured, provided ...
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