Insurance Glossary A-H

Actuary: Expert specializing in the applications of probability and mathematics to life assurance.

Agent: Person who acts as intermediary between insurer and customer and receives commission on the insurance sold. Annuity: Series of payments made regularly in return for, a capital sum.

Assessor: Estimates the value of losses, usually on behalf of an insurance company.

Assurance: (Means the same as insurance, but applies to life insurance only.) The sharing of risks by a large number of people.

Benefit: Sum of money paid for certain types of loss. Also applies to state schemes.

Bonus: Profits are distributed by life assurance companies to policyholders in the form of bonus additions to the sum assured.

Broker: Advises clients and arranges insurance. Paid by commission from insurers on the insurance sold.

Certificate of insurance: Document providing evidence of motor insurance required by the Road Traffic Act.

Claim: Demand for payment under a policy.

Commission: Remuneration, usually expressed as percentage of premium or sum assured, payable to BROKER, AGENT Or other person selling insurance.

Comprehensive policy: Policy combining a number of different risks.

Cover: `Insure' (verb) or ' protection ' (noun).

Cover note: Temporary form of Certificate of Insurance providing proof of insurance.

Days of Grace: Period of time, after date for renewal of policy, during which premiums can be paid without losing insurance. Declaration: Statement by the person applying for insurance certifying the accuracy of the information in the proposal form.

Endorsement: Addition to a policy, varying the terms of the contract.

Endowment: Type of life assurance in which a sum is paid after a fixed period or on death before the period is completed. Excess: When claiming, that part of every loss which you must pay yourself.


Building and contents policy

Payroll Giving
It’s all very easy to organise.
Just ask the Personnel or the Payroll Department at your company and, if they already have a scheme, they will give you the relevant forms.  HM Revenue & Customs’ website has a list of Payroll Giving agencies and explains payroll giving in more detail.

Salon Gold Insurance

Cheaper Insurance for Salons, Freelance Hair and Beauty, and Mobile Businesses - click here

read on: Insurance Glossary I - R

Actuary: Expert specializing in the applications of probability and mathematics to life assurance.

Agent: Person who acts as intermediary between insurer and customer and receives commission on the insurance sold. Annuity: Series of payments made regularly in return for, a capital sum.

Assessor: Estimates the value of losses, usually on behalf of an insurance company.

Assurance: (Means the same as insurance, but applies to life insurance only.) The sharing of risks by a large number of people.

Benefit: Sum of money paid for certain types of loss. Also... see: Insurance Glossary I - R