Insurance Glossary I - R

Insurance: Protection against risks; the sharing of risks by a large number of people.

Insured: The person covered or protected by a policy of insurance.

Insurer: The insurance company, or Lloyd's underwriter, who agrees to provide the insurance required and accepts the risk. Knock-for-knock: An agreement (in car insurance) between

insurance companies where each party bears his own loss. Lapse: An insurance which is not renewed.

Life assured: The person whose life is being insured, and who is protected against loss of life.

Lloyd's: A special corporation consisting of members and syndicates transacting insurance.

Maturity: The end of the term of an endowment policy. No-claim discount: A reduction of premium resulting when a policyholder has made no claim.

Non-forfeiture: The keeping in force of a life policy even though premiums are not paid.

Non-profit policy: An insurance policy which does not share in the profits of the company.

Office: Insurance company.

Paid-up policy: (In life assurance) a policy where no further premiums are payable, but where the policy continues in force.

Policy: The document providing evidence and stating the terms of an insurance contract.

Policyholder: The person owning a policy and paying premiums; often also the insured person, but not necessarily so.

Premium: The amount of money paid to the insurance company. Proposal form: Questionnaire giving basic information to insurer. Forms basis of insurance contract.

Reinsurance: An agreement among insurers to share large risks. Renewal notice: Reminder from insurer to pay premium to continue insurance.

Risk: Chance of loss. Also used to refer to persons or thing insured.


Householders Insurance

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 S-Z

Insurance: Protection against risks; the sharing of risks by a large number of people.

Insured: The person covered or protected by a policy of insurance.

Insurer: The insurance company, or Lloyd's underwriter, who agrees to provide the insurance required and accepts the risk. Knock-for-knock: An agreement (in car insurance) between

insurance companies where each party bears his own loss. Lapse: An insurance which is not renewed.

Life assured: The person whose life is being insured, and who is protected against loss of life.

Lloyd's: A special... see: Insurance Glossary S-Z