Insurers and salesmen

There are three groups of people who are involved in every insurance:

(a) You, the policyholder, who buys the polity.

(b) Your insurers, who accept the risks and issue the policy.

(c) The intermediaries, who actually sell the policies to the public.

The insurers

There are about 600 insurance companies in Britain, ranging from the well-known large composite groups of companies who transact all, or nearly all, types of insurance to the smaller company specializing in one kind only, usually life assurance. This division has arisen as a result of the different nature of life assurance, where the policies are long-term contracts under which it is agreed to pay regular fixed premiums in return for death cover and other benefits at the end of a specified number of years. Most other forms of insurance have annual contracts where the premium may fluctuate to reflect changing conditions, and which neither the policyholder nor the insurer is legally bound to renew. Insurance companies are moreover required by law to keep separate funds for long-term and short-term insurances, and much of the mathematical and technical theories behind life assurance does not apply to the other 'branches.

All insurance companies are either proprietary or mutual. Proprietary companies are owned by their shareholder, who need not be holders of policies issued by the company but are entitled to a share of the profits paid in the form of dividends in return for providing the company's capital. Share prices are quoted on the Stock Exchange as for any other commercial limited company. Mutual offices, which include most of the older life assurance companies, are owned collectively by the policyholders, who share all the profits. Some insurance companies are incorporated by Royal Charter, some by private Act of Parliament, while a majority are limited companies registered under the Companies Acts.


Insurers and salesmen

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.

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

read on: The Basic Facts on Insurance - Policy holders

There are three groups of people who are involved in every insurance:

(a) You, the policyholder, who buys the polity.

(b) Your insurers, who accept the risks and issue the policy.

(c) The intermediaries, who actually sell the policies to the public.

The insurers

There are about 600 insurance companies in Britain, ranging from the well-known large composite groups of companies who transact all, or nearly all, types of insurance to the smaller company specializing in one kind only, usually life assurance. This division has arisen as a result... see: The Basic Facts on Insurance - Policy holders