The Basic Facts on Insurance - Policy holders

A further category is the home service group of companies, where a representative calls at the policyholder's home, usually once a week, often collecting such small sums as i op or zop. For many wage-earners, this personal service provides a useful opportunity to save through insurance for the cost of weddings, funerals or holidays, but in view of the relatively large cost incurred in collecting the comparatively small premiums, the return to the life policyholder may not always be as high as with ordinary life assurance companies.

Insurers generally are known by a large variety of names some are companies, offices, corporations, societies or associations, and in addition there is the unique market at Lloyd's. Lloyd's is not an insurance company - it is a corporation consisting of over 7,000 members, known as underwriters, who group themselves into syndicates to provide capital to pay for the claims from disasters. To be elected, a prospective British member must have personal securities worth at least £75,000 (300,000 for foreigners), be sponsored by six existing members, and be cross-examined by a committee. After election, an underwriter is authorized to agree to insure a risk, charge an appropriate premium and issue the policy.

Although you may walk into any broker or insurance office to buy an insurance policy, you cannot do this at Lloyd's. You must first approach a firm of Lloyd's brokers, who then negotiate with the underwriter at Lloyd's on your behalf. The brokers work in the famous Lloyd's room in front of the benches where the underwriters sit, carrying slips of paper with details of the risk they want to insure.

Lloyd's first developed during the seventeenth century, when men congregated at Edward Lloyd's coffee-house to offer insurance for ships. Some of the present routine survives from those days. If a broker is wanted, a red-robed caller ' calls for the broker through a microphone from a central dais. Above the dais is the famous Lutine Bell, which is rung once for bad news about ships, twice for good news. Although Lloyd's was originally a market offering insurances for ships only, nowadays risks of all kinds are accepted.


Policy holders

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

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read on: Ask yourself the following questions.

A further category is the home service group of companies, where a representative calls at the policyholder's home, usually once a week, often collecting such small sums as i op or zop. For many wage-earners, this personal service provides a useful opportunity to save through insurance for the cost of weddings, funerals or holidays, but in view of the relatively large cost incurred in collecting the comparatively small premiums, the return to the life policyholder may not always be as high as with ordinary life assurance companies.

Insurers generally are known by a large variety of... see: Ask yourself the following questions.