Principles of insurance

In present-day Britain the insurance industry employs more than a quarter of a million people, holds funds of over £67,000 million and earns about £600 million per annum overseas. In addition, insurance companies advance about £600 million each year for house-purchase loans. Thus, the insurance industry plays a highly significant part in the economy as a whole, both as a financial intermediary lending and investing funds and as a valuable earner of foreign currency.

In particular, life assurance is one of the biggest sources of regular personal savings in the country. On average, nearly 320,000 new individual life assurance policies are issued each week in Britain, the total yearly premiums amounting to nearly £6,600 million, and most of this is paid back to policyholders in the form of death claims, maturities and surrenders. At the end of 2003, the total funds of members of the three life assurance trade associations (see Section 6) amounted to £62,000 million, representing the savings of millions of policyholders, compared with National Savings of £9,22o million and building society savings of £62,350 million.

The funds of the life assurance companies are invested in mortgages, government and local authority securities, debentures, fixed-interest stocks, equities and property.

This website is divided into four parts. Part One applies to all types of private insurance generally, and covers basic facts, how and where to buy a basic policy, how to claim, and what all the small print means.

Later we tells you what you can expect from the state; Part Three covers life assurance, annuities and pensions ; while Part Four deals with other various types of insurance available. At the end of the website there is both a glossary of insurance jargon, and a list of some useful addresses. If you are uncertain which particular types of insurances are covered in any specific chapter, use the index to help you find your way.

Should you have a special need for which cover is not described, consult one of the insurance specialists described in Section 2, or contact an insurer directly. For more go to http://gleen.tripod.com/basic.htm

Finally, a warning. Insurance is a complex subject and, as I said earlier, everyone's needs depend on his or her own individual circumstances. Not every word of advice which appears here will therefore apply to every single reader. Treat this website as a practical guide to widen your knowledge, to help to fill your insurance needs in the best possible way, and to make sure you are getting good value for money.


The Principles of 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.

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read on: The Basic Facts on Insurance

In present-day Britain the insurance industry employs more than a quarter of a million people, holds funds of over £67,000 million and earns about £600 million per annum overseas. In addition, insurance companies advance about £600 million each year for house-purchase loans. Thus, the insurance industry plays a highly significant part in the economy as a whole, both as a financial intermediary lending and investing funds and as a valuable earner of foreign currency.
In particular, life assurance is one of the biggest sources of regular personal savings in the country. On average, nearly 320,000... see: The Basic Facts on Insurance