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• Best Advice - a colloquial
term used to describe the advice that IFAs have to give their
clients. It captures the fact that an IFA can explore the market in
choosing products for clients, whereas the company salesman only
sells the products of one company. Buy and Sell Agreement - a contract that defines, what happens to a Partnership if a partner dies. Collective life policies: Group life policies that do not relate to schemes established by an employer for the benefit of employees. Disability benefit: Certain life policies will pay out if the policyholder becomes permanently disabled. No further benefit is paid on the policyholder's subsequent death. Fatal accident benefit: Certain life policies will make an additional payment - over and above the sum insured - if the policyholder dies as a result of an accident. Guaranteed Premiums - if you choose a protection plan with a guaranteed premium, the provider can never increase that premium. This means that even as your age increases or if your health deteriorates you have locked in to the premium level at the start and it cannot increase. Individual permanent health insurance: Policies arranged by an individual providing for the payment of income during a period of incapacity due to ill health or accident. The benefit is paid to the policy holder until able to return to work, or until retirement. Lapse - of a policy. Normally as the result of non payment of premiums, a policy is terminated by the insurance company. |
Money Laundering - the process
by which criminals turn criminal money into apparently clean money.
Prevention of Money Laundering has lead to laws being passed that
require advisers to collect a lot of personal details about clients. Reviewable Premiums- if you choose a protection plan with a reviewable premium, the provider will review the cost of your plan – and will increase the premium you have to pay in light of your circumstances at the review. These types of plans are cheaper at outset than guaranteed premium plans. Trust - a legal structure whereby people (Trustees) look after money/assets on behalf of someone else, (the beneficiary (s)). They can be very simple, or very complex. If asked to be a Trustee, make sure that you understand what your legal duties are, and what may happen if you are found to have acted improperly. Trustee - person who is responsible for running a Trust (normally there is more than one Trustee). Underwriter - insurance expert who determines whether or not to take on a risk. Utmost Good Faith - in insurance you are obliged to tell the company anything that you think might be relevant, or risk not being covered. Waiver of Premium - This option means that a provider will take over the premium payments 6 months after you become unable to work following an accident or illness. This means the cover continues free of charge during extended periods of disability. Will - legal document that determines what happens to your estate when you die. more insurance jargon... |
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