Over 50 Life Insurance terminology A. What is Assurance, an Actuary or Assignment? and many more explained

Over 50 Life Insurance
Call our dedicated UK based quote and advice team now. Freephone for UK landlines onliy. Calls may be recorded for training purposes.

-  Life Insurance for over 50s

Life Insurance Menu

  • Home
  • Over 50 Life Insurance
  • Critical Illness Insurance
  • Income Protection Insurance
  • Mortgage Payment Protection
  • Accident, Sickness & Unemployment
  • Smokers Life Insurance
  • Help / FAQ’s
  • Terminology
  • Why Choose Us
  • Who We Are
  • Contact Us

    Over 50 Life Insurance Terminology - A

    ABI (Association of British Insurers)
    This is effectively a trade union consisting of most of the UK’s insurance providers. They meet up to debate on policy issues and represent the interests of the UK’s Life Insurance market.

    An Actuary is an Insurance professional who asses the risk of a financial consequence using a formula of statistics, trends and experience. Insurance providers will employ an Actuary to asses certain outcomes of given situations and can advise these insurance companies accordingly to help minimize any losses.

    ASU Cover (Accident, Sickness & Unemployment Insurance)
    This is an Over 50 Life Insurance policy which pays the policy holder a tax free monthly income should they no longer be able to continue working due to an accident, sickness or being made unemployed by their employer. This UK insurance is also sometimes known as Redundancy Insurance or Accident Insurance.

    This is the term given to the process of when an over 50 life insurance policy is transferred to another person or business and them taking complete ownership of it.

    Any Occupation
    This is a term usually found in your policy notes which is a condition on which the policy will pay out. ‘You are no longer able to undertake any occupation’.

    Also know as Life Assurance, this is where your policy runs for the duration of your lifetime and is an investment based policy which covers you for the eventuality of death where as a life insurance policy covers you ‘In case’ you die.

    Click here to return to our Insurance Terminology Page


    Terms & Conditions | Site Map | Useful Resources

    Copyright © www.over50lifeinsurance4u.co.uk 2016. All rights reserved.
    www.over50lifeinsurance4u.co.uk is an independent marketing website which acts as an introducer to whole of market companies who offer Independent ProtectionAdvice. Each company is authorised and regulated by the 
    FCA (Financial Conduct Authority) or are an appointed representative of a regulated company. www.over50lifeinsurance4u.co.uk are not authorised to give advice and we are not liable for any protection or financial advice provided by, or obtained through a third party. The content of this website is for informational purposes only and should not be regarded as financial or protection advice. Views expressed by our author(s), are the personal views of the author(s) alone, and are not intended in anyway to be construed as advice. They should only be used as guidance and are not necessarily suited to the personal circumstances of every individual in the UK.