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

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    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.


    Actuary
    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.


    Assignment
    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’.


    Assurance
    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.


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