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Assurance |
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AssuranceIn the UK the term 'assurance' tends to be used where insurance is taken out against something which will inevitably occur, an example being death and thus life assurance. The term 'insurance' is used when insuring against an event which may occur such as damage to a motor vehicle.Similar MatchesContingent assuranceContingent assuranceLife assurance where payment of the sum assured depends on an event or events additional to the death of the life assured. For example the policy may specify the prior death of the spouse of the life assured. Decreasing term assuranceDecreasing term assuranceA life insurance policy that pays out a lump sum in the event of death. The amount paid out can be calculated so that it fall in line with your outstanding mortgage debt – meaning that over time the borrowers premiums also fall. This type of policy is well suited to providing cover on a repayment mortgage. Life assuranceLife assuranceAn insurance policy which, in return for the payment of regular premiums, pays a lump sum on the death of the insured. In the case of policies limited to investments which have a cash value, in addition to life cover, a savings element provides benefits which are payable before death. In the UK endowment assurance provides life cover or a maturity value after a specified term, whichever is the sooner. Endowment assuranceEndowment assuranceA fixed term life assurance policy in which provision is made for premiums to pay for life cover plus a savings/investment element. The policy pays out a sum of money (the sum assured) on the death of the life assured or at a specified date (the maturity date) if the life assured survives the term. If an endowment policy is encashed in its early years any proceeds returnable to the policyholder will normally be below the value of the premiums paid up to cancellation. Renewable term assuranceRenewable term assuranceTerm life insurance with a term of, for example, three years, at the end of which the policy can be renewed for a further three years and similarly thereafter for an overall specified length of time. Further Suggestionslife assurance premium reliefLevel term assurance family income benefit (family income assurance) industrial life assurance decreasing term assurance unit linked life assurance joint life assurance index linked family income assurance Life assurance index linked term assurance bancassurance unit linked endowment assurance unit linked whole of life assurance term assurance |
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