Insurance premium tax


 

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Insurance premium tax

A tax imposed on certain insurance premiums where the risk is located in the UK.



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National Insurance

National Insurance

A form of taxation, payable by employees, employers and the self employed, which is notionally to fund state benefits including pensions, sickness, unemployment and maternity. It is part of the state's social security system and ultimately controlled by the Department of Social Security.


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Social Security Disability Income Insurance

Program financed by the Social Security tax to provide assistance to disabled individuals with disabilities expected to last at least one year, to compensate for lost income.


Long term care insurance

Long term care insurance

The planning, by way of suitable insurance, for covering partially or in full, the cost of long term care in old age. The place of care may be the insured's own residence or a nursing home. In order to claim benefit, the insured must be disabled to the extent that he/she is unable to perform say three daily activities such as washing, dressing and eating/drinking.


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Insurance that protects a property owner against defects to or claims against a property. Typically purchased by the buyer upon closing, sometimes as required by the lender. Title companies issue the policies.


Title insurance

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Insurance policy that protects a policyholder from future challenges to the title claim a property that may result in loss of the property.


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