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InsuranceA contract in which payment of premiums covers the insured against something which may, or may not occur. For example motor insurance covers the insured against accidents which may occur. In the UK insurance is differentiated from assurance (life assurance) which is protection against something which will inevitably occur.InsuranceGuarding against property loss or damage making payments in the form of premiums to an insurance company, which pays an agreed-upon sum to the insured in the event of loss.Insurance Similar MatchesNational Insurance Pension (State Pension)National Insurance Pension (State Pension)Regular income from the state paid to retired people who have made contributions during their life. In the UK, the retirement age for men is 65 and for women is 60.To qualify individuals must have made full National Insurance (NI) contributions. Men must have worked for 44 years and women for 39 years, or have received a special waiver such as invalid care allowance.In April 1978 the government introduced another pensions scheme (the State Earnings Related Pensions Scheme or SERPS) to provide a pension related to the earnings of employed people only. SERPS was replaced by the Second State Pension or S2P in April 2002.Employees make payments to S2P and the NI Basic Pension by way of Class 1 National Insurance (NI) contributions. (Employers also pay Class 1 contributions on all the employee's earnings). Employees may elect to contract out of S2P and pay Class 1 contributions via a rebate which may be invested in an occupational pension or a personal pension plan.There are two main pensions: the NI Basic Pension and S2P. There is also an additional benefit, the Graduated Pension or Graduated Retirement Benefit. This was a state scheme which existed between April 1961 and April 1975 for people earning over £9 per week. People who were employees during any part of this period and who paid Graduated NI Contributions will receive a Graduated Retirement Benefit. Women over 60 and men over 65 can if they wish continue in employment even when they are receiving the NI Pension. Insurance premiumInsurance premiumThe amount payable by the insured in return for indemnification against specified risks. Mortgage life insuranceMortgage life insuranceA life insurance policy which pays off the outstanding balance of a mortgage in the event of the death of the insured. Personal accident insurancePersonal accident insuranceAn insurance policy which, in return for regular premiums, pays a specific sum in the event of death, loss of sight or limbs or other permanent disablement due to an accident. Private Mortgage InsurancePrivate Mortgage InsuranceInsurance against a loss by a lender in the event of default by a borrower (mortgagor). The insurance is similar to insurance by a governmental agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment. Further SuggestionsInsurance agentFederal Insurance Contributions Act sickness insurance credit insurance municipal bond insurance Savings Association Insurance Fund (SAIF) homeowners insurance convertible term insurance Group insurance insurance premium tax Life insurance policy accident insurance level term insurance National Insurance Level term insurance Mortgage payment protection insurance (MPPI) Credit insurance contract of insurance Liability insurance Uninsured motorist insurance whole life insurance Title insurance Reinsurance reinsurance Homeowners insurance policy |
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