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LIFE ASSURANCE PRODUCTS
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Beneficiary
The person who is or will be the ultimate recipient of a benefit.
Benefit Basis The benefit structure of a group insurance policy or pension
arrangement. It defines the type and level of benefits for each category
of membership. For example, life assurance cover for one category of employees
might be 3 x salary and for another category of employees it might be
4 x salary (the categories must be clearly defined groups in terms of
jobs carried out so as to ensure there is no illegal discrimination).
Benefits
The monetary amounts payable by the insurance company to a claimant, assignee,
or beneficiary under the terms of an insurance policy.
Broker
An agent who brings two parties together, enabling them to enter into
a contract to which he is not a principal. His remuneration consists of
a brokerage, which is usually calculated as a percentage of the sum involved
in the contract but may be fixed according to a tariff. Brokers are used
because they have specialized knowledge of certain markets or to conceal
the identity of a principal, in addition to introducing buyers to sellers.
Buy Back
1) A payment made to reinstate into SERPS a person belonging to a contracted
out pension scheme. 2) Reinstatement of life assurance cover after a claim
has been paid on critical illness under a policy that provides cover against
critical illness and death. (Normally a policy of this type will cease
on the claim being paid; the life assurance cover is then automatically
cancelled.)
Buy Out The purchase of an insurance policy for a pension scheme member in lieu of benefits from the scheme following the termination of pensionable service.
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