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You can use our glossary
to find the definitions of many terms you will come
across when arranging a secured homeowner loan
Click on a letter A
to Z for terms bneginning with that letter
K
Key Person Insurance (Key Man)
Insurance against the death or disability of a person who is vital to the profitability
of a business.
L
Level Term Assurance
A life assurance policy which pays out a fixed sum on the death of the life assured within
the plan term. No surrender value is accumulated.
Life Assured
The person who's life is insured against death under the terms of a policy.
Life Fund
A unit-linked
product that can invest in, for example, equities, property,
fixed interest securities and cash. When you invest, your money is used to purchase 'units' in a Life Fund.
Many endowment insurance policies, whole life
insurance policies and investment bonds are invested in Life Funds
as this type of insurance combines protection with saving. Your policy returns are directly linked to the value
of the fund's underlying investments, which means there is generally no guarantee to the value of your policy
when it matures. Some Life Funds can be With Profits.
Long Term Care (LTC)
Insurance to cover the cost of caring for an individual who cannot perform a number of
activities of daily living, such as dressing or washing.
M
Maturity
An agreed date when an endowment policy ends and the proceeds, including any bonuses, are payable.
Mutual
A life insurance company that is owned by its with-profits policyholders.
N
O
Offer Price
The price at which fund units are bought.
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Life insurance guide
