Life Insurance Background Information A-L
Accepting customers
Accepting customers Life Insurance ; Accepting customers The firm needs to make reasonable steps to determine if the customer is a private customer, and intermediate customer ...
Access to Medical Reports Act 1988
Access to Medical Reports Act 1988 Life Insurance ; Access to Medical Reports Act 1988 The Access to Medical Reports Act 1988 gives the life insured proposer certain right ...
Annuities and life insurance
Annuities and life insurance Life Insurance ; An annuity is a contract to pay a set amount each year (although payments can be made monthly) while the annuitant (the life ...
Annuities & Life Insurance
Annuities & Life Insurance Life Insurance ; Annuities These date back to at least 1699 when the Life Insurance and Annuity Association was founded. Again at this stage ...
Annuities
Annuities Life Insurance ; These date back to at least 1699 when the Life Insurance and Annuity Association was founded. Again at this stage the premiums were not based ...
Appointment of trustees
Appointment of trustees Life Insurance ; Appointment of trustees With a trust created by deed, the deed will create the trustees by naming them. Where it is created by ...
Authorisation
Authorisation Life Insurance ; Authorisation Any new insurer will need to obtain authorisation form the FSA in order to transact business from premises in the UK. An existing ...
Beneficiaries
Beneficiaries Life Insurance ; Beneficiaries Beneficiaries must be able to be identified either by name or by class e.g. my children. Often they are named although mention ...
Cancellation notice
Cancellation notice Life Insurance ; Cancellation notice A cancellation notice must be sent to all life insurance policies and life insurance annuities except for, Traded ...
Case law
Case law Life Insurance ; Case law The question of when insurable interest must exist was in doubt before 1854. Should it exist when the contract is formed or when the ...
CII code of conduct
CII code of conduct Life Insurance ; CII code of conduct The CII is the Chartered Insurance Institute and this is the code of conduct it asks its members to uphold, The ...
Complaints
Complaints Life Insurance ; Complaints Complaints should be made to the firm who the complainant thinks is responsible for causing the complaint. That may be either the ...
Consequences of breach of duty
Consequences of breach of duty Life Insurance ; Consequences of breach of duty If a material fact is not mentioned when it should be this places the life insurance contract ...
Consideration
Consideration Life Insurance ; Consideration A contract that is not under seal must have consideration to be valid. Consideration is the premium paid by the insured and ...
Contents of key features
Contents of key features Life Insurance ; Contents of key features The key features document must contain all the items as required under the rules, and these include the ...
Cooling off period
Cooling off period Life Insurance ; Cooling off period The policy holder has a 14 days cooling off period from when the cancellation notice is received. If no cancellation ...
Cover for group scheme members abroad
Cover for group scheme members abroad Life Insurance ; Some companies may wish to provide additional life cover for those employees who are working aboard on a project ...
Critical Illness Cover
Critical Illness Cover Life Insurance ; How does Critical Illness Cover work? Contracting a critical illness comes with hundreds more variables than the two that apply ...
Dealings by beneficiaries
Dealings by beneficiaries Life Insurance ; Dealings by beneficiaries The beneficiaries can not make an insurance claim against the life office as they have no legal interest ...
Death claims
Death claims Life Insurance ; Death claims Death claims are normally initiated either by the claimant or the solicitors acting for the estate of the life insured. The ...
Directors share protection
Directors share protection Life Insurance ; Directors share protection This is similar to partnership share protection. Many companies are set up as private limited companies ...
Disability benefit
Disability benefit Life Insurance ; Disability benefit Under this option the sum insured is payable on permanent disability as well as death. The life office in the event ...
Disability discrimination act 1995
Disability discrimination act 1995 Life Insurance ; Disability discrimination act 1995 Section 19 of the act makes it unlawful for a provider of services to discriminate ...
Disciplinary action
Disciplinary action Life Insurance ; Disciplinary action If the FSA considers that its rules have been broken then it can then take disciplinary action which can include, ...
Duration of the duty to disclose
Duration of the duty to disclose Life Insurance ; Duration of the duty to disclose The duty to disclose continues until the life insurance contract is bound which is on ...
Duty to disclose
Duty to disclose Life Insurance ; Duty to disclose The proposer must disclose all material facts known to them to the insurer. The Marine Insurance Act 1906. Every circumstance ...
E-commerce
E-commerce Life Insurance ; E-commerce If a life office does business on line or even advertises on line it is subject to the e-commerce directive rules. The main provisions ...
The early life insurance Companies
The early life insurance Companies Life Insurance ; The early life insurance Companies The first life insurance company registered in England was the Life Insurance and ...
Life insurance and early mortality tables
Life insurance and early mortality tables Life Insurance ; Early mortality tables As explained before the very early burial and funeral offices were not run on sound mathematical ...
Effect of the assignment notice
Effect of the assignment notice Life Insurance ; Effect of the assignment notice The intention of the Policies of Insurance Act 1867 was to make it easier for persons to ...
Endowment life insurance policies
Endowment life insurance policies Life Insurance ; Endowment life insurance policies In these policies the sum insured is payable either at maturity of the policy on a ...
Ethics
Ethics Life Insurance ; Ethics In today’s world we all appreciate that we are all exposed to how we treat each other. We come to expect a higher ethical stand from ...
Exclusions in income protection insurance cover
Exclusions in income protection insurance cover Life Insurance ; Exclusions in income protection insurance cover These obviously vary from life office to life office, but ...
Family income
Family income Life Insurance ; Family income Instead of having a lump sum payment under a life policy, it is possible to have a policy which pays out a regular income to ...
Financial factors
Financial factors Life Insurance ; Financial factors Where there is a request for a large sum insured compared to the proposer’s situation, then the life office may ...
Financial Ombudsman Service (FOS)
Financial Ombudsman Service (FOS) Life Insurance ; Financial Ombudsman Service (FOS) The FOS replaced the following services, and was set up under section 225 of the FSMA ...
Financial promotions
Financial promotions Life Insurance ; Financial promotions The following rules apply to the financial promotion (advertising) of life insurance polices. The rules apply ...
Financial Services Compensation Scheme
Financial Services Compensation Scheme Life Insurance ; Financial Services Compensation Scheme The failure of a few insurance companies in the early 1970’s lead to ...
Frequency loadings
Frequency loadings Life Insurance ; Frequency loadings Life premiums are calculated as a yearly amount although in practice they are normally paid monthly. Now premiums ...
FSA Conduct of Business rules handbook
FSA Conduct of Business rules handbook Life Insurance ; FSA Conduct of Business rules handbook The FSA has divided their rules into various volumes within a handbook. The ...
The Financial Services Authority (FSA) prudential regulations
The Financial Services Authority (FSA) prudential regulations Life Insurance ; The Financial Services Authority (FSA) prudential regulations The prudential regulation of ...
Genetic testing
Genetic testing Life Insurance ; Genetic testing The question of life offices undertaking genetic testing came into the public eye some time ago and the Association of ...
Government intervention
Government intervention Life Insurance ; Government intervention first manifested itself with the Life Insurance Act 1774. Before this act came into being any one could ...
Group credit insurance
Group Credit Insurance Life Insurance ; Group credit insurance With the growing use of credit and hire purchase schemes lenders have been left with sizable balances of ...
Group Income Protection Insurance and Critical Illness Cover
Group Income Protection Insurance and Critical Illness Cover Life Insurance ; Group Income Protection Insurance and Critical Illness Cover These are group policies sold ...
Group life insurance for partnerships
Group life insurance for partnerships Life Insurance ; Group life insurance for partnerships A few life offices will offer group policies to partnerships so long as the ...
How the FSA operates and enforcement
How the FSA operates and enforcement Life Insurance ; How the FSA operates and enforcement The FSA acts both reactively and proactively. The FSA receives a regular flow ...
Importance of notice
Importance of notice Life Insurance ; Importance of notice Because of the priority rule it is important that the assignee give notice to the life office as soon as possible.
Income protection insurance
Income protection insurance Life Insurance ; Income Protection Insurance Many life offices also offer income protection insurance which in the past was known as permanent ...
Increasing life insurance policies
Increasing life insurance policies Life Insurance ; Increasing life insurance policies Life policies which have a fixed benefit will over a period of time devalue as the ...
Individual life offices mortality tables
Individual life offices mortality tables Life Insurance ; During the 19th century Life offices started to construct their own tables so that these reflected the lives that ...
Industrial insurance
Industrial insurance Life Insurance ; The industrial revolution moved many people from the country side to the town where they lived in rows of houses that backed on to ...
Industrial policies
Industrial policies Life Insurance ; Industrial policies Under these policies the premium is usually collected by an agent or employee of the life office on a regular basis ...
Information about the firm
Information about the firm Life Insurance ; Information about the firm Private customers must be given set information about the firm. That includes details such as, Identity, ...
Information technology in selling
Information technology in selling Life Insurance ; Information technology in selling Computers can also be used in insurance sales. Point of sale systems With to advent ...
Information technology
Information technology Life Insurance ; Information technology Computers are becoming a vital part of insurance companies systems. There are many reasons such as cost advantages, ...
Investment life insurance polices
Investment life insurance polices Life Insurance ; Investment life insurance polices These are life polices where there is a build up of surrender value. These are split ...
IT technology applications within the life offices
IT technology applications within the life offices Life Insurance ; IT technology applications within the life offices Computers are used for many processes within life ...
Joint life and last survivor annuity
Joint life and last survivor annuity Life Insurance ; Joint life and last survivor annuity When an annuity is being used to provide income for a retired couple then a single ...
Key person life insurance
Key person life insurance Life Insurance ; Key person life insurance This describes cover taken out by a company on a key employee whose work for the company adds substantial ...
Know your customer
Know your customer Life Insurance ; Know your customer Before an authorised firm can provide a personal recommendation to a private customer is must make certain that it ...
Level premium system
Level premium system Life Insurance ; Level premium system From the mortality tables it can be seen that the risk of death increases with age. If a level premium is charged ...
Life Insurance Information
Life Insurance Information Life Insurance ; Life Insurance This document is intended to provide the reader with an insight into how life insurance operates, how it can ...
Life Insurance FAQs
Life Insurance FAQs Life Insurance ; Life Insurance Questions Q "If I opt for the pricier level term life cover and my sum assured is ??100,000 what happens if make ...
Life Insurance Information and History
Life Insurance Information and History Life Insurance ; Life Insurance A-Z Accepting customers Life Insurance life-insurance/accepting-customers.htm Accepting customers ...
life insurance quotes
life insurance quotes Life Insurance ; Life Insurance Quotes are provided by our secure form: click here for life insurance quotes If you are interested in Life Insurance ...
Life Insurance
Life Insurance Life Insurance ; Life Insurance explained Unless you are a very confident clairvoyant, right now is the time to insure your life or loss of earnings. There ...
Loans
Loans Life Insurance ; Loans Most life offices will provide loans to policy holders based on up to 90% of the life policies surrender value. The life policy then becomes ...
Lost policies
Lost policies Life Insurance ; Lost policies If does happen that a claimant will declare that the life policy is lost. The life policy is just evidence that the contract ...
Low cost endowments
Low cost endowments Life Insurance ; Low cost endowments is designed to keep the cost as low as possible and is a mixture of decreasing term insurance and a with profit ...
Low start endowments
Low start endowments Life Insurance ; Low start endowments This is a development on the low start policy. With this policy initial premiums start low and increase over ...