Global insurance industry guide
Your guide to the global insurance industry.
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Glossary: A
ACCIDENT AND SICKNESS INSURANCE:
Accident and sickness insurance describes a package of cover designed to provide compensation in the event of accident or illness. Bellwood Prestbury can provide international accident and sickness insurance for companies and individuals.
ACCIDENTAL DEATH BENEFIT:
An extra payment made under a life insurance policy if death is caused by an accident. The additional amount is usually equal to the face value of the policy
ANNUITY:
Another word for pension. An annuity is a regular payment from an insurance company designed to give the policyholder an income for life after retirement. It is paid for by a lump sum saved during the policyholder's working lifetime.
ASSOCIATION OF BRITISH INSURERS (ABI):
A major trade association for UK insurance companies, established in July 1985.
ASSURANCE:
A term sometimes used instead of "insurance", generally in connection with life business, since assurance implies the certainty of an event (such as death) and insurance only the probability.
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