Global Industry Guide
Your guide to the global insurance industry.
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Glossary: I
INTERNATIONAL HEALTHCARE INSURANCE:
International healthcare insurance provides cover for people in specified territories away from home. Bellwood Prestbury provides international healthcare insurance for companies and individuals in all four corners of the globe.
INDEPENDENT FINANCIAL ADVISER (IFA):
In the UK, a person or organisation authorised to give advice on financial matters and to sell the products of all financial services providers. They are legally obliged to offer the product that best suits their client's needs.
INFLATION:
An increase in the general level of prices over a period of time – the opposite of deflation
INHERITANCE TAX:
A tax paid on the value of assets (such as money and property) passed from one person to another as part of their estate after death or, in certain circumstances, as gifts during their lifetime. Formerly known in the UK as death duties or capital transfer tax.
INSURANCE:
A contract taken out with an insurer to protect against loss from a perceived risk. The person taking out the insurance is called the insured. Payments for the policy are called premiums.
INTERMEDIARY:
An individual or organisation that introduces business to an insurance company on behalf of a customer and represents them in dealings with the company. Types of intermediary include financial advisers, agents, brokers, dealers and traders.
INVOICE:
A claim for payment of a premium or fee, or a charge for services.
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