Your guide to the global insurance industry.
 

 

Glossary: O

OVERSEAS MEDICAL INSURANCE:

Overseas medical insurance is private medic al cover for anyone living outside of their home country. Bellwood Prestbury can advise on overseas medical insurance options for any nationality, working for corporates or individuals.

OCCUPATIONAL PENSION SCHEME:

A pension scheme arranged by an employer for the benefit of one or more employees. Membership is optional.

OPEN MARKET OPTION:

The option to use the proceeds of a pension contract to buy an annuity from an insurance company other than the one with whom the pension was held. Usually done to get a better interest rate but sometimes used for convenience, so that all payments to an individual come from the same source.

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