Global Industry Guide

Your guide to the global insurance industry.

Glossary: P

PRIVATE HEALTH INSURANCE QUOTE:

A private health insurance quote allows you to find out how much it may cost to cover you and your family. Bellwood Prestbury can provide an international private health insurance quote for company schemes and for individuals living or working abroad.

PENSION:

A regular payment received by an individual during their retirement until they die. Also known as an annuity. It is usually bought through payment of regular contributions during the individual's working lifetime.

PENSION FUND:

Refers to a pool of pensions contributions invested for growth.

PENSION PROVIDER:

A financial institution (such as a bank or insurance company) authorised to provide pensions contracts.

PENSIONABLE EARNINGS OR SALARY:

Those elements of an employee benefits package on which pension contributions and/or benefits are calculated. Pensionable salary can differ from actual remuneration as it excludes items such as overtime and commission.

PENSIONABLE SERVICE:

The period of service with an employer that is taken into account when calculating pension benefits.

PERSONAL PENSION:

A private pension typically offered by a life insurance company.

POLICY DOCUMENT:

A booklet that details the full product information and terms and conditions of an insurance policy, and the policy schedule(s) which provides the specific benefits/premiums/payment conditions covered. It provides evidence that a contract exists between the insured and insurer.

PREMIUM:

The monetary amount paid for an insurance policy. The payment a policyholder makes in return for insurance cover. It's usually paid monthly, annually or as a single lump sum.

PROPERTY AND CASUALTY INSURANCE:

Also known as non-life or general insurance. Casualty insurance primarily covers losses arising from accidents that cause injury to other people or damage to the property of others. Property insurance covers loss or damage through fire, theft, floods, storms and other specified risks.

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