Family
Income Policy - A type of term
insurance policy which will , on the death of the named person
insured, pays out a regular amount until the end of a specified
period.
Fidelity
Guarantee – Insurance which provides
cover for a business in against Theft by an employee.
Financial
Ombudsman Service -
An organisation established by major insurance companies
to settle disagreements between customers and insurance
companies. The FSO oversees the interests of policyholders whose
complaints remain unsolved through the normal company channels
of communication. The service is available to all those holding
personal insurance cover. The decision of the Ombudsman is
binding on the insurer, although the insured may appeal to the
court if he so wishes. When you take out an insurance policy,
you should be given a terms of Business agreement which will
outline how you can make a complaint if you are unhappy.
Financial
Services Authority - The Financial
Services Authority (FSA) is an independent non-governmental
body, given legal powers by the Financial Services and Markets
Act 2000 to regulate the financial services industry in the UK.
From 15th January 2005 anyone wishing to sell
Insurance in the United Kingdom must be either directly
authorised by the Financial Services authority or be an
Appointed representative of a fully authorised company.
Financial
Services Compensation Scheme - The
Financial Services Compensation Scheme (FSCS) is a safety net
for customers of financial services firms. It pays
compensation if an authorised firm is unable to pay claims
against it, usually perhaps
Because it has gone out of business. The
Scheme is funded by the insurance industry and covers deposits,
insurance and investments. Details of the scheme will be
provided in terms of business agreements.
First
Loss Insurance - An Insurance policy
where the sum insured is accepted to be less than the value of
the property but the insurer undertakes to pay claims up to the
sum insured, without the usual application of an average clause.
Free-standing
AVCs (FSAVCs) - A life assurance term
where additional contributions paid voluntarily into policies
similar to personal pensions by employees in occupational
schemes, who wish to top up their pensions, but keep the money
separate from the occupational scheme.
Friendly
Society - A friendly society is set up
for the benefit of and is owned by it’s members.
General
Insurance - This is a term that
relates to non life insurance contracts such as Home Insurance
or Office Insurance. The policy period on offer is 12 months and
renewal is usually offered at the end of this period.
Green
Card - A document issued to
policyholders to extend their United Kingdom motor insurance
policy as evidence that they have the minimum insurance cover
required by the law of the country visited. No longer required
for European travel, because minimum legal cover is now
automatically included in UK policies.
Group
Life - A life insurance term that
relates to the provision of a lump sum Death in Service Benefit
for groups of employees.
Group
Personal Pension - This is an
arrangement made for the employees of a particular company to
participate in a personal pension scheme on a group basis. This
is merely a collecting arrangement and is not a separate, or
occupational, pension scheme .
