Life insurance & Mortgage Protection Glossary

You will encounter plenty of jargon and technical terms when looking for a MortgageProtection. Get ahead with A to Z glossary to Life InsuranceandMortgageProtection. Click on the letter below to search for the word you're looking for.

Payment Protection
Payment Protection Insurance, also known as Payment Protection Assurance, covers the repayments on a Loan should the borrower enter into circumstances, named on policy, where they are unable to keep up repayments.

Permanent Health Insurance (PHI)
PHI pays a proportion of your salary if you are unable to work through sickness or accident. Unlike ASU Insurance, it continues paying until your normal retirement date (or return to work, if sooner)

Personal Injury Insurance
This type of policy pays out specified amounts in the event of certain injuries (described in the policy documents) occurring.

Personal Possessions Cover
Personal possessions cover is Insurance for the smaller personal items, such as bags, cash and jewellery.

Policy Owner
The owner of the Life Insurance Policy. It is generally the life insured, but could be your employer or group if you have a Life Insurance Policy through them.

Private Health Insurance
Private Health Insurance also known as Private Medical Insurance is when medical treatment paid for privately by an Insurance Policy – rather than by NHS. Designed to cover the cost of private medical treatment for what are commonly known as acute conditions.

Private Medical Insurance
Private Medical Insurance also known as Private Health Insurance. See Private Health Insurance.

Professional Indemnity Insurance
Occupations such as accountants, solicitors and surveyors take professional indemnity Insurance to provide cover should a claim result from their professional actions or negligence.

Property Owner Insurance
This is Insurance cover for the Property building(s) and contents, also known as Property Contents Insurance.

Proprietary
Proprietary is a Life Assurance Company that issues its profits to its shareholders.

Public Liability Insurance
Public Liability Insurance (PLI) covers you for any damages that a member of the public may be awarded as a result of injury or damage to them or their Property caused by your business. It also covers legal fees and other expenses to do with defending any claim.

Renewable Term Life Insurance (RTA)
Term Life Insurance that can be renewed without medical underwriting taking place – this is usually every 5-15 years or so.

Rented Property Insurance
Specialist Property Insurance designed for landlords.

Repayment Insurance
Insurance that provides protection against your inability to meet regular monthly repayments due to accident, sickness and Unemployment.

Self Employed Income Protection
The self-employed are at greater risk of no income should they suffer an unexpected illness or inability to work. Therefore taking out a good Income Protection Insurance policy is a very good idea for the self-employed.

Sickness Insurance
Insurance that provides cover in the event of long term sickness. The benefit is usually in the form of regular monthly payments that meet the applicant’s regular monthly commitments.

Single Premium Policy
Where a single lump sum is paid for an Insurance policy.

Sum Assured / Sum Insured
The amount you choose to be covered for.

Surrendering Endowment Policies
Many insurers offer the ability to surrender an endowment policy for a cash payout before its end date. The cost of doing so depends on the policy age, the market conditions and the individual policy of the Insurance Company.

Surrender Value
Not applicable to all Life Insurance Policies. The amount paid by the insurer if the policyholder stops paying into the policy before the agreed date, for reasons other than death.