Glossary

This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world.  If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise them with the provider concerned.

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Family income benefit
A type of term insurance which pays out a regular amount of money to your family or beneficiary over a specified period of time if you die during the specified period of time. This type of policy is designed to provide a regular income (rather than a lump sum) for your family, for example while your children are young.
Fixed asset
This is usually an asset owned by a business such as a building, machinery or a vehicle, that is intended to be used for several years.
Fixed interest rate
This is the rate of interest to be paid which does not change during a set time period.
Friendly society
Similar to a mutual insurance company, which is owned by its policyholders, a friendly society is owned by and established for the benefit of its members, usually providing life insurance and sickness benefit.