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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Warrant
A certificate which gives the person holding it the right to buy shares at a given price.
Wear and tear
This is the fall in the value of the item or property due to damage that occurs over time.
Weather claim
A claim arising from a weather event such as freeze, storm or flood.
With-profits annuity
A type of investment-linked annuity where the retirement income paid to you is linked to the performance of the annuity provider’s with-profits fund. The retirement income you will receive each year may go up or down.
With-profits policy
A fund made up of a variety of assets which usually carries a medium level risk. The products that use with-profits funds are typically regular and single premium savings plans and pensions. With-profits funds pool policyholders' investments, and customers share in the company's investment returns and other profits. These returns are smoothed to help reduce the volatility associated with direct equity investments.
Write-off or written loss
A damaged vehicle which is either not repairable, or one which would cost more to repair than the vehicle was worth before the damage occurred. (Also known as total loss).