An investment fund whose aim is to achieve capital gains, rather than income, by investing in growth stocks. Typically it will focus on companies that demonstrate significant earnings or revenue growth, rather than companies paying high dividends. Growth funds can be more volatile than other types, rising more in bull markets and falling further in bear markets.


A pension scheme which an employer sets up for the benefit of his employees. All staff can become members of the same scheme. Group personal pension schemes are individual policies taken out by people working for the same employer that are grouped together for administrative convenience.

The total earnings or revenue generated by sales of insurance products, before any reinsurance is taken into account. Not all premiums written will necessarily be treated as income in the current financial year, because some of them could relate to insurance cover for a subsequent period. See also net premiums written.

This provision offers the policy holder additional period of time after the due date, during which the premium can be paid. The policy continues to remain in force during this grace period and the premium continues to be payable.

Non-life insurance mainly concerned with protecting the policyholder from loss or damage caused by specific risks. Examples include motor or auto insurance, household, contents and buildings insurance, and business or commercial insurance. Normally renewable annually. Known in some markets as property and casualty insurance.

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