An insurance contract where the benefit is payable on death, whenever it occurs. Distinct from term insurance, which pays out only if death occurs within a specific period.

The total number of shares traded (bought and sold) in a given period.

A specialist form of high-risk financing provided for small, new companies by speculative investors.

The variable amount by which a share price or market value rises and falls during a period of time.

This is the age when the rights under the policy vests with the name individual.

An interest rate that fluctuates or is periodically reset.

A type of long-term savings plan where premiums are used to buy units in an investment fund, such as a unit trust. The assets in the fund can be a mix of stocks, shares, bonds, property or other securities. The value of the units and the return from them can fluctuate in line with the investment performance of the assets in the fund, and there is no guarantee on the amount of capital that will be returned.

A unitised investment contract where the unit price increases daily in line with a declared bonus rate. The unit price is guaranteed not to fall (and may even be guaranteed to grow at a particular rate) and therefore the unit price is not directly related to the value of the assets in the fund.

Investment policy under which contributions are used to buy units in a chosen investment fund. See unit linked.

Premiums received by an insurer relating to cover provided outside the current accounting period. Such premiums are not normally treated as income until they have been "earned" during the period to which they relate.