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.

Income from business written during the year, before any reinsurance is taken into account.

Total value of goods and services produced each year by a country. Real growth in GNP reflects increase in output after taking away the effect of inflation.

The total value of all goods and services produced domestically by a country each year. Can be calculated as gross national product minus income from abroad. A key measure of national economic health. US official statistics use gross national product (GNP).

Before tax has been deducted. The opposite of net.

Lumpsum benefit payable by company after a certain period of employment.

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.

A financial contract to buy or sell something on a specified future date for a pre-agreed price. futures markets exist for currencies, government bonds and commodities such as coffee, cocoa, copper and tin.