The difference between the buying price (bid) and the selling price (offer) of units in an investment. The mid-price is the middle point between the two and is often the price quoted in newspapers. Also called the bid/ask spread.

What the market will pay, or what a seller will receive, for a particular share.

The person who receives the benefit of a policy in case of death during the term or the policyholder who receives the benefit on maturity

Automatic switching between funds to reduce exposure to risk.

A term sometimes used instead of "insurance", generally in connection with life business, since assurance implies the certainty of an event (such as death) and insurance only the probability

This is the process by which, the owner of the rights under the policy known as the assignor transfers the right to another person known as the assignee by executing a deed of assignment.

Investment management service provided by financial institutions on behalf of their clients.

The process of dividing investments among different kinds of securities, such as stocks, bonds, property and cash. The choices made reflect investment aims and attitude to risk.

Another word for "pension". An annuity is a regular payment from an insurance company designed to give the policyholder an income for life after retirement. It is paid for by a lump sum saved during the policyholder's working lifetime. Annuity rates are based on yields on gilt-edged securities at the time of purchase. On death, any remaining investments usually become the property of the annuity provider.

A UK industry standard formula for calculating levels of life and pensions new business over a period of time, to smooth out the effect of large, one-off payments. It is the total of new annual premiums plus 10% of single premiums. For the time being, Aviva will report life and pensions new business using both APE and present value of new business premiums.