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.

Management of money invested, typically, in stocks and shares, fixed interest, property and cash on behalf of individual and institutional customers. Also known as asset management or investment management.

Total benefit amount available on maturity or death.

A pool of financial assets into which premiums are invested to produce an investment return. Examples include property funds, managed funds and with-profit funds. Strictly speaking, these are "investment funds" rather than just "funds". Fund management is the act of actively looking after such investments on behalf of individual and institutional customers.