Provides cover against loss from illness or bodily injury. Can pay for medicine, visits to the doctor, hospital stays, other medical expenses and loss of earnings, depending on the conditions covered and the benefits and choices of treatment available on the policy.

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.

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.