Copy of `Royal London Group - Glossary of asset management`
The wordlist doesn't exist anymore, or, the website doesn't exist anymore. On this page you can find a copy of the original information. The information may have been taken offline because it is outdated.
|
|
|
Royal London Group - Glossary of asset management
Category: Economy and Finance > Assets
Date & country: 23/03/2011, UK
Words: 23
|
Asset ShareRefers to the accumulation of premiums paid into a policy after deducting amounts to cover expenses, charges and tax (for life policies) and after crediting or debiting amounts to reflect the investment returns achieved by the fund. From time to time we may also make adjustments to allow for any enhancements to asset share.
ConventionalRefers to a type of with profits policy where payment of premiums guarantees an amount in the future.
Deposit AdministrationRefers to a type of Scottish Life policy that receives smoothed investment returns but does not participate in the profits or losses of the company. Crest Secure and the Capital Account of Talisman policies are both deposit administration.
Industrial branchRefers to policies which when originally issued had a premium receipt book as well as a policy document. When the policies were originally taken out, premiums were payable either to a collector or by standing order to a local branch office (Refuge Assurance policies). More recently premiums may be collected or paid less often or may have been converted to be paid by direct debit.
Market value reductionA reduction that may be applied to a policy when part or all of the policy is being cashed in. It is applied to ensure fair treatment of all with profits policyholders in the fund. There are certain circumstances where we cannot apply a market value reduction
MembersMembers are policyholders who
Notional Personal FundThis is the guaranteed benefit for a Royal London pension policy which is built up as premiums are paid into the fund and annual bonuses are added.
Ordinary BranchRefers to life policies which, when originally taken out, had premiums payable either in a lump sum, monthly by payment from a bank account, every three months, every six months or every year and to all pension policies.
Quarterly poolFor the purposes of setting final bonuses and market value reductions units bought in a calendar quarter are usually pooled together. However we may decide to create other pools of units, for example following a very large market movement.
RegulatorThe Financial Services Authority
Refuge AssuranceRefuge Assurance Plc
Royal LondonThe Royal London Mutual Insurance Society Limited
Royal London long term fundThe fund that consists of all the businesses of Royal London including all transferred business from Phoenix Life Assurance Limited, Refuge Assurance, United Friendly and Scottish Life.
Royal London with profits fundThe fund that consists of the with profits and non profit policies of Royal London including all transferred policies from Refuge Assurance and United Friendly and non profit policies transferred from Scottish Life. The with profits policies transferred from Scottish Life are in a separate fund, the Scottish Life Fund. The with profits policies transferred from the Phoenix Life Assurance are in a ...
Scottish LifeThe Scottish Life Assurance Company
Scottish Life FundThe separate fund into which Scottish Life with profits policies were transferred on 1 July 2001.
SmoothingThis is the term given to the way in which we reduce the impact on policyholder payouts of the variation (sometimes quite a large variation) in the returns earned year on year by the fund.
Transfer to working capitalThis transfer is the same transfer that was previously made to shareholders of United Assurance Group. The right to this transfer was given to Royal London when it bought the shares of United Assurance Group.
United Assurance GroupConsisted of Refuge Assurance, United Friendly and other companies writing non profit business and/or other non life assurance business.
United FriendlyUnited Friendly Insurance Plc
UnitisedThe name given to a with profits policy where premiums have been used to purchase units in a with profits fund.
With profits bondA unitised with profits life policy where the premium is paid in a single lump sum.
Working capitalRefers to the amount by which the investments of the fund are greater than the amounts already promised to policyholders by way of guaranteed amounts and bonuses.
