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Types of insurance company

I. Key terms | Foreign Banks | The merchant banks | Foreign banks | XIV. Choose words to complete each sentence. In some cases there is more than one possibility. | Part I. Application for credit | XX. Role-play | The discount houses | Alexanders Discount p.l.c. | The changing environment of the building societies |


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Some companies specialise in life assurance, e.g. Scottish Widows. Others concentrate on general insurance, e.g. Norwich Union (which has a separate life assurance company). Yet other are composite insurers, providing both life and general cover from the same business.

There is also a very strong 'mutual' element in the industry, with the Firms being owned by their policy holders and not their shareholders. Scottish Wid­ows is one of these, as is Standard Life, the largest of the mutuals. Norwich Union is, at present, a mutual but plans to become a pie in 1997 or 1998. Another mutual - Clerical. Medical and General - has been bought by the Halifax Building Society.

 

Pension funds

Pensions can be financed in two ways: unfunded or funded.

Unfunded pensions

Unfunded pensions are, in effect, 'pay as you go' schemes. Examples are the state retirement pension, financed by the National Insurance Contributions of today's workers, and pensions for civil servants, the police service and firefighters. The latter group of pensions is financed by taxation and borrow­ing. (Because they are not true funds, contributed by the pensioners during the period when they were working, and in which are held identifiable assets, we shall not consider them further.)

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The position of building societies relative to retail banks| Defined benefit schemes
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