Protection and investments

Copyright © 2024 LexisNexis

Life insurance

Life insurance, also known as life assurance, is a policy where a specified sum is payable upon the death of that person. Other forms of life insurance include death in service benefits, registered group life policies and excepted group life policies.

For information on life insurance, including whether it may constitute a pension scheme, see Practice Note: Death in service benefits.

For further information on life insurance in the context of trusts and estate planning, see Practice Notes: Creation of trusts—life insurance trusts and Life insurance and estate planning.

The main areas of complexity encountered by practitioners when advising on non-registered life policies, namely relevant life and excepted group life policies, include the conditions to be met in respect of the benefits that are payable and to whom they are to be paid; discretionary

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Existing user? Sign-in TAKE A FREE TRIAL
Powered by Lexis+®
Latest Insurance & Reinsurance News

FCA calls for faster bereavement claim processing by life insurers

The Financial Conduct Authority (FCA) has conducted a multi-firm review of life insurers' handling of bereavement claims and the review revealed evidence of good practices, such as firms providing additional support for claimants during their difficult time. However, the FCA also acknowledged that firms can face challenges in obtaining the necessary evidence to assess a claim and has called for firms to improve their handling times for bereavement claims for delivery of positive customer outcomes, in line with the Consumer Duty introduced in July 2023.

FCA weighing wider impact of motor finance ruling

Law360, London: The Financial Conduct Authority (FCA) said it is considering issuing guidance amid growing legal uncertainty over commission arrangements following a bombshell court ruling on motor finance.

Forsters, ex-bank lawyer avoid case of failed property deal

Law360, London: Forsters LLP and a former Bank of Tokyo-Mitsubishi lawyer who was convicted of a multimillion-pound fraud have avoided being drawn into a philanthropist's £3.5m legal battle over a collapsed property deal.

CMA censures insurance agency over breaches in sales

Law360: The Competition and Markets Authority (CMA) censured Prima Insurance on 20 November 2024 for failing to properly explain the costs over more than a year of a policy add-on to thousands of consumers.

View Insurance & Reinsurance by content type :  
News
Practice notes
Precedents
Q&As

Popular documents

Employers' liability insurance—essentials

Employers' liability insurance—essentialsOverview of employers’ liability insuranceIt is long established that an employee who has suffered an injury, or contracted a disease in the workplace as a result of an employer’s negligence or breach of statutory duty is entitled to compensation for such

Scotland—the process for applying for sequestration

Scotland—the process for applying for sequestrationSequestration in Scotland is the legal process by which an insolvent debtor’s estate is gathered in, realised and then distributed among their creditors by a trustee appointed for that purpose. The process requires that a formal award of

Micklefield clauses

Micklefield clausesWhat is a Micklefield clause?It is common for employee share plans to provide that, on termination of employment (or when an employee is given or receives notice of termination of employment), subsisting share awards will be forfeited and subsisting share options will lapse.It is

Late payment penalties—inheritance tax

Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid
Employers' liability insurance—essentials

Employers' liability insurance—essentials

Employers' liability insurance—essentialsOverview of employers’ liability insuranceIt is long established that an employee who has suffered an injury, or contracted a disease in the workplace as a result of an employer’s negligence or breach of statutory duty is entitled to compensation for such

Scotland—the process for applying for sequestration

Scotland—the process for applying for sequestration

Scotland—the process for applying for sequestrationSequestration in Scotland is the legal process by which an insolvent debtor’s estate is gathered in, realised and then distributed among their creditors by a trustee appointed for that purpose. The process requires that a formal award of

Micklefield clauses

Micklefield clauses

Micklefield clausesWhat is a Micklefield clause?It is common for employee share plans to provide that, on termination of employment (or when an employee is given or receives notice of termination of employment), subsisting share awards will be forfeited and subsisting share options will lapse.It is

Late payment penalties—inheritance tax

Late payment penalties—inheritance tax

Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid