Understanding the terminology used in the home buying and refinancing process is not always easy. There are many mortgage-related words and phrases that may cause confusion.
Our Glossary provides a comprehensive list of mortgage terminology to help you.
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W
with profit policy
- form of life assurance policy which, on maturity, entitles the beneficiary to participate in the profits of the life assurance or pension fund involved.
Under a conventional policy the insurance company declares bonuses during the life of the contract (known as reversionary bonuses) which once allocated to the policy cannot be taken away. In addition a final (terminal) bonus may be paid at the end of the policy term. Under a unitised policy the investment purchases units within a unitised with-profits fund. Some companies reserve the right to adjust the value of such units in extreme circumstances, this is known as a market value reduction.
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