|Life Insurance laws in Scotland
The Law relating to Life Insurance and Life Assurance is the same in Scotland as
the rest of the UK. This has been the case since 2001.
- What is Life Insurance?
Life Insurance (with terminal cover included) is a form of insurance that pays out a lump sum if you die or fall terminally ill during the period covered by the policy.
- What is Term Life Insurance?
Term Life Insurance is a category of insurance that will payout a lump sum to you or your family if you die or fall terminally ill during the term of the policy.
- How is a claim made?
All claims are made against the Life Company who issued your policy. You will find details of the claims procedure within the policy documents they provide with your policy and in the key features document.
- Does a UK Life Insurance policy work abroad?
Life Insurance contracts offered by UK Life Companies are legally constructed to apply to people living in the UK and can be sold only to a UK resident at the time the policy is sold.
- The Financial Services Authority
Who is the Financial Services Authority? (FSA)........
Before 2001, the Laws in Scotland relating to Life Assurance were different. This
was primarily due to the differences between Scottish and English Law relating to co-ownership
and they way these laws affected income tax. These differences were removed by legislation
Click here for details of Laws and Life Insurance
Click here for What is the difference
between Life Insurance and Life Assurance?