Accountant - A professional who maintains accounts for businesses and individuals. Businesses use accountants for services such as maintaining financial records, tax affairs and payroll services. Individuals sometimes use accountants for tax returns.
Accrual Rate - The factor used to calculate benefits in a defined benefit scheme. For example, a scheme with an accrual rate of 1/60th, will provide 1/60th of pensionable salary for each year of pensionable service.
Active Member - An occupational pension scheme member who is earning new defined benefit scheme benefits or paying defined contribution scheme contributions.
Actuarial Reduction - A reduction made to a pension paid early to the member of a defined benefit scheme.
Actuarial Valuation - An assessment of a defined benefit scheme's ability to meet its liabilities. Carried out by the scheme actuary at least once every three years.
Added Years - A provision of some defined benefit scheme for building extra pensionable service in return for additional contributions.
Additional Pension - The earnings related part of the state pension, paid in addition to the basic state pension.
Additional Voluntary Contribution - AVC - A facility provided by occupational pension schemes for members to boost retirement savings.
Additional Voluntary Contributions (AVCs) - When you top-up an occupational pension, by making extra contributions into a scheme that
Administrative and public law - This is the law that governs the way public bodies carry out their statutory duties.
Adviser - A professional, who is qualified to give you advice. Among others, this could be an independent financial adviser (IFA), a whole-of-market mortgage adviser, a lawyer or an accountant.
Advocacy - Legal representation in a hearing, usually carried out by a lawyer on your behalf.
Age Discrimination - The legal principle that employers, trustees and managers of pension schemes cannot discriminate against members or prospective members on the basis of age.
Alternatively Secured Pension - Allows a pension scheme member to defer purchasing an annuity at age 75. A defined level of income can be drawn on the invested funds until the member decides to purchase an annuity or dies.
Annual allowance - This is the maximum amount of money you can put into your pension funds in a given tax year, and still claim tax relief.
Annual Management Charge - The administration fee levied each year on a defined contribution scheme, a personal pension plan or a stakeholder pension scheme.
Annual statement - A statement from your financial services product provider sent to you once a year, showing how much you've paid, what your plan is worth (and if it is in relation to a loan, what you still owe).
Annuity - At retirement
Annulment - This is when a contract (especially marriage) is declared void by a court, either because it was not legally valid when it took place or because it has since become not legally valid. Legal advice should be sought if you are considering an annulment as this is a complex area.
Approval in principle - This is the certificate that some lenders issue to show how much they
APR - Annual Percentage Rate. The figure next to this abbreviation shows you the total cost of taking out a loan, as a percentage, taking into account the term, interest rate and other costs.
Asset allocation - Asset allocation is the process of putting your investment into a range of different investments such as equities, property and bonds. By diversifying the assets into which you invest, you can protect against any reduction in value of any one or more asset class. Asset allocation depends on your investment plans and attitude to risk.
Audited Accounts - Shows the movement of the scheme assets of an occupational pension scheme. Prepared annually by the scheme auditor.
Auditor - An individual appointed by the trustees of an occupational pension scheme to audit the annual accounts.
Augmentation - The payment of additional retirement benefits, funded by the employer, for a pension scheme member.
Authorised firm - An authorised firm is one that has permission from an industry regulator (e.g. Bank of Ghana, National Insurance Commission, National Pensions Regulatory Authority etc.) to carry out regulated business activities.
Auto-Enrolment - An arrangement where an employer automtically enrols an employer into a pension scheme.
Banking law - This is the law that governs the banking sector, including money laundering legislation and accounting and financial services regulation.
Bankruptcy - If you can
Barrister - A barrister is a member of the Bar Council who is expert in presenting legal cases in court.
Basic state pension - This is the pension you receive from the government as a result of paying National Insurance (NI) contributions throughout your working life.
Beneficiary - A beneficiary is a person named in a will or under a trust as entitled to receive a bequest or benefit.
Bonds - A bond is a type of security held on a debt or a single premium life assurance investment bond. Bonds are sold to investors by companies.
Broker - This is an intermediary between clients and an insurance companies. Brokers typically experts in a certain field of insurance, capable of using the insurance market to find the best cover for their clients. In Ghana brokers must be approved by the NIC to operate legally.
Buildings insurance - These policies pay the cost of repairing or rebuilding your home if it
Buy-to-let mortgage - This is a loan you take out to buy a property that you intend to let to tenants. Buy-to-let investors need to be aware that properties can fall in value as well as rise. You should always avoid borrowing more than a reasonable percentage of the overall value, and make sure that you budget for periods when you
Capital gains tax - If the value of assets that you own increase in value, then you may need to pay Capital Gains Tax (CGT). For example, selling shares for more than you paid for them could involve paying some CGT. You get an annual allowance for capital gains and only pay CGT on any gain over this amount.
Capped mortgage - A capped mortgage is one with a maximum limit on the interest rate you'll have to pay during a special deal period.
Career Average Revalued Earnings - A type of defined benefit scheme that calculates retirement benefits using the average of revalued pensionable salaries over the member's pensionable service.
Cash Equivalent Transfer Value - The amount offered to a member of an occupational pension scheme who wants to transfer to another pension scheme.
Cashback mortgage - This is a mortgage that comes with a cash sum at the beginning of the mortgage loan.
Clinical negligence - If you receive unreasonably poor medical treatment, which potentially gives rise to a personal injury claim against the medical professional or institution responsible, then you have
Commercial litigation - This is the use (or threat) of court proceedings by one business against another in relation to a dispute.
Commercial property law - This is the law that governs any premises occupied for business use.
Commission - This is the payment that
Common law - An area of law built upon principles taken from previous cases rather than created by statutes enacted by Parliament.
Consumer Price Index - The Consumer Price Index (CPI) is a measure of inflation used by the Ghanaian Government for its inflation target.
Contents insurance - Contents insurance covers the cost of replacing possessions lost or damaged due to unforeseen events, as detailed in the insurance policy.
Contract - A contract is a written or spoken agreement between two parties. For a contract to be in force there needs to be an offer, an acceptance, and a means of consideration (which means that something of value, either an object, a service or money, passes between the parties, and each party gives and receives consideration). Each party expects to carry out certain acts in return for the other party carrying out other acts.
Contractors Insurance - Contractors Insurance is specially designed for businesses in the contracting industry, this policy allows you to tailor your ideal cover and includes public liability with employer's liability or contractors "all risks".
Conveyancing - This is the process of transferring legal ownership of property from one person to another.
Conveyancing lawyers - A conveyancing lawyer is the one will help you to buy or sell a property and give advice during the conveyancing process.
Cool off period - Some insurance policies carry a number of days cool off period. Clients may cancel a policy during this period and will only be charged for the time they were under cover (sometimes subject to a minimum administration charge).
Corporate bonds - These are Bonds that are issued by companies when they need to borrow money. As an investment, they often offer higher rates of return than banks and building societies but with a varying amount of risk depending on the financial security of the company issuing the bond.
Corporate finance law - This is the law that governs the ways companies can raise funds to finance their activities.
Credit scoring - This is the system being rolled out by banks and other loan companies to judge whether you're creditworthy when you apply to borrow money.
Criminal law - This is the area of the law relating to the treatment of offences deemed to be illegal by the state. If you break a law that has been created by the state, then you are a criminal.
Critical illness cover - This is an insurance policy that you take out so that you can rely on having a lump sum paid if you're diagnosed with a specified critical illness.
Damages - This is the amount of compensation that is paid by a losing party to the winning party in a litigation case
Debt - If you have borrowed money, then you are
Debt law - This is the area of law that governs the process of recovering debts from individuals.
Declaration - A declaration stipulates the conditions that will apply to an insurance policy, clients must agree to this declaration to take out insurance. Clients may also be required to make a declaration periodically and at the end of a policy confirming that all conditions agreed to at the start of the policy were adhered to throughtout its lifetime
Defamation - Defamation is the publication of a statement that lowers the estimation of an individual in the eyes of the public.
Defined benefit - In this type of pension scheme, members receive a set pension income on retirement
Defined Benefit Scheme - A pension plan providing a defined benefit formula for calculating benefit amounts without regard to contributions.
Defined contribution - In this type of pension scheme, the amount of money you will have in your retirement fund depends on the amount of money you put in, where the money was invested and how much it grows. It is also known as a money purchase scheme.
Defined Contribution Scheme - A pension plan in which the contributions are made to an individual account for each participant. The retirement benefit is dependent upon the investment experience.
Direct Debits - These are payments that are made on a regular basis from your bank account on an agreed date. You arrange this with the company you
Disbursements - These are expenses that are incurred by the lawyer or other professional adviser on your behalf. They can include things like search fees in home purchases, medical reports in personal injury cases, any court or professional fees, or even their travelling expenses.
Discounted mortgage - A discounted mortgage is one with a discounted variable rate of interest for a set period, after which the rate may increase.
Diversification - This is the process of spreading
Dividends - These are payments that are made to shareholders by a company from any profits that the business has made.
Early repayment charges - These are charges that you may have to pay if you break off a mortgage deal
Education law - This is the law that governs the manner in which education is provided and educational facilities operate.
Employers liability - Employers liability provides insurance cover for lawsuits filed by injured or ill employees who take action against their employer.
Employment law - This is the area of law that governs the relationships between employers and employees. It includes things like harassment and unfair dismissal.
Employment lawyer - An employment law lawyer can give an opinion on an employee
Entertainment law - This area of law governs film, TV, music, theatre and other entertainment sectors, including intellectual property law, copyright and trademarks.
Environmental law - This area of law governs and promotes sustainable development and environmental protection.
Equity - This is a term that
Equity release - Equity release is the process of using the value of your home to raise cash
Estate Planning - For tax purposes, an individual's estate is calculated as being his or her total assets less any liabilities at the time of their death. Proper estate planning could save your family thousands of cedis.
Ethical investment - Ethical investments are opportunities offered by businesses or funds that aim to avoid companies involved in some kinds of activities, but instead favour those involved in other activities. For example, companies trading in armaments, cigarettes, animal research or alcohol are unlikely to be considered
Excess - The excess is typically the amount that the insured will have to contribute towards a claim on insurance. Sometimes these can be set by the client, but are often fixed by the insurer. It is not normally more than a fraction of the total possible claim.
Exclusion - A rule that eliminates cover for certain risks, people, property classes, or locations from insurance cover on a policy. Unlikely or unusual locations are often excluded from insurance cover to allow a lower premium that covers the most likely scenarios.
Executor - An executor is a person, named in a will, who is charged with administering the deceased person
Family law - This is the area of law governing family relations, including matters concerning children, marriage, divorce and domestic violence.
Family law (divorce) lawyers - A family law lawyer tries to help you protect your rights on divorce and make sure you get the correct entitlement from a final divorce settlement. They are sometimes known simply as
Fees - Fees are one of the ways you can pay your adviser for their advice and services. They are usually fixed and agreed before the financial or legal advice and service is provided.
Final salary schemes - A final salary pension scheme is another description of a defined benefit scheme.
Financial and investment services - These are the services, often offered by lawyers and independent financial advisers, relating to investment of a client
First Tier - The first tier basic national social security scheme is a defined benefit scheme and will be managed by a restructured SSNIT. It will be based on contributions paid by the employed (not self-employed), calculated as a percentage of pay. * Entry Age – 15 years (min) and 45years (max) – only for new entrants (Age 45+ to enter mandatory 2nd tier - see section63 (8) of Pensions Act) * Age Exemption – 55 years and above exempted (option to join) * Minimum and Maximum Contributions * Investment of Funds – investment policy, permitted investments, external investments ( section 67, 68 of Act) Improved Benefits and Qualifying Conditions - Qualifying period reduced from 20 to 15 years (section 76 of Act) - Survivors benefits period increased from 12 to 15years (section 78 of Act) - Hazardous employment benefit – underground miner to retire at age 55 with full retirement benefit (section75, 76 of Act) - Tax Relief on Contributions - 13.5%
Fixed interest security - This is another name for a
Fixed rate - An interest rate that
Fixed rate mortgage - Some mortgage lenders will offer a period of time, normally 2 to 5 years, during which the interest rate is fixed. After this time, it will revert to the Standard Variable Mortgage Rate (often referred to as SVR). Fixed rate mortgages can make budgeting for mortgage payments easier for borrowers in the first years.
FSA - The Financial Services Authority (the FSA) is the UK's financial services regulator.
Green Investments - This is another name for
Group Personal Pension - If you work for a company, you may have a Group Personal Pension. It
Hedge fund - Hedge funds are a high risk investment: they comprise a complicated set of strategies that aims to make attractive returns on the stock markets.
Higher rate taxpayer - You are a higher rate tax payer if you are earning more than the higher tax rate threshold and are paying 40% income tax for the tax year.
Income multiples - This is the factor by which your earnings are multiplied to find out how much you can borrow for a mortgage.
Income protection - This is an insurance policy that pays you a monthly income if you're unable to work due to illness or injury, until you are able to return to work, or you retire, whichever is the sooner.
Income tax - This is the tax paid on your income. Generally, all income is taxable. The exceptions are for income falling within personal allowances and income that
Independent financial adviser - Independent financial advisers (IFAs) are professionals who give financial advice about products and services across the whole market. They act on your behalf, and may charge a fee or be paid by commission.
Injunction - An injunction is an order of the court that requires an individual or organisation to do or not do a specified act. For example, when a newspaper is
Insolvency - Insolvency is usually defined as a financial state in which a company can no longer pay its bills or other obligations on time. It happens when liabilities
Insurance Policy - A contract, typically written, from an insurance company to the client stating the details of insurance cover being provided for a premium.
Insurance Premium - The price of an insurance policy, or certain components thereof. Typically charged annually or semi-annually.
Insurance Premium Tax - Insurance premium tax (IPT) is a tax levied by the government on general insurance premiums. Most of the insurance premiums paid by Ghanaian consumers will include this tax
Insurer - A person or company that underwrites an insurance risk; the party in an insurance contract undertaking to pay compensation.
Intellectual property - Anything that
Interest - When you give your money to a bank, to look after, you may receive an amount of money on top in return. That percentage is known as interest. You also have to pay interest on loans or mortgages when you borrow money.
Interest-only mortgage - With an interest-only mortgage, you only pay the interest charges on the loan each month. This means that you
Joint life - A
Key facts document - All good financial advisers provide customers with at least two 'Key facts' documents: one explaining their status (whether they are tied, multi-tied or independent) and one explaining the services they offer and a menu of their charges. This helps you understand the value and cost of the adviser's advice and service. Comparing these documents is a good way to shop around.
Key features document - A
Landlord and tenant law - This is the area of law that governs the relationship between both landlords and tenants of residential and business properties.
Landlord and tenant law (property) lawyers - These lawyers are experts in landlord and tenant law. They can help individuals to draft tenancy agreements, explain obligations to tenants and help with eviction proceedings if this becomes necessary.
Lawyer - A professional who provides legal advice and services to individuals and businesses on a wide range of issues, for example divorce, conveyancing, contract law and employment law.
Legal expenses - An insurance type that will provide the funds to hire legal representation or meet other court costs in the event that a legal claim is made against the insured.
Libel - Libel is the act of publishing something about somebody that is not true and that causes them damage.
Lifetime allowance - This is the maximum amount of money that you can accumulate as pension savings throughout your lifetime and still benefit from tax relief. If the amount you save exceeds the lifetime allowance, then you will have to pay tax on these savings.
Lifetime annuity - A lifetime annuity will give you a regular income for the rest of your life. You buy an annuity with the cash sum that
Litigation - Litigation is the use or threat of court proceedings.
Loan - A loan is a set amount of money that a company agrees to lend you for a set period of time. Payments and interest rates are agreed at the time of the loan.
Loan-to-value (LTV) - This is the percentage of mortgage money you want to borrow compared to the cost of a property. If the LTV exceeds a stated amount, then some mortgage lenders will charge a higher rate of interest or impose some other penalty to accept the higher risk.
Media law - This is an area of law that governs the entertainment, publishing and other media sectors, including intellectual property law, copyright and trademarks.
Mediation - Mediation is the process that parties enter into in an attempt to resolve a dispute without court proceedings. It
Money laundering - The government has introduced tough money laundering laws in a bid to combat international crime and terrorism. This means that lawyers and other professionals need to check that you are who you say you are when you first instruct them. They may also ask for proof of identity if you have not instructed them for some time. Usually, identity is provided with a form of photographic document
Mortgage - A loan to buy a property, which is then
Mortgage broker - A mortgage broker can recommend a mortgage for you or they can give you information that helps you make your own choice. Mortgage brokers can be independent, or have a restricted range of mortgages available to them. Remember to ask a mortgage broker what his or her status is.
Mortgage protection insurance - Accident, sickness and sometimes unemployment insurance (or payment protection insurance) is a policy that
Multi-tied financial advisers - A multi-tied financial adviser can offer you a choice of products from a limited range of financial companies.
National Insurance contributions - SNNIT contributions are an amount of money that is paid to the Government a percentage of your income if you are aged over 18 but under the pension age and you earn more than the minimum threshold. They go towards providing for state pensions, as well as other state-provided benefits. If you are an employee, SNNIT contributions are deducted from your pay before it is paid to you.
Neighbour disputes - Legal disputes between neighbours, often related to noise, threats of violence or obstructed access to property.
Payment protection insurance - This type of insurance policy pays a regular pre-agreed amount for a stated time if you can't work for specified reasons.
Pensions Actuary - The individual appointed by the trustees of an occupational pension scheme to carry out valuations and advise on funding matters.
Pensions law - An area of law governing the payment and the protection of pensions.
Pensions Regulator - The National Pensions Regulatory Authority (“the Authority”) will regulate both public and private pension schemes in the country. The Authority will approve, regulate and monitor Trustees, Pension Fund Managers, Custodians and other institutions relating to pension matters.
Personal accident - An insurance designed to pay out a set amount to the policyholder should they not be able to work as the result of an accident. A large lump payment is also normally included to be paid in the event of permanent disablement or death.
Personal allowance - A personal allowance is the amount of income that you can earn each year before you start paying tax.
Personal injury law - An area of law that governs claims for compensation where one party has caused physical injury to another.
Personal injury lawyers - A personal injury lawyer will help you negotiate for personal injury compensation.
Personal pension - This is a pension policy that is taken out through a pension provider, into which you pay contributions and will at retirement provide some or all of your pension income. These are invested in funds, which you can choose according to your attitude to risk and plans for the future. A personal pension is set up on a money purchase (defined contribution) basis.
Planning law - This area of law governs the processes involved in getting planning permission for the erection or change of use of buildings.
Policy Limits - Maximum amount of insurance that can be paid for a covered loss.
Policy Schedule - A list of the items that are covered under one policy or a list other defined items. Our policy schedules are sent by e-mail upon purchase of a policy.
Premium - This is the name given to the regular amount you must pay for an insurance policy. Providers sometimes offer annual premiums, but most commonly premiums are paid monthly, although some companies charge interest on these arrangements and it is worth checking how much extra you may have to pay.
Premium Tax - A tax on premiums paid by the clients in addition to the cost of their insurance. IPT is typically around 5% of the policy total and is set by the NIC.
Price to earnings ratio (P/E) - The performance of companies is measured by their Price to Earnings (P/E) ratio. The price is the current share price, and the earnings are the profit that the company earns in one financial year for each single share.
Private medical insurance - This is a type of insurance policy that pays for you to receive private medical treatment. It is also known as private health insurance.
Probate - Probate is the process of obtaining legal authority to deal with the affairs of someone who has died and getting the will certified so that the executors can carry out the wishes and instructions contained within it in order to wind up the estate.
Professional indemnity insurance - Coverage for professional damage caused by negligence or misunderstandings that can result in court cases or legal action.
Professional negligence - This area of law covers claims against any professional whose work has not met the standards that can reasonably be expected. Medical professionals, surveyors, architects, accountants, lawyers, financial advisers, builders, plumbers
Property - Property is a type of asset. Property assets can be residential - such as your house
Protected rights pension - This is the part of your pension fund that has been built up due to redirection of SNNIT contributions.
Public liability - Insurance for to cover a claim or payment due as a result of bodily injury or property damage caused to another person.
Qualifying years - Qualifying years are those tax years in which you
Quote - A quote is an estimated set of premiums based on a client's criterion for insurance coverage. Quotes are converted into policies when the cover and prices are agreed by both client and insurer/broker.
Repayment mortgage - This is a mortgage that pays off both the capital and the interest at the same time. Pay all the repayments and the mortgage will be fully repaid at the end of the term.
Risk - The potential of losing something of value. Values (such as physical health, social status, emotional well being or financial wealth) can be gained or lost when taking risk resulting from a given action, activity and/or inaction, foreseen or unforeseen.
RPI - The Retail Prices Index (RPI) measures the change in the cost of a basket of retail goods and services.
Second Tier - The second tier occupational pension and personal pension schemes are defined contribution schemes. The mandatory second tier occupational pension and voluntary third tier provident fund and personal pension schemes will be privately-managed by approved trustees licenced by the Authority with the assistance of pension fund managers and custodians registered by the Authority. The pension fund managers and custodians will first be licensed by the Securities & Exchange Commission. Key Features * Mandatory * Work-based * Fully funded * Defined Contribution * Privately Managed * Operated under trust by approved trustees * Preservation and Portability - Full and immediate vesting - Accrued benefits to be preserved until retirement age; earlier benefits allowed under certain prescribed conditions - Transfer of accrued benefits to another account during change of employment. * Employee is paid a lump sum money on termination of Service, death or retirement. * Withdrawal of Accrued Benefits (section 101 of Pensions Act) * Benefits preserved until the retirement age ( entire accrued benefit paid) Could be withdrawn under prescribed reason: - Early retirement (age 50 and unemployed or self-employed) - Medical-total or permanent disability - Death * Assignment of Benefit : use of lump sum benefit as collateral to secure mortgage for primary residence (section 103 of Act) – Tax Relief on Contributions - 5.0% 18.5%
Self Invested Personal Pensions (SIPPs) - A Self Invested Personal Pension is a type of plan that allows you, or your appointed fund manager, to make choices from a wider range of investments than other personal pension schemes offer. With a SIPP you can invest in the shares of any company listed on a stock exchange.
Stakeholder Pension - This is a personal pension in its most simple form. A stakeholder pension will allow you to make a minimum investment per month and offer a range of funds in which to invest
Standard variable rate mortgage - This is a loan that is arranged at the lender's normal mortgage rate without any discounts or deals.
State Pension - Your basic State Pension is based on your SNNIT contributions. You may also qualify for the additional State Second Pension if you are employed, based on your earnings and SNNIT contributions.
Stockbroker - A stockbroker is a professional who buys and sells stock (shares) on behalf of clients. Only registered stock brokers can buy or sell shares on the stock exchanges.
Stocks and Shares - Both terms mean the same thing: companies
Sub-Prime - If a mortgage borrower has a poor credit record, such as Defaulted Loans or bankruptcy, they can find sometimes a loan from Sub-Prime lenders. However, borrowers can expect to pay interest rates that are higher the normal lending rate because lenders see them as being riskier.
Tax-efficient investing - Tax-efficient investing is the process of investing in such a way as to minimise the amount of tax paid. This could mean using tax-efficient investments or making contributions to your pension.
Taxation law - This area of law governs the payment and evasion of tax due to government
Term - This is the length of the contract you make with your mortgage, policy or investment provider.
Term assurance - This is a policy that provides a guarantee to pay a specific amount of money, during a pre-agreed period of time, if you die. It
Third Tier - The voluntary third tier provident fund and personal pension schemes will be privately-managed by approved trustees licenced by the Authority with the assistance of pension fund managers and custodians registered by the Authority. The pension fund managers and custodians will first be licensed by the Securities & Exchange Commission. Key Features Similar features with second tier except - Voluntary for formal and informal sectors - Withdrawals before 10 years (formal sector) and 5 years (informal sector) do not qualify for Tax benefits. - Vesting schedule for employer’s contributions – Tax Relief on Contributions - 16.5%
Tied financial advisers - A tied financial adviser can only offer advice on the products of one provider.
Total loss - A term that may be used by insurers to describe the situation whereby the condition of an automobile or property is so extensively damaged that repair would cost more than replacement.
Tracker mortgage - This is a mortgage that has a level of interest rate linked to a particular rate, set independently from the lender. The level of interest you
Travel insurance - This type of policy usually pays out if you unexpectedly have to cancel your travel plans; are taken ill while away; accidentally injure somebody or damage a third-party's possessions; or if you lose your own possessions. Different levels of cover are available to protect you whilst you travel, and costs can vary depending on where you travel to and how long you plan to be away
Trusts law - This type of law governs the creation and maintenance of trusts, such as those used to protect family assets through the generations.
Under-cover - This is the state of a policy holder who currently has an active policy.
Under-insurance - The result of the policyholder’s failure to buy sufficient insurance. An underinsured policyholder may only receive part of the cost of replacing or repairing damaged items covered in the policy.
Underwriting - Insurance underwriters are the insurance companies that provide insurance products to insurance brokers. A broker usually has several underwriters so it can compare their prices to offer the client the best policy price available.
Unit trusts - These are
Valuation - This is an inspection, for the benefit of your lender, of the home you hope to buy. This is to reassure them they are not lending more than the property is worth and that the property is suitable security for the mortgage, but it won
Variable interest rate - These are interest rates, offered by banks and financial institutions on loans or deposits, that may change according to circumstances. For example, a movement in the interest base rate set by the Bank of Ghana would usually be an influence.
Welfare benefits law - Welfare benefits law governs the payment of welfare benefits to individuals.
Whole-of-life insurance - A whole-of-life insurance policy lasts throughout your life so that your dependants are guaranteed a payout should you die as long as the premiums are kept up.
Wills and probate Law - This is the area of law that governs the interpretation of wills and the distribution of the estate of people who have died.
Yield - Yield is a general term for the rate of income that comes from an investment, expressed as an annualised percentage and based on its current capital value.