T-Z

Theft insurance: insurance contract whereby the insurer undertakes to indemnify the insured for direct losses caused by the theft of insured objects.
 
Turnover: an index indicating staff turnover due to resignations, retirement, death or other reasons which make it necessary to hire a new employee to replace a person who is no longer employed.
 
UN Global Compact: a voluntary initiative launched and sponsored by the United Nations, promoting and disseminating the principles of sustainable development.
 
UNEP: the United Nations Environmental Programme that promotes sustainable development among companies and the general public.
 
Unit-linked (contracts, products): policies that require paid up premiums and benefits to be expressed as units of an investment fund they are linked to.

Value In-Force (VIF) is the present value of the projected stream of after tax industrial profits that are expected to be generated by the covered business in force at the valuation date, after allowance for:

  • the cost of financial guarantees and options granted to policyholders;
  • the frictional costs of holding the required capital;
  • the cost of non hedgeable risks.