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IAP means Initial Allocation Period. The IAP is determined by the number of years of the payment term, during this period regular premiums will be allocated to initial units at the appropriate allocation rate and net of any applicable premium tax. After such period the regular premiums are allocated to the accumulated units.

Stands for Inter-Governmental Agreements. This is an agreement that involves or is made between two or more governments to cooperate in some specific way. For example, the United Kingdom (UK) has signed an agreement with the United States of America (USA) to exchange information under the Foreign Account Tax Compliance Act.

ISIN stands for International Securities Identifying Number. A 12 character code that is made up of letters and numbers. It is a unique identifying number for funds, stocks, bond etc.

An example of what an investment may be worth at a point in time, depending on the performance of the fund certain chosen funds and future expenses and charges. Can also be referred to as a Quote.

In specie transfer
Where existing stocks and shares are transferred into a bond wholly. They are not sold (redeemed) to generate cash to fund the bond investment.

Income Units
Units that generate income by paying out dividends or interest on a regular basis.

Independent Financial Adviser (IFA)
A professional who offers independent advice on financial matters. They can choose to make recommendations from all the products available on the market as they are not tied to one particular provider. They make sure the policyholder gets the right product for their individual needs.

An index is a statistical measure of the changes in a portfolio of stocks representing a portion of the overall market. The purpose is to give investors an easy and quick indication of the general direction of shares within that index. These can be general indices of the top companies in a market such as the FTSE 100 or can be sector specific.

Index tracking
A system where a fund manger tries to track the performance of a given stock market or index (e.g: FTSE 100) by buying shares proportionately across the particular index.

Inheritance tax (IHT)
A tax in the United Kingdom which is charged on a UK domiciled or deemed domiciled person's worldwide estate where it exceeds £325,000. Non-UK domiciled individuals are also subject to IHT but only on their UK assets. The rate of tax is 40%.

A contract where a policyholder pays premiums to cover an eventuality that may or may not happen. For example motor insurance covers against the possibility of an accident or theft.

Insurance and Pensions Authority (IPA)
The regulator for insurance and pensions business on the Isle of Man. More information can be found at

Where a person dies without making a will.

Isle of Man Life Assurance (Compensation of Policyholders) Regulations 1991
A high level protection scheme for owners of policies which have been issued by Isle of Man based life assurance companies, such as RL360°, which covers 90% of the company's liability if they were unable to meet their financial obligations. More information can be found at