Information for people who have been mis-sold endowments and are seeking compensation

Endowment Glossary

Definition: "Churning"

Churning is…

Endowment policies that are replaced by new ones, often at the urging of an agent, who gives the impression that the new policy is cheaper. In many instances, however, the buyer is not told that the cash value account, sometimes used to pay the new premium, must accumulate anew. It's not unusual for whole life policies to have no cash value in their first few policy years.

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More endowment related definitions:

• Advance
• Agent
• Amber Letter
• Assignment
• Cancellation Notice
• Churning
• Demutualization
• Early Repayment Charge (ERC)
• Endowment Policy
• FOS
• FSA
• Further Advance
• Green Letter
• Interest Only Mortgage
• Life Assurance
• Maturity
• Negative Equity
• Red Letter
• Remortgage
• Repayment Mortgage
• Reversionary Bonus
• RPB

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