Association of International Life Offices
Representing the cross-border life industry
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Glossary

Not sure about a name or phrase used in our documentation or website? Or perhaps you’ve come across some financial terminology elsewhere that you’re not familiar with? Find out its meaning in our glossary below and if there is a word not in there you think needs adding please do contact us.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Net Asset Value (NAV)

The net asset value (NAV) of a firm is the amount of money that would be left if it closed, sold its assets and paid its debts. In the investment context, the NAV represents a fund's per share market value. This is the price ("bid price") at which investors buy fund shares from a fund company and sell ("redemption price") them to a fund company. It is derived by dividing the total value of all the cash and securities in a fund's portfolio, less any liabilities, by the number of shares outstanding.

Nikkei 225

The Nikkei 225 is Japan's major stockmarket index.

Nil Rate Band (UK-Specific)

The amount of a person's estate on which there is no charge to inheritance tax.

Non-domicile

Non-domicile (or "non-dom") status is given to people who were either not born here or whose parents spent most of their lives in another country.