Glossary of Insurance Terms

In the event that death, or injury results from accidental causes, this benefit makes provision for additional benefits to be paid, over and above the basic sum assured.

 An accidental death shall mean death arising as a result of drowning or from bodily injury caused solely and directly by violent, external, accidental and visible means and that such injury was the sole cause of death. Death must occur within 90 days after the date the injury occurred and before the life assured reaches age 70 years.

Where the death or injury is caused solely and directly, by violent, accidental, external & visible means.

A statistical expert who calculates insurance risks. He/she uses mortality tables and predictions of future interest rates, to calculate the premium rates in our rate books.

A representative of an insurer contracted to solicit insurance policies on behalf of an insurer.

Any alteration or change to the original application for life assurance. Applicants must authorize all amendments by signing their name in full, next to each change/amendment.

Anti-money laundering, counter financing of terrorism and proliferation.

Also known as rider benefit. An extra benefit attached to the basic policy.

Also called premium update or premium escalation. This is an automatic increase in premiums at each policy anniversary by a specified percentage.

 A fixed sum of money paid at regular intervals (usually monthly) to the annuitant (i.e. the person owning the annuity).

The applicant is the person who applies for the policy.

Benefit that is compulsory for this product.

Persons nominated to receive the benefits under the policy when the life assured dies.

An agent who is licensed to represent and sell the policies of one or more life assurance companies. The broker is appointed by the policy owner rather than the life insurance company.

Unilateral act of discontinuance of a policy, or any such part thereof, by the policyholder