globalcapital.com.mt

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Definitions (68)

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policy owner


The person or organisation that owns an insurance policy. The policy owner generally has the right to change, renew, or cancel the policy and the obligation to comply with policy conditions, such as premium payments.
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accelerated benefits/living benefits riders


These riders let policyholders, which may be terminally ill or critically ill, draw upon a percentage of the face value of their life insurance policies. Conditions under which this option can be used and the amount available to the policyholder can vary depending on your cover.
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accidental death benefit


An extra feature of a life insurance policy that provides an additional benefit equal to the face amount of the policy if the insured dies as a result of an accident prior to a certain age.
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annuity


A financial contract that provides ongoing income, usually used for retirement.
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application form


A form that supplies the company with necessary information on the applicant. Eg: age, sex, address, occupation, earnings, amongst others. The company uses this information to determine whether or not the applicant is insurable.
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accumulation value


In Account Summary, the value of the annuity on the specified "as of date." Upon surrender of this policy, this value may be reduced by a surrender charge, policy fee, or outstanding loan.
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needs analysis


A method for finding out how much life insurance the client needs.
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beneficiary


The beneficiary in a life insurance policy is the person selected who is entitled to receive an insurance payout or inheritance on the insured’s death.
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cash value


The savings element that builds up in a permanent life insurance policy, an endowment policy, or an annuity contract.
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cash surrender value


The Cash Surrender Value equals the Cash Value less policy debt.
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