A document supplied by the insurance company, usually filled in by the agent and medical examiner (if applicable) on the basis of information received from the applicant. It is signed by the applicant and is a part of the insurance policy if it is issued.

A sudden, unintended, fortuitous, violent, visible and external event and does not include any naturally occurring condition or degenerative process.

An insurance professional skilled in the analysis, evaluation and management of statistical information. He/She evaluates insurance firms' reserves, ensures the solvency of the company, determines rates and rating methods, and determines business and financial risks of the insurance company.

Stipulated minimum and maximum ages for a particular policy below and above which the company will not accept applications or may not renew in case of lapsation.

Creating the units at the prevailing unit price offered by the life insurer. This is applicable in case of premium payments, top up payments and switches.

A life insurance product that pays periodic income benefits for a specific period of time or over the course of the annuitant's lifetime. Deferred annuities are paid after a deferment period whereas Immediate annuities allow payments to begin within a year of purchase.

The spread of the investment across various asset classes.

A transfer of the rights and benefits of an insurance policy from one person to another either conditionally or absolutely, by an endorsement upon the Policy itself or by a separate instrument signed in either case by the assignor specifically stating the fact of assignment and duly registered in the records of the insurer.

A statement providing a snapshot of a company's financial condition at one point in time. It shows assets, including investments and reinsurance, and liabilities, such as loss reserves to pay claims in the future, as on a particular date.

A request for payment of the contractual benefits that is made by the insured / beneficiary when the contingency covered by the policy arises.