Page 46 - Life Insurance Today June 2015 SAMPLE

Glossary & Poll
Life Insurance Glossary
Statutory presumption of death
The laws in most countries provide that in the event of a person
who has gone missing for a certain number of years a court
order can be made to declare the person as legally dead. This
is usually set as seven years. It has to be proved to the court
that he or she has not been heard of by anyone including those
who would naturally have heard if he or she had been alive.
Surrender value
The surrender or cash value is the amount payable to the
policyholder should the policyholder decide to discontinue the
policy. However, the insurance protection provided under the
policy will also cease. Not all insurance policies have
surrender or cash values.
TDS
An endorsement or attachment to a life insurance policy that
provides additional term coverage for the amount specified. If
the insured dies during this time, the designated
beneficiary(ies) can receive death benefit proceeds..
Terminal Bonus
This part of the surplus distributed is added only when the
policy becomes a claim in most cases by maturity or death. It
is usually expressed as a percentage of the reversionary
bonuses.
Third Party
This is when a person or a company takes a policy on the life
on another.
Trust
This occurs when a person(s), known as settlor sets up an
obligation, known as a trust for the benefit of person(s) known
as beneficiaries. Trustees are appointed to carry out the terms
of trust.
Utmost good faith
The principle of utmost good faith requires the applicant to
disclose all material facts.
Vesting age
This is the age when the rights under the policy vests with the
name individual.
Violent, external and visible
This is used, as a guideline to determine when death or
disability is caused by an event deemed as an accident.
Violence is usually present and this includes physical violence, mock test for each chapter followed by a final Mock
person exerting themselves physically, carrying heavy weights
or injury caused by drowning, suffocation by inhalation of gas
or smoke. External is where the cuse us nit an internal injury
and any cause which is external is visible.
42 June 2015
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