Insurance Singapore Glossary Involving Terms
Assured: Those insured within the terms of an insurance Singapore policy.
Gain - The money compensated to the policyholder every time a claim is made.
Wager Price - Your selling price or cash-in valuation on your unit holdings.
Benefit - Relates to a new with-profits policy. The amount of money put into the benefit payable under the coverage. The amount is dependent upon the benefits made by the insurance Singapore business. Added bonuses are not taken away.
Convertible Phrase Assurance it is a phrase insurance Singapore policy which gives the option to convert your present policy to a whole-life as well as endowment insurance Singapore policy, without having to acquire further medical tests.
Critical Illness Insurance Singapore policy - A policy that will pays out the lump sum on the diagnosing life threatening illnesses pointed out in the terms of the program.
Decreasing Term - A form of term life insurance Singapore the location where the death benefit diminishes each year as per your current policy. Premiums continue being level. This type of qualification is frequently sold because mortgage insurance Singapore. There is absolutely no surrender value just for this policy.
Endowment Insurance Singapore - An insurance Singapore policy that pays off a stated quantity at the end of a given period or about the death from the insured if it happens within that interval.
Family Income Advantage - Term assurance that pays money for the life assured's dependents for a collection period, rather than paying out a lump sum.
Confirmed Bond - A new bond in which main and interest are generally guaranteed by a great entity other than the actual issuer. Guaranteed Securities can be income or even growth.
Increasing Expression - The cover along with the amount you pay in to the policy are elevated by a specific percent each year calculated around the original sum covered by insurance Singapore. It is designed as a way to improve your life cover as the earnings increase.
Expenditure Bond - Mixes investment with some living cover. The payments you are making into an insurance Singapore policy or even investment bond, normally a lump sum, are purchased the insurance Singapore company's with-profits or perhaps unit-linked funds (Life Money). Different types of bonds are the guaranteed bond as well as unit-linked single premium connects. Not to be confused with a firm or government relationship, an investment that offers a limited rate of interest and an location where your chosen Living Funds may be put in.
Life Fund- This usually describes Unit linked Expense Funds. These are resources run by Existence Assurance or Monthly pension Companies. Such settlement is used for individuals having life assurance procedures to invest in. The possessions held within the account are divided into many units. When a venture capitalist contributes to a Life Pay for, units are invested in investors in proportion thus to their investment.
Maturity- It is an agreed night out when an endowment plan ends and the earnings, including any signup bonuses, are payable.
Mutual- It is a life insurance that may be owned by its with-profits policyholders.
Offer Cost - The price from which fund units are ordered.
Premium - How much money paid into insurance Singapore coverage.
Proprietary - An existence insurance Singapore company that troubles its profits for you to its shareholders.
Being qualified Policy - An existence assurance based cost savings plan that has to always be written for minimum of 10 years and should fulfill certain getting qualification policy criteria to guarantee the final payout will be tax free.
Renewable Time period It is a term insurance which may be renewed for another time period without evidence of insurability.
Solitary Premium Policy - Where a single lump sum payment is paid for an insurance Singapore coverage.
Sum Insured- It is the amount of money that is sure to be paid below an insurance Singapore policy, before just about any bonuses are extra.
Surrender Value- Not applicable to all or any life insurance Singapore policies. The amount that the insurance Singapore policyholder can be entitled to receive any time he or she discontinues coverage
Expression Insurance Singapore - Supplies policyholder with safety only. Life insurance Singapore payable to some beneficiary only when a great insured dies in a specified number of years (the phrase). If you live beyond the expression you do not receive any settlement. This is thought to be the most affordable type of insurance Singapore.
Critical Bonus - It is really an extra bonus identified when a death or perhaps maturity claim pays. Terminal bonus is usually only paid in the event the policy has been in-force for any minimum number of years from claim time. Just how much is dependent upon the profits manufactured by the insurance Singapore Company.
Unitized Using Profits Fund It is also known as a Unit-Linked Using Profits Fund. A sort of Life Fund that will invest in UK as well as overseas shares, residence, fixed interest stock options and cash. When you invest in this kind of fund through insurance Singapore policies, you buy 'units'. When a bonus is stated, you can either receive far more units or it really is added to the unit price tag on a daily basis. Due to the add-on of bonuses the device price does not mirror the value of the underlying assets.
Unit-Linked - Also called Unitized. If the insurance Singapore policy is unit-linked, several of your money is used to acquire 'units' in a fund. The need for your policy from maturity is dependent upon the expansion of the fund when the policy is spent. Generally refers to plans that offer protection and also saving such as endowment insurance Singapore plan, whole life insurance Singapore and expenditure bonds.
Unit-Linked Single Quality Bond - Just one lump sum life insurance Singapore policy in which your investment is distribute over a number of Living Funds.
Whole Life Insurance Singapore - Whole life insurance Singapore provides a passing away benefit for the insurance Singapore holder as it builds up income value. The policy stays in force for the use of the insured, so long as premiums are paid for according to the policy deal. You can choose insurance Singapore coverage that pays from death a certain sum only, the particular sum plus just about any bonuses that have been additional, or the sum additionally any additional value through the growth of the cash invested in.
Without Income - When a plan reaches maturity or even the policyholder dies, the total amount paid out is the simple guaranteed sum just. You would not be entitled to any kind of bonuses.
With Earnings - Relates to insurance Singapore plans that combine expenditure with protection. This sort of policy is eligible for a share with the profits made by the insurance Singapore policy company. Premiums are generally invested in the using profit fund, reversionary signup bonuses are applied normally on an annual schedule which reflect an investment growth of the pay for assets. On dying and/or maturity a further airport terminal bonus might be used on the fund benefit.
With Profits Connection - An insurance Singapore policy wherever your lump sum is most cases invested in the Unitized with Profits Finance (which is listed within the Life Funds part).
Gain - The money compensated to the policyholder every time a claim is made.
Wager Price - Your selling price or cash-in valuation on your unit holdings.
Benefit - Relates to a new with-profits policy. The amount of money put into the benefit payable under the coverage. The amount is dependent upon the benefits made by the insurance Singapore business. Added bonuses are not taken away.
Convertible Phrase Assurance it is a phrase insurance Singapore policy which gives the option to convert your present policy to a whole-life as well as endowment insurance Singapore policy, without having to acquire further medical tests.
Critical Illness Insurance Singapore policy - A policy that will pays out the lump sum on the diagnosing life threatening illnesses pointed out in the terms of the program.
Decreasing Term - A form of term life insurance Singapore the location where the death benefit diminishes each year as per your current policy. Premiums continue being level. This type of qualification is frequently sold because mortgage insurance Singapore. There is absolutely no surrender value just for this policy.
Endowment Insurance Singapore - An insurance Singapore policy that pays off a stated quantity at the end of a given period or about the death from the insured if it happens within that interval.
Family Income Advantage - Term assurance that pays money for the life assured's dependents for a collection period, rather than paying out a lump sum.
Confirmed Bond - A new bond in which main and interest are generally guaranteed by a great entity other than the actual issuer. Guaranteed Securities can be income or even growth.
Increasing Expression - The cover along with the amount you pay in to the policy are elevated by a specific percent each year calculated around the original sum covered by insurance Singapore. It is designed as a way to improve your life cover as the earnings increase.
Expenditure Bond - Mixes investment with some living cover. The payments you are making into an insurance Singapore policy or even investment bond, normally a lump sum, are purchased the insurance Singapore company's with-profits or perhaps unit-linked funds (Life Money). Different types of bonds are the guaranteed bond as well as unit-linked single premium connects. Not to be confused with a firm or government relationship, an investment that offers a limited rate of interest and an location where your chosen Living Funds may be put in.
Life Fund- This usually describes Unit linked Expense Funds. These are resources run by Existence Assurance or Monthly pension Companies. Such settlement is used for individuals having life assurance procedures to invest in. The possessions held within the account are divided into many units. When a venture capitalist contributes to a Life Pay for, units are invested in investors in proportion thus to their investment.
Maturity- It is an agreed night out when an endowment plan ends and the earnings, including any signup bonuses, are payable.
Mutual- It is a life insurance that may be owned by its with-profits policyholders.
Offer Cost - The price from which fund units are ordered.
Premium - How much money paid into insurance Singapore coverage.
Proprietary - An existence insurance Singapore company that troubles its profits for you to its shareholders.
Being qualified Policy - An existence assurance based cost savings plan that has to always be written for minimum of 10 years and should fulfill certain getting qualification policy criteria to guarantee the final payout will be tax free.
Renewable Time period It is a term insurance which may be renewed for another time period without evidence of insurability.
Solitary Premium Policy - Where a single lump sum payment is paid for an insurance Singapore coverage.
Sum Insured- It is the amount of money that is sure to be paid below an insurance Singapore policy, before just about any bonuses are extra.
Surrender Value- Not applicable to all or any life insurance Singapore policies. The amount that the insurance Singapore policyholder can be entitled to receive any time he or she discontinues coverage
Expression Insurance Singapore - Supplies policyholder with safety only. Life insurance Singapore payable to some beneficiary only when a great insured dies in a specified number of years (the phrase). If you live beyond the expression you do not receive any settlement. This is thought to be the most affordable type of insurance Singapore.
Critical Bonus - It is really an extra bonus identified when a death or perhaps maturity claim pays. Terminal bonus is usually only paid in the event the policy has been in-force for any minimum number of years from claim time. Just how much is dependent upon the profits manufactured by the insurance Singapore Company.
Unitized Using Profits Fund It is also known as a Unit-Linked Using Profits Fund. A sort of Life Fund that will invest in UK as well as overseas shares, residence, fixed interest stock options and cash. When you invest in this kind of fund through insurance Singapore policies, you buy 'units'. When a bonus is stated, you can either receive far more units or it really is added to the unit price tag on a daily basis. Due to the add-on of bonuses the device price does not mirror the value of the underlying assets.
Unit-Linked - Also called Unitized. If the insurance Singapore policy is unit-linked, several of your money is used to acquire 'units' in a fund. The need for your policy from maturity is dependent upon the expansion of the fund when the policy is spent. Generally refers to plans that offer protection and also saving such as endowment insurance Singapore plan, whole life insurance Singapore and expenditure bonds.
Unit-Linked Single Quality Bond - Just one lump sum life insurance Singapore policy in which your investment is distribute over a number of Living Funds.
Whole Life Insurance Singapore - Whole life insurance Singapore provides a passing away benefit for the insurance Singapore holder as it builds up income value. The policy stays in force for the use of the insured, so long as premiums are paid for according to the policy deal. You can choose insurance Singapore coverage that pays from death a certain sum only, the particular sum plus just about any bonuses that have been additional, or the sum additionally any additional value through the growth of the cash invested in.
Without Income - When a plan reaches maturity or even the policyholder dies, the total amount paid out is the simple guaranteed sum just. You would not be entitled to any kind of bonuses.
With Earnings - Relates to insurance Singapore plans that combine expenditure with protection. This sort of policy is eligible for a share with the profits made by the insurance Singapore policy company. Premiums are generally invested in the using profit fund, reversionary signup bonuses are applied normally on an annual schedule which reflect an investment growth of the pay for assets. On dying and/or maturity a further airport terminal bonus might be used on the fund benefit.
With Profits Connection - An insurance Singapore policy wherever your lump sum is most cases invested in the Unitized with Profits Finance (which is listed within the Life Funds part).
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