Web Content Viewer (JSR 286)

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Glossary

Web Content Viewer (JSR 286)

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A-C | D-F | G-I | L-P | R-T | U-W

A

Accumulated Value

The cash value of a life policy at a given time.

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Annuity

A contract between you and the insurance company in which you invest a single premium (a lump sum payment) or series of premiums in return for regular payouts in the future. Through an annuity, you can continue to receive a steady stream of income during retirement. Find out more about retirement income.

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B

Beneficiary

The person nominated to receive the insurance proceeds in the event a claim is made under the policy.

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Benefit

Compensation paid by the insurance company under the terms of the insurance policy. For example, for a life insurance policy, the (death) benefit is the sum paid to a named beneficiary when the insured passes away. See also death benefit.

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C

Cover

The scope of protection included under an insurance policy. For example: life insurance cover will include living and death benefits; health insurance will include reimbursements for various medical costs depending on the policy.

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Critical Illness

Severe illness or condition, such as cancer, heart attack or stroke, that may be seriously debilitating or terminal for the sufferer. Illnesses covered by critical illness insurance will be listed in the policy document.
Protect your loved ones with our range of critical illness protection.

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D

Death benefit

The payment made to a named beneficiary from an annuity or life policy when the insured passes away.

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Deductible

The amount of an expense that a policy holder must pay before an insurance company will cover any remaining costs.

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Dividend

An additional payout made by an insurance company to participating policy holders from time to time. A dividend is not guaranteed and, if given, the amount is determined by the insurance company.

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E

Exceptions

See Exclusions.

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Exclusions

Items or conditions that are not included under an insurance policy. These will be stated in your policy contract. Consult your financial advisor regarding any exceptions before accepting a policy.

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G

Guaranteed cash value

The minimum amount that a policy is worth on a given date, as stipulated in the policy contract, which the policy holder may receive upon surrendering the policy.

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Guaranteed Income

An amount defined under the terms of the policy, to be paid to the policy holder at regular intervals.

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I

ILAS (Investment-linked Assurance Scheme)

ILAS products combine life insurance with investment features, offering a life insurance policy that provides death benefits to named beneficiaries while investing a portion of the insurance premiums into a designated investment fund or funds.

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Immediate family member

A parent, child or the spouse of the insured.

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Individual insurance policy

An insurance policy that insures the life or health of a named person or persons (some policies may include the named person's immediate family or a second named person).

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Initial premium

The first payment made by a policy holder under a new insurance policy.

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Insured

The person or persons covered by an insurance policy.

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Insured Sum

See sum insured.

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L

Lapse

Termination of an insurance policy due to nonpayment of premiums by the policy holder.

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Level premium

A premium that remains the same for the length of the premium term.

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Life insurance policy

An insurance policy that pays out an agreed sum to a named beneficiary or beneficiaries upon the death of the person insured.

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M

Major illness

See critical illness.

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Maturity date

The date on which the policy term ends. The policy is no longer effective after the maturity date.

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Mutual Fund

An investment whereby money is pooled from multiple investors and invested into securities such as stocks, bonds and other assets. This portfolio of investments is managed by a fund manager and structured in line with the objectives set out in the mutual fund's prospectus.
One of the chief advantages of mutual funds is that they give smaller investors access to professionally managed, diversified portfolios in equities, bonds and other securities.
See our range of professionally managed mutual funds.

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P

Policy holder

The person or business who holds an insurance policy. Also referred to as the policy owner.

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Policy owner

See policy holder.

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Policy rider

See rider.

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Policy

A written contract or certificate of insurance (including all clauses, riders, terms and conditions) agreed by an insurance company and the policy owner.

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Pre-existing condition

A physical or mental condition diagnosed before an insurance policy comes into effect. In most cases insurance policies will not cover losses/costs that occur as a result of pre-existing conditions.

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Premium

The payment made by a policy holder in exchange for insurance against a specified risk, as agreed in the insurance policy.

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Primary beneficiary

The person designated to receive the death benefit of a life insurance policy upon the death of the insured. Also referred to as "first beneficiary."

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R

Rider

Additional coverage which can be added to an insurance policy and that becomes part of the insurance contract. A rider can either expand or limit the benefits payable under the policy.

For example, it may be possible to supplement a life insurance policy with critical illness cover, expanding the scope of the policy holder's coverage. This additional critical illness cover is known as a rider on the life insurance policy.

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S

Secondary beneficiary

If the primary beneficiary dies before the insured, proceeds from the insurance policy will pass to the secondary beneficiary upon the insured's death.

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Sum insured

The maximum amount payable to the beneficiary by the insurer under the terms of a given policy.

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T

Term life insurance

A type of life insurance that provides death benefit to a named beneficiary if the insured passes away during the term of the policy.
Find out more about ManuTerm, term coverage that enables you to convert to a level premium whole life insurance policy before the age of 65 without evidence of insurability.

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U

Underwriters

Professionals within an insurance company that determine and evaluate the degree of risk represented by a proposed insured.

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Underwriting

The practice of determining and evaluating the degree of risk represented by a proposed insured.

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Underwritten

Commonly seen on this site or in brochures for Manulife policies.
"This policy is an insurance product underwritten by Manulife (International) Limited" means that any rightful claims made under this policy by the policy holder will be covered by Manulife (International) Limited.

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W

Waiver (of premiums)

A condition where the policy holder no longer needs to pay policy premiums due to a change in circumstance, most commonly if the policy holder becomes unable to work because of accident or injury.
Find out more about Premium Waiver Benefit and how it can add extra security to your life policy.

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Whole life insurance

Insurance coverage tha extends until the insured's death, at which point the policy benefit is paid to the named beneficiary/beneficiaries.
Whole life insurance is available for one single premium payment with Whole-in-One Protector, or at a level premium rate with Premier Estate Protector.

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