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Annuity |
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A contract that provides for a stream of periodic income for a term dependent upon human life.
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Average Clause |
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Stipulates that an insurer is only liable for such proportion of the loss as the sum insured bears to total value at risk.
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Claims |
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Notification to an insurer that payment of an amount is due under the terms of the policy.
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Endowment Insurance |
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Insurance payable on death or survival to the maturity date stated in the policy.
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Excess of Loss Treaty |
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A type of reinsurance treaty which provides that the reinsurer pays all or a specified percentage of a loss arising from a particular occurrence or event (frequently of a more or less catastrophic nature) in excess of a fi xed amount and up to a stipulated limit.
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Forfeiture |
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The termination of a policy due to non-payment of premiums before the policy has acquired a surrender value.
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Gross Direct Premiums |
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Premiums on original gross rate charged to clients in respect of direct insurance business without any deduction for commission or brokerage.
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Gross Premiums |
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Gross direct premiums and reinsurance accepted premiums less reinsurances within Malaysia.
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Group Life Insurance |
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Life insurance usually without medical examination, on a group of people under a master policy. It is typically issued to an employer for the benefit of employees, or to members of an association.
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