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Indemnity |
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Restoration to the claimant of a loss by payment, repair or replacement.
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Investment-linked Insurance |
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Life insurance where the policy value at any time varies according to the value of the underlying assets at the time.
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Medical and Health Insurance |
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Insurance which provides specified benefits to cover medical expenses incurred or against risks of persons becoming totally or partially incapacitated as a result of sickness or infirmity.
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Net Premiums |
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Gross premiums less all reinsurance premiums payable.
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Paid-up Policy |
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A policy without any future premium payments but which is not yet terminated by either death or maturity.
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Participating Policy |
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A policy which shares in the distributable surplus of a life insurer by acquiring bonuses or dividends.
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Policy Document |
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Evidence of the contract between a policy owner and an insurer which sets out the terms and conditions of the particular policy.
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Premiums |
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The monetary consideration payable once or periodically by a policy owner to an insurer in return for the insurance coverage provided.
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Proportional Treaty |
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An agreement under which an insurer and a reinsurer participate proportionately in the premiums and losses on every risk that comes within the scope of the agreement.
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