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Glossary beginning with C
- Cash Valuesearch for term
- The amount of money the policyholder will receive if he surrenders his life insurance policy that has a savings feature.
- Claimsearch for term
- A demand made by you the insured, or your estate, for payment of the benefits as provided by the policy.
- Co-Insurancesearch for term
- Commonly found in a medical expense insurance policy, co-insurance is the amount of the hospital bill which is not covered by the policy and which you need to pay after the deductible (see below on what is a deductible) is met. It is usually expressed as a percentage of the expenses.
- Commissionsearch for term
- Fee paid to the distributor as a percentage of the policy premium. The percentage varies widely depending on coverage, the insurer and the marketing methods.
- Coveragesearch for term
- The scope of protection provided under an insurance policy. In life insurance, living and death benefits are listed. In non-life insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of indemnification.
- CPF DPSsearch for term
- The Dependants Protection Scheme covers CPF members.
- Pays up to $46,000 upon the CPF member’s death or permanent incapacitation.
- CPF LIFEsearch for term
- The CPF Lifelong Income Scheme For The Elderly (CPF LIFE) provides a lifetime of income for the elderly in their retirement.
- You will receive monthly payouts for life, starting from your Draw Down Age (DDA).
- All plans have different combinations of monthly payouts and bequests, so choose a plan that will suit you best – once you choose a certain plan you are not allowed to change it.
- Four different types of plans available: Plus Plan, Balanced Plan, Basic Plan, and Income Plan.
- Critical Illness Insurancesearch for term
- Pays a lump sum either when you are first diagnosed with a critical illness covered by the policy, or after first having a type of surgery covered by the policy.
- Some major illnesses and types of surgery - major cancers, heart attack, coronary artery bypass surgery, stroke and kidney failure - are covered by almost all policies.
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How are investment returns (i.e. interest rates) used in the Benefit Illustration of Participating Products derived? To find out more...click here.
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