Glossary beginning with C

Insurance Glossary

Cash Valuesearch for term
  • The amount of money the policyholder will receive if he surrenders his life insurance policy that has a savings feature.
Synonyms: Surrender Value
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.