A booklet that details the full product information and terms and conditions of an insurance policy, and the policy schedule(s) which provides the specific benefits/premiums/payment conditions covered. It provides evidence that a contract exists between the insured and insurer.
Average per person. Per capita income represents the average earnings for each person in a population, and is often used to measure a country's standard of living.
A financial institution (such as a bank or insurance company) authorised to provide pensions contracts.
Refers to a pool of pensions contributions invested for growth. Also used to refer to a type of institutional investor who administers and investsfunds for pension plans.
A regular payment received by an individual during their retirement until they die. Also known as an annuity. It is usually bought through payment of regular contributions during the individual's working lifetime.
A business association formed by two or more people. Often known as a firm. A partnership is not an incorporated company, and has no standalone legal basis, which means that the partners (or "general partners") usually have unlimited responsibility for any debts incurred by the business. An exception is limited partners who, like shareholders, are liable only for what they have invested in the business.
A potential new customer who can be approached for buying an insurance policy.
The person who owns the policy, in this case, a life insurance policy.
These are also called "par policies" or "policies with participation in profits". These policies are not non-par policies and are entitled for any share in surplus (profits) during the term of the policy.
The difference between total income/revenue and total running costs/operating expenses from continuing operations. Excludes non-operational items, such as one-off gains or losses from the sale of assets or acquisition costs. Also called earnings before interest and taxes (EBIT), or operating income.
