Key Terms
MRT — Insurance & Protection
Life cover, critical illness, income protection and policy terminology.
Key Terms
- Life Assurance — Policy paying out on death.
- Term Assurance — Life cover lasting fixed period.
- Level Term Assurance — Fixed payout throughout policy term.
- Decreasing Term Assurance — Cover reducing alongside mortgage balance.
- Whole of Life Policy — Life cover lasting entire lifetime.
- Critical Illness Cover — Lump sum payment on specified illness diagnosis.
- Income Protection — Regular income replacement during incapacity.
- ASU Insurance — Accident, sickness, and unemployment cover.
- Premium — Amount paid for insurance cover.
- Sum Assured — Amount insurer pays upon claim.
- Underinsurance — Insufficient insurance cover.
- Exclusion — Situation not covered by policy.
- Moratorium — Temporary exclusion period in policy.
- Waiver of Premium — Insurer pays premiums during incapacity.