Acknowledgement of Assignment
After the Notice of Assignment is submitted to the insurance company, it will take about a week to send a written receipt of acknowledgement to both the Assignor and Assignee to update that the ownership of the policy had been transferred.

Absolute Assignment
It is a legal transfer of policy ownership and all of its rights from the Assignor to the Assignee.

The Assignor is the current policyowner who is transferring all of its right to another party.

The Assignee is the party whom all rights of the policy are transferred to and will become the new policyowner.

Automatic Premium Loan (APL)
Any premium due at the end of the grace period will automatically be paid using the existing cash value. If there is no cash value, the policy will lapse. Interest will be charge on the outstanding premium loan.

Cash Value of Insurance Policy
It is also known as surrender value and is the amount payable to the policyowner when a life insurance policy is surrendered. The amount can be obtained by calling the insurance company.

Cash in Insurance Policy
It is the process by which the policyowner surrender the insurance policy for the cash value. Usually the insurance company will issue a cheque on the same day and the insurance contract will then be terminated.

Deed of Assignment
It is the agreement document of Assignment. Most insurance companies have their own in-house Assignment forms.

Endowment Policy
It is a saving plan with insurance coverage, usually has a fixed maturity date and is commonly used for educational or retirement planning.

Group Life Insurance

Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Typically, the policyowner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group.

Investment Linked Policy
It is an insurance policy in which the premiums paid are used to purchase units in investment funds. The value of the units is dependent on the investment performance of the funds.

Key Man Insurance

A life insurance policy that a company purchases on a key executive’s life. The company is the beneficiary of the plan and pays the insurance policy premiums. Also known as “key man insurance,” “key woman insurance” or “business life insurance.”

Life Settlement
A life settlement is the sale of a life insurance policy to a third party for a value in excess of the policy’s cash surrender value, but less than its face value, or death benefit. 

Notice of Absolute Assignment
To effect the transfer of ownership, a Notice of Assignment has to be submitted to the insurance company. The deed of absolute assignment can serve as notice or a separate notice can be used. The priority of rights of the policy will be the date stated on the Assignment form or the date the notice was received by the insurance company whichever is later.

Paid Up Policy
It is one of the non-forfeiture options which allows a policy to continue without further premiums for a lower sum assured.

Premium is an amount to be paid for a contract of insurance.

Policy Loan
The policyowner can apply for a loan up to 90% – 95% of the cash value. Interest rates of 5.5% – 8% p.a. vary with insurance companies.

Policy Lapsed
A policy being terminated for the non-payment of premiums before the policy has a cash value or after the cash value has been depleted from APL. A lapsed policy can usually be reinstated within 12-24 months after the outstanding premiums have been paid with interests and declaration of health status subjected to underwriting.

Sum Assured
It is the guaranteed amount payable in the event of a claim or upon maturity.

Viatical Settlement
Viatical Settlement is an arrangement whereby a person with a terminal illness sells their life insurance policy to a third party for less than its mature value, in order to benefit from the proceeds while alive.

Term Insurance

Term insurance costs less than whole life and endowment insurance policies for the same level of coverage. The fixed term of coverage may range from 5 to 40 years. Choose the term you want carefully. If you choose too short a period, your dependants will have no coverage to benefit from after the term expires.

Traded Endowment Policies

Traded endowment policies (TEPs) are second-hand insurance policies that are sold to investors.

Traded Life Policies

Traded endowment policies (TLPs) are second-hand insurance policies that are sold to investors.

Universal Life Policy

Universal life insurance is type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance), which is invested to provide a cash value buildup.

Whole Life Policy

Whole life insurance is a contract with premiums that includes insurance and investment components. The insurance component pays a predetermined amount when the insured individual dies. The investment component builds an accumulated cash value the insured individual can borrow against or withdraw. This is the most basic type of cash-value life insurance.

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