*For Takaful plan, this is known as Sukuk.
Investment securities whereby an investor lends money to a company or government, in return of interest payments over a specified time frame, and repayment of principal at a later date. It is possible to change this type of transfer at a later date.Īn individual who become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract.Īn individual who become eligible to receive payment from the life insurance policy if the first recipient dies.īeneficiaries that cannot be changed without their permission. The transfer of all or part of a policy owner’s legal title and rights to a policy to another person. These are a liability to the company and not included in written premium or the unearned premium reserve. Premium that occurs when a policy has been processed, and the premium has been paid prior to the effective date.
Money paid to the heirs if the insured person dies by accident.
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