ASISA helps with Life Insurance terminology
This will help consumers with jargon used in their life insurance policies.
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Do you get stumped in knowing the difference between accelerator rider
benefits and stand alone benefits? Do you know all there is to know about
premiums patterns and cover growth?
If you don't, you should, as these terms and phrases relate to one of the
most important contracts you'll ever take out - that of your life insurance
policy. However, don't feel bad if you are baffled by the jargon used by the
long term insurance industry.? You certainly aren't alone in your confusion,
with the majority of consumers stating that they are lost for words...
literally... when it comes to understanding their policies.
For this reason, the Association of Savings and Investment South Africa (ASISA)
has launched a new Jargon Buster section on its website, where consumers can
find out all they need to know about life insurance.
The jargon buster is aimed at intermediaries and consumers, and was produced
as a joint venture between the life insurance industry's medical insurance
professionals and ASISA to simplify life insurance terminology. The new jargon
buster is an essential tool for all South African consumers who have life
insurance, or who are considering taking out a policy.
Live Resource
The new ASISA jargon buster is a work in progress and, as a live
resource, is constantly being updated and edited to ensure that all the
information is relevant.
Product Terminology is presented as follows: Introduction,
Accelerator rider benefits vs stand alone benefits, reinstatement of cover,
waiting periods, survival period, elimination period, off period, rating,
premium patterns and cover growth, underwriting, claims, future cover benefits,
premium waiver benefits, death benefits, dread disease benefits, physical
impairment, retrenchment benefits, functional impairment, funeral benefits,
disability income cover, lump sum disability cover, general.
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