Definition of Terms

Product

Beneficiary: is an additional individual(s) that a principal customer wants to add under the insurance plan purchased by the principal customer. These beneficiaries can include family members. Note: a principal customer is only allowed to add up to 3 people as beneficiaries for an insurance plan.
Initiate Token: This is the token sent to the Merchant who uses it to validate a Principal customer's subscription.
Merchant: a merchant is another name for our partners (digital platforms) who are integrating with Insurpass API. It can also be referred to as '3rd Party app'
Policy Number: A unique identification number issued to each customer who has purchased an insurance plan.
Principal Customer: is an individual who is purchasing an insurance plan both for themselves and on behalf of other individuals who would serve as his/her beneficiaries.
Top-up Subscription: This can also be referred to as Renew Subscription or Policy Renewal.

Credit Life insurance

Premium:
The amount paid for the subscription to this insurance plan. This amount can be paid in installments (regular premium) or in full at once (single premium).
Sum assured:
The Sum Assured is the original loan amount/outstanding loan balance taken from the financial institution
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Credit Life insurance