Looking for the meaning of a particular word? Click on a letter to obtain the list of corresponding words.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
S
Sales Charge
A portion of the sale price of the shares of most mutual funds that is used to cover costs incurred to sell or buy securities as well as other related distribution expenses.
Synonym: Loading
Savings Fund
Fund into which the insurer deposits all premiums paid by the policyowner after the fees used to cover the applicable taxes on premiums have been deducted. This fund is part of a universal life insurance plan.
Segregated Funds
A category of funds administered by an insurance company on the basis of individual, variable-capital contracts offering certain guarantees to the investor such as reimbursement of capital upon death. Segregated funds pursue a variety of investment objectives and invest in various types of securities.
Series 5 or Series 5 Units
Means the only series of Units offered under the Contract in the Funds.
Settlement Options
One of several ways in which the policyowner or beneficiary may choose to have benefits paid by the insurer.
Simplified Prospectus
An abbreviated prospectus distributed by mutual fund companies to current and prospective buyers of units or shares.
Synonym: Short Form Prospectus
Subrogation
Substitution of one person in the place of another, such as when a person pays a creditor in place of the debtor, thereby succeeding to the rights of the original creditor vis-à-vis the debtor.
Sum Insured
Sum payable at the maturity date of a life insurance contract or upon death of the insured party. This sum represents the capital of the contract or the amount of the benefit.
Surcharge
An additional premium charged when the insured person presents a higher than normal risk.
Synonyms: Additional Premium, Extra Premium.
Surrender
A transaction whereby the insurer buys back the policy in exchange for its cash surrender value. The surrender may be total or partial depending on the contract.
T
Tax Planning
The development of a plan aimed at minimizing the amount of tax payable or at least deferring payment as much as possible while complying with all the tax legislation in effect.
Term Life Insurance
Life insurance that provides coverage over a specific period of time.
