In order to comply with the Guidance Note on Underwriting Long Term Insurance Business (Other than Class C Business) (“GN16”) issued by Office of the Commissioner of Insurance (“OCI”) and the relevant Questions and Answers for GN16 issued by The Hong Kong Federation of Insurers (“HKFI”), new terminologies will be applicable to your policy(ies) starting in 2017.
The Policy Terminology Mapping Table below provides you with a mapping of the current terminologies you might find in your policy(ies) documents with the corresponding new terminologies.
From now on you might see these new terminologies on your on-going policy service correspondences. Despite terminology changes, please be rest assured that the benefits, terms and conditions under your policy(ies) remain unchanged.
Policy Terminology Mapping Table
|Current Terminology||New Terminology
(Such new terminology may be shown on your on-going policy service correspondences)
|1*||Benefit Amount||Notional Amount|
|2||Coverage to Age||To Age|
|3||Face Amount / Sum Assured||Notional Amount|
|4||Face Value||Notional Value|
|5||Minimum Interest Rate||Minimum Crediting Interest Rate|
|6||Partner Bonus||Terminal Dividend|
|7**||Special Bonus||Terminal Bonus|
|8||Special Interest Rate||Special Crediting Interest Rate|
* It is applicable to policy data page and customer correspondences.
** Such change in terminology is only applicable to the policies of Gold Wealth Insurance Plan.
Should you have any enquiry please contact your insurance consultant or our Customer Service Center on 2894 9833.