Agent
A sales and service representative of an insurance company who is remunerated on a commission basis.

Assurance
A term interchangeable with insurance, but generally used in connection with life business. More simply, assurance is a contract to pay a specified amount on the happening of a specified event.

Beneficiary
A person who has been nominated by the member, as a guide to the employer, to receive benefits on occurrence of an event. As and when the member so desires he shall be at liberty to either revoke or replace such nomination.

Board of Trustees
A body responsible and accountable for the management of a pension fund as well as looking after the interests of the members.

Collateral security cession
A collateral security cession serves as security and the cessionary' claim is limited to the amount of the claim, and for as long as the claim exists.

Disability Benefit
This covers a broad range of benefits that generally offer cover against temporary or permanent disablement.

Exclusions
The section of the policy that outlines circumstances under which benefits will not be paid.

Executor
A person who winds up the estate of the deceased.

Free Cover Limit
An amount of life assurance cover above which evidence of good health and insurability will be required in respect of any member.

Grace Period 
A period following the premium due date, during which an overdue premium may be paid without penalty. The policy remains in force throughout this period.

Guarantee
A promise/commitment to protect a specified investment value from adverse market movements.

Guaranteed Fund Investment
An investment system managed by Zimnat Life, in terms of which Zimnat Life provides guarantees and smoothing of returns.

Lapse
Termination of a policy due to non-payment of renewal premiums.

Life assurance/insurance
Assurance providing for the payment of a sum of money on the death of the life assured.

Life Assured
The person on whose death the benefit under the policy agreement will be paid.

Life Cover
An agreed sum of money which becomes payable on the death of the life assured.

Life Expectancy
The average age to which people in a certain age group are expected to live.

Maturity Value
The actual final payout at the end of the term of an endowment/pure endowment policy.

Multi-Manager Fund
In a multi-manager fund, the fund manager splits the fund between different asset classes and asset class sectors. External managers are hired to manage each asset class and asset class sector of the fund.

Pension
A regular income paid to an individual after retirement.

Pension Fund
A type of retirement fund, which pays a monthly pension to a retired member. On retirement, up to one-third of the member’s total benefit can be taken as a cash lump sum. The remainder must be applied towards purchasing a pension.

Policy
A contract between a life assurer and an individual or group of people in terms of which the life assurer agrees to pay a certain amount of money upon a certain event occurring.

Policyholder (policy owner)
Owner of the policy. Usually the same person as the Proposer, unless ownership has been transferred to someone else.

Self-Insurance
This concept is used where an individual pays into a savings account in preparation for mostly minor claims.

Trustee
The person who administers the assets in a trust, not for his benefit as a trustee per se, but in favor of someone else. A trustee is responsible for the management of a fund and for ensuring that it operates in accordance with the rules of the fund and the Pension Funds Act. They are legally bound to their duties and should at all times act in good faith and in the best interests of the fund and its members

Underwriting
The insurer's process for reviewing applications for insurance cover, the decision whether or not to accept all or part of the risk and determination of the applicable premiums.

Waiting Period
The period during which the member will not be covered under the policy, even though contribute to the scheme