Glossary

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Term Definition Legal instruments

capital at risk

01/01/2016

THIS DEFINITION ONLY APPLIES TO THE FRIENDLY SOCIETY – REQUIRED MARGIN PART

means:

(1) in any case in which an amount is payable in consequence of death other than a case falling within (2), the amount payable on death; or

(2) in any case in which the benefit under the contract in question consists of the making, in consequence of death, of the payment of an annuity, payment of a sum by instalments or any other kind of periodic payments, the present value of that benefit,

less in either case the mathematical reserves in respect of the relevant contracts.