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Term Definition Legal instruments

Holloway sickness policy


means a contract of long-term insurance offered or effected by a friendly society under the Holloway system, providing permanent health benefits and, in addition, investment benefits, where the investment benefits:

(1) are derived from surpluses accrued by the friendly society and apportioned to policyholders; and

(2) are payable to policyholders at maturity, on retirement, on death, or as otherwise specified by contractual provisions or individual society rules.