Definition of Terms
Beneficiary: is an additional individual(s) that a principal customer wants to add under the insurance plan purchased by the principal customer. These beneficiaries can include family members. Note: a principal customer is only allowed to add up to 3 people as beneficiaries for an insurance plan.
Initiate Token: This is the token sent to the Merchant who uses it to validate a Principal customer's subscription.
Merchant: a merchant is another name for our partners (digital platforms) who are integrating with Insurpass API. It can also be referred to as '3rd Party app'
Policy Number: A unique identification number issued to each customer who has purchased an insurance plan.
Principal Customer: is an individual who is purchasing an insurance plan both for themselves and on behalf of other individuals who would serve as his/her beneficiaries.
Top-up Subscription: This can also be referred to as Renew Subscription or Policy Renewal.
The amount paid for the subscription to this insurance plan. This amount can be paid in installments (regular premium) or in full at once (single premium).
The Sum Assured is the original loan amount/outstanding loan balance taken from the financial institution