48B. Entitlement to compensation for general business — refund of premiums

Terms defined in s 2

• covered party

  covered party

  Defined · s 2

  “covered party” means —(a)an insured policy owner of an insured policy which is covered by the PPF Life Fund or the PPF General Fund, as the case may be;(b)the trustee of a trust of an insured policy which is covered by the PPF Life Fund or the PPF General Fund (as the case may be), in that capacity; or(c)a beneficiary in relation to —(i)an insured policy which is covered by the PPF Life Fund or the PPF General Fund, as the case may be; or(ii)an accidental death insurance cover provided by a PPF Scheme member before the inception of an insured policy;

  Open s 2
• failed PPF Scheme member

  failed PPF Scheme member

  Defined · s 2

  “failed PPF Scheme member” means a PPF Scheme member in respect of which the Authority has made a determination under section 46(1) that the PPF Life Fund or the PPF General Fund is to be utilised for one or more of the purposes mentioned in section 46(2), and any reference to “failure” in relation to a PPF Scheme member is to be construed accordingly;

  Open s 2
• insured policy

  insured policy

  Defined · s 2

  “insured policy” means —(a)any life policy;(b)any accident and health policy;(c)any compulsory insurance policy; or(d)any specified personal line insurance policy which is a Singapore policy;

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• insured policy owner

  insured policy owner

  Defined · s 2

  “insured policy owner” means the policy owner of an insured policy;

  Open s 2
• PPF General Fund

  PPF General Fund

  Defined · s 2

  “PPF General Fund” means the Policy Owners’ Protection General Fund established under section 34(1)(b);

  Open s 2