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....es Authority Act, 2019 (50 of 2019); (b) 'annualised premium' means regular premium (excluding extra premiums which are required to be shown separately) payable by the policyholder to secure the basic benefits under the policy in a policy year; (c) 'Appointed Actuary' shall have the same meaning as assigned to it under clause (c) of sub-regulation 1 of regulation 3 of the Interna....

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.... insurance policies issued on single/joint lives; (i) 'insurer' for the purpose of these regulations, means an International Financial Service Centre Insurance Office undertaking life insurance business; (j) 'International Financial Service Centre Insurance Office' shall have the same meaning as assigned to it under clause (k) of sub-regulation (1) of regulation 3 of the Internat....

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.... become payable either absolutely or contingently; (m) 'non-par policies' or 'policies without participation in profits' means policies which are not entitled for any share in surplus (profits) during the term of the policy; (n) 'options' means the rights available to a policyholder under a policy; (o) 'par policies' or 'policies with participation in profits' means poli....