Glossary

Arbitrage/Switch: A transaction buying and selling units / units of account making up the policy carried by the Insurer at the policyholder?s request.

Beneficiary: The beneficiary is the person designated by the Policyholder to whom the benefits of the policy are paid. Several beneficiaries may be designated.

Capital At Risk: Difference between the insurance benefits paid on the death of the Insured if the latter dies a death covered by the supplementary death insurance (Capital Insured) and the reserve of the life insurance policy on a specific date.

Capital Insured: The insurance benefits paid on the death of the insured after an insured risk has occurred. The capital insured at a specific moment corresponds to the reserve of the life insurance policy plus the capital at risk.

Commissariat Aux Assurances (CAA): Public body under Luxembourg law tasked with monitoring the insurance and insurance broker sector in accordance with the stipulations of Luxembourg legislation and regulation.

Currency: The reserve, liquidation value and insurance benefits are valued in euros.

Custodian Bank: The bank with which the Insurer deposits the units / shares of the units of account which make up the Policy?s reserve. For the dedicated or internal collective funds, this is also the bank with which the Insurer deposits the assets or financial instruments which comprise each dedicated or internal investment fund representing a unit of account. For each dedicated or internal collective fund the bank allocates the Insurer a specific bank account or sub-account in which the Insurer has to deposit the assets or financial instruments relating to this fund.

External Investment Funds: Funds in the form of an undertaking for collective investment in transferable securities (UCITS).

Insurance Benefits: The sum payable or the service to be provided by the Insurer executing the life insurance policy.

Insurance Proposal: This is filled in and signed by the Policyholder. It defines the characteristics of the Policy which the Policyholder wishes to take out and especially: - the identity and the main and usual domicile of the Policyholder, - the identity and the main and usual domicile of the Insured if different from Policyholder, - if appropriate the designation of the beneficiary(ies), - the amount of the initial premium, the breakdown of this amount between the different units of account and if appropriate the option for supplementary death insurance.

Insured: The insured is the individual on whose life rests the risk of the occurrence of the insured event and whose death leads to the payment of the insurance benefits.

Internal Collective Funds: Internal investment funds open to a multitude of life insurance policies.

Internal Dedicated Funds: Internal investment funds, whether or not direct line, not offering a guaranteed return and in principle serving as a support to a single life insurance policy. The minimum premium required to make an investment in an internal dedicated fund is 250,000 EUR.

Internal Investment Funds: All assets with VITIS LIFE S.A., collective or dedicated, with or without guaranteed return. Fund, set up, administered and managed pursuant to the investment rules imposed by Luxembourg legislation and the Commissariat aux Insurances. The financial assets of these funds, although belonging exclusively to VITIS LIFE S.A. are subject to separate accounting.

Life Insurance Policy: Individual variable capital life insurance policy, an annuity duration and offering the possibility of taking out a complementary insurance in the case of death. The policy is tailor made to correspond to the requests and needs of the policyholder.

Liquidation Value Of The Policy: The selling value of the units of account less possible external charges for disinvestment transactions.

Maturity Of Policy: Date from which insurance benefits are due to the beneficiary of the policy. The policy?s maturity corresponds to the death of the insured.

NAV: The net asset value at a specific moment of a share / unit of a unit of account.

Policyholder: The Policyholder is the individual who takes out and concludes the policy with the Insurer.

Premium Or Payment: Each payment made in a Policy in return for the Insurer?s undertaking and intended to be invested in units of account.

Reserve: The reserve corresponds to the valuation of the units of account underlying the Policy at a specifc date.

Risk Premium: The premium which the Insurer periodically takes from the reserve to finance supplementary death insurance.

Supplementary Death Cinsurance: The policyholder may opt, when taking out a Policy or during the Policy, for a supplementary death insurance aiming to provide the beneficiary with an extra benefit in addition to the main guarantee in the case of the death of the insured person(s) (unless excluded).

Units Of Account: The investment fund whose shares / units may make up the Policy?s reserve. These units of account are the external investment funds and/or internal collective funds and/or internal dedicated funds.

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