The Insured means the person specified as such in the Schedule.
Life Insured means the person named in the Schedule, on whose life the Policy is effected;
Mortgage Insurance means insurance protecting Lender against the nonpayment of, or default on, the Loan.
Sum Insured means the maximum amount of coverage, as specified in the Policy Schedule, that the Insured/Insured Person is entitled to in respect of each benefit and as applicable under the Policy.
policy of life insurance means any instrument by which the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, or any instrument evidencing a contract which is subject to payment of premiums for a term dependent on human life;