The funds where the policyholder's money is invested and that sit within the policy/bond.
The person who assess the policyholder's medical information (with their prior consent) and mortality risk for the company. Based on medical information, the Underwriter decides if the applicant is considered to be a standard risk to the company. Their assessment will determine if the policy premiums should be increased because the policyholder is considered to be a higher risk (or for Discounted Gift Trusts, if the policyholder will receive a discount).
In a unit-linked policy, part of the premiums paid are used to buy units. This part is known as the unit allocation.
A policy in which a portion of the premium paid is used to purchase life cover (the sum assured) with the balance invested into units. The return on the policy is linked to the performance of the units.