In the application of this policy and its annexure, the following words and expressions shall have the meaning respectively attributed to them unless the context otherwise requires.

• 1- Policy: Unified Credit Life Policy.

• 2- Insurer: Insurance Company licensed to carry out life insurance activity.

• 3- Insured: Natural person who is obliged to pay the insurance premium and is covered under the policy as regards death or total permanent disability or any additional benefits.

• 4- Bank or Financial Institution: Any bank or financial institution licensed by the Central Bank of Oman.

• 5- Beneficiary: Bank or financial institution in whose favour the insurance is made and whereby obtains the loan outstanding balance in the event of occurrence of the insured risk on the insured.