HK insurance glossary: 墊底費 and more
Hong Kong insurance terms depend on the contract: deductible is a fixed cost, coinsurance a percentage, and illustrated bonuses are not guarantees. Hong Kong Insurance Connect provides definitions and introductions; licensed Hong Kong brokers advise and arrange.
Checked on 12 Oct 2026
How do I use this glossary?
English, Traditional and Simplified Chinese labels identify the same concepts. Cantonese usage such as 墊底費 and 回本期 is a search aid, not a replacement for contractual wording. These concise entries stay on this page; the linked guides carry the fuller sourced discussion.
Deductible / excess · 墊底費 · 垫底费 / 自付额 · Break-even period · 回本期 · Guaranteed cash value · 保證現金價值 / 保证现金价值 · Non-guaranteed dividend / bonus · 非保證紅利 / 非保证红利 · Fulfillment ratio · 實現率 / 实现率 · Terminal dividend / bonus · 終期紅利 / 终期红利 · Policy loan · 保單貸款 / 保单贷款 · Cooling-off period · 冷靜期 / 冷静期 · Beneficiary · 受益人 · Premium financing · 保費融資 / 保费融资 · VHIS · 自願醫保 / 自愿医保 · QDAP · 合資格延期年金 / 合资格延期年金 · Exclusions · 不保事項 / 不保事项 · Waiting period · 等候期 · Coinsurance · 共同保險 / 共同保险 · Out-of-pocket cost · 自付費 / 自付费
Deductible / excess · 墊底費 · 垫底费 / 自付额?
The fixed eligible cost you pay before reimbursement. Hong Kong medical schedules specify the amount and period.
See the guide · [G2]
Break-even period · 回本期?
Here, the point when the chosen policy value reaches premiums paid, using the illustration columns. A Hong Kong illustration may show different guaranteed and projected dates; include withdrawals when comparing cash flows.
See the guide · [G3, G11]
Guaranteed cash value · 保證現金價值 / 保证现金价值?
The contractual cash value on the stated basis. In Hong Kong savings illustrations it is separate from bonuses; a withdrawal can change the remaining guaranteed values.
See the guide · [G3, G10]
Non-guaranteed dividend / bonus · 非保證紅利 / 非保证红利?
A variable participating-policy benefit. Hong Kong illustrations show projections separately; the actual bonus may be lower or zero.
See the guide · [G1]
Fulfillment ratio · 實現率 / 实现率?
A comparison of historical non-guaranteed benefits with sale illustrations for the relevant portfolio. Hong Kong disclosures separate components; it is not an investment return.
See the guide · [G4]
Terminal dividend / bonus · 終期紅利 / 终期红利?
A non-guaranteed benefit payable on a specified event such as surrender or death. Hong Kong participating terms determine eligibility and the amount when payable.
See the guide · [G1]
Policy loan · 保單貸款 / 保单贷款?
Borrowing from the insurer against eligible policy value. Hong Kong servicing rules specify interest and limits; unpaid debt can reduce benefits. It differs from withdrawing your own value.
See the guide · [G8, G9]
Cooling-off period · 冷靜期 / 冷静期?
A period to reconsider and cancel a new policy. For Hong Kong individual life policies it is 21 calendar days following delivery of the policy or cooling-off notice, whichever is earlier; check refund adjustments.
See the guide · [G1]
Beneficiary · 受益人?
The nominated recipient of a benefit under the contract. Hong Kong life forms distinguish this recipient from the owner and insured person.
See the guide · [G1]
Premium financing · 保費融資 / 保费融资?
A lender funds premiums and takes policy rights as collateral. Hong Kong financing involves a separate loan and assignment; lender consent may restrict withdrawals.
See the guide · [G5]
VHIS · 自願醫保 / 自愿医保?
The Voluntary Health Insurance Scheme for certified individual indemnity hospital plans. In Hong Kong, Standard and Flexi Plans meet scheme requirements; certification does not remove exclusions.
See the guide · [G6]
QDAP · 合資格延期年金 / 合资格延期年金?
An IA-certified deferred annuity policy for the relevant Hong Kong tax deduction. Qualifying premiums and taxpayer conditions matter; an ordinary savings policy is not automatically QDAP.
See the guide · [G7]
Exclusions · 不保事項 / 不保事项?
Events or costs outside the policy cover. Hong Kong medical contracts list general exclusions and may impose case-based exclusions after underwriting.
See the guide · [G2]
Waiting period · 等候期?
A specified time before a stated benefit becomes available. Hong Kong medical clauses distinguish waiting rules for particular conditions; they do not mean every claim is covered afterwards.
See the guide · [G2]
Coinsurance · 共同保險 / 共同保险?
The percentage of eligible expenses you contribute after any deductible. Hong Kong VHIS benefit schedules specify which items use it.
See the guide · [G2]
Out-of-pocket cost · 自付費 / 自付费?
The total bill left for you to pay. In Hong Kong medical claims this may include deductibles, coinsurance, excluded expenses and costs above limits; it is broader than a deductible.
See the guide · [G2]
Where can I read more and enquire?
Glossary · Retirement withdrawals · Business policy roles · Participating policies · Financing risks · Term vs whole life · QDAP.
Life stages · Pre-retirement · Goals · Retirement income · Legacy · Country guides · Mainland China · United Kingdom · Referral role · Ratio context.
Ask about this topic. Share the policy type and question, without identity documents or bank details.
What do readers ask?
Is 墊底費 the same as all out-of-pocket costs?
No. Exclusions, benefit limits and coinsurance can add costs. [G2]
Is 回本期 a guaranteed date?
Only the applicable guaranteed-value basis can support a guaranteed comparison; projections can change. [G3]
Does a fulfillment ratio measure my return?
No. It compares a past non-guaranteed component with its illustration. [G4]
Does a beneficiary own the policy?
The roles differ. Use the ownership and nomination documents to identify each. [G1]
Does a waiting period replace exclusions?
No. Both clauses need checking. [G2]
Is any retirement savings policy QDAP?
No. Certification and statutory tax conditions are separate requirements. [G7]
Does cooling-off cancellation also cancel a financing loan?
Not automatically. Check lender consent, repayment and charges separately from policy cancellation. [G5]
Where are the sources?
Public sources checked on 12 Oct 2026.
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[G1] IA — insurance glossary. https://education.ia.org.hk/en/tool/glossary.html
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[G2] VHIS — Standard Plan policy template, July 2022. https://www.vhis.gov.hk/doc/en/information_centre/e_standard_plan_template.pdf
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[G3] IA — life insurance, cash values and projected benefits. https://education.ia.org.hk/en/product/life-insurance.html
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[G4] IA — GL16 interpretation notes. https://www.ia.org.hk/en/legislative_framework/circulars/reg_matters/files/Interpretation_Notes_GL16.pdf
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[G5] IA — premium financing risks and policy rights. https://www.ia.org.hk/en/premium_financing/smart_tips.html
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[G6] VHIS — consumer FAQs. https://www.vhis.gov.hk/en/info_centre/faqs.html
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[G7] IRD — qualifying deferred annuity definition, DIPN 57. https://www.ird.gov.hk/eng/pdf/dipn57.pdf
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[G8] IA — GL16, January 2024 edition, paragraph 6.7: policy-loan interest disclosure (official search text). https://www.ia.org.hk/en/legislative_framework/files/GL16_20240101_EN.pdf
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[G9] China Life (Overseas) HK — policy-loan eligibility, interest and unpaid-debt effects. https://www.chinalife.com.hk/customer-service/payment-withdrawal/policy-value-benefit-withdrawal/policy-loan
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[G10] Prudential HK — Entrust Multi-Currency, partial surrender effects. https://www.prudential.com.hk/en/products/save/savings/prudential-entrust-multi-currency-plan/
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[G11] IA — benefit illustration: premium and guaranteed/non-guaranteed surrender-value columns. https://www.ia.org.hk/english/participating_policy/benefit.html