2. In this Order, unless the context otherwise requires —
“automatic premium loan feature” means a feature in a life or endowment assurance which allows the issuer of the assurance to advance and set-off, against any cash value of the assurance, an amount for the payment of —
(a)
any premium of the assurance which is in arrears after any grace period, so as to protect the benefits under the assurance; and
(b)
any interest payable for the advance;
“Part V Assurance” means a life or endowment assurance effected under Part V of Statute 18 (as defined in section 18(8) of the National University of Singapore (Corporatisation) Act (Cap. 204A)).