One of the mysteries of the English language finally explained.
A sum added to the amount of an insurance policy payable at the maturation of the policy or the death of the person insured.
- ‘The Policy Annuity Value of his policy attributable to the premiums paid and reversionary bonuses already declared was £20,867.67.’
- ‘Once a reversionary bonus has been paid, it is locked into the policy.’
- ‘But the chairman has cautioned that the continuous fall in long-term interest rates may lead to a fall on the quantum of reversionary bonuses that may be declared in the future.’
- ‘By February 2002 the accumulated reversionary bonuses amounted to £11,069.’
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