Holloway sickness policy

a long-term insurance contract offered or effected by a friendly society under the Holloway system, providing permanent health benefits and, in addition, investment benefits, where the investment benefits:

1. (a) are derived from surpluses accrued by the friendly society and apportioned to policyholders; and
1. (b) are payable to policyholders at maturity, on retirement, on death, or as otherwise specified by contractual provisions or individual society rules.