1. IPRU (INS) refers to: (a) fidelity bonds, performance bonds, administration bonds, bail bonds, customs bonds, or similar contracts of guarantee effected in return for premiums; (b) tontines; (c) capital redemption contracts and pension fund management contracts when effected or carried out by a body that effects or carries out insurance contracts; (d) contracts to pay annuities on human life; (e) contracts of a kind referred to in art. 1(2)(e) of the First Life Directive; and (f) contracts of a kind referred to in art. 1(3) of the First Life Directive. 2. A contract, whereby one party, an insurer, agrees in return for a consideration from another party (the premium) to pay the insured money, or its equivalent, upon the happening of certain events. Three essentials are: the consideration (the premium), promise of payment to the insured and a specified event.