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Actuary:
An actuary is a business professional who deals with the financial impact of risk and
uncertainty. Actuaries assemble and examine data to estimate the probability and
likely cost of the occurrence of an event such as death, sickness, injury, disability, or
loss of property.
Annuity:
Claim:
Coverage:
It is the amount of liability covered for an individual by insurance services. Living and
death benefits are listed in life insurance.
Death Benefit:
It is the amount on a life insurance policy that is payable to the beneficiary when the
recipient passes away. It is also known as “survivor benefit―.
Deductible:
It is the amount that the insured pays before the insurance company begins to pay.
Endowment Insurance:
It is the life insurance for a specified amount which is payable to the insured person
at the expiration of a certain period of time or to a designated beneficiary
immediately upon the death of the insured.
Exclusion:
It refers to conditions that are not covered by the general insurance contract.
Indemnity:
Insurable Interest:
Insurable interest exists when an insured person derives a financial or other kind of
benefit from the continuous existence of the insured object. Insurable interest is
established by ownership, possession, or direct relationship.
Insurance Settlement:
Lapse:
It is the termination of a policy upon the policy owner's failure to pay the premium
within the grace period.
Maturity value:
Maturity refers to the length of time from issuing a fixed-term debt security until it is
paid off. Maturity value is the amount to be paid to the holder of a financial obligation
at the obligation's maturity. In the case of a bond, the maturity value is the principal
amount of the bond to be paid by the issuer to the owner at maturity.
Paid-up value:
When the premium for a life insurance policy is not paid on time and it lapses, then
the policy acquires a paid-up value.
Peril:
Policy:
It is the written contract of insurance company describing the term, coverage,
premiums and deductibles.
Premium:
It is the price of insurance protection for a specific risk for a specified period of time.
Reinsurance:
Renewal:
It is a certificate which attests to the fact that an insurance policy has been extended
for another term.
Rider:
Subrogation:
It is the right for a company to recover the loss from the guilt party when the
company pays for which someone other than the policyholder is responsible.
Sum assured:
Sum assured is the minimum amount payable by the insurance company in case of
death of the policy holder.
Survival Benefit:
Survival benefit is the amount received at the end of insurance policy tenure. The
amount to be paid as survival benefit is determined when the policy document is
signed. It is mentioned in the terms and conditions of the policy.
Term insurance:
Term insurance is the simplest form of life insurance providing coverage for a
defined period of time, at a fixed rate of payment. The death benefit is payable to the
nominee, who is a family member if the insured expires during the applicable term.
Underwriting:
Underwriting is the process of assessing risk, ensuring that the cost of the cover is
proportionate to the risks faced by the individual concerned.