What are the terminologies used in insurance? Please provide a list with their definitions

Dear student,

The terminologies used in Insurance are-

Insured- The person on whose name insurance policy is taken.

Insurer- The insurnace company is called insurer.

Insurance Agent - Agent is a person who sells the insurance policies on behalf of insurance firm.

Policy- The contract issued by insurer to insured.

Actuary- Actuary is a person who calculates premium, dividend and other statistical data related to insurance.

Beneficiary- Beneficiary refers to a person who is entitled to receive death benefits from a life insurance policy.

Claim- Claim refers to a request made by an insured to the insurance company for remittance of loss incurred by insured.

Group life insurance- It provides insurance cover to a group of people.

Indemnity- It means a promise to compensate in case of loss.

Re-insurance- When an insurance company shares its risk with another insurance company, it is known as re-insurance. It is a contract between two insurance company.

Premium- The amount paid by insured to insurance company is called premium.

Renewal- It is a process of continuation of policy after its expiry.

Regards