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
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