Glossary for Insurance

Source Money Control

• Abstract
• Accelerated death benefit
• Accident & Accidental Death Benefit
• Accident and health insurance
• Accidental death benefit
• Accidental Death Insurance
• Accounts receivable (debtors) insurance
• Accumulation Period
• Activities of daily living
• Acts of god
• Actual cash value
• Actual loss ratio
• Actuarial cost assumptions
• Actuarial Cost Method
• Actuary
• AD&D
• Additional insureds
• Additional living expenses
• Adjustable Life Insurance
• Adjuster
• Admitted company
• Adverse selection
• Affinity sales
• Affirmative warranty
• After Tax Rupees
• Age Limits
• Agent
• Agent (Life Advisor)
• Aggregate deductible
• Aggregate limits
• Aleatory contract
• All-risk agreement
• Alternative dispute resolution (ADR)
• Alternative markets
• Ancillary charges
• Annual statement
• Annual-premium annuity
• Annuitant
• Annuity Certain
• Annuity Consideration
• Annuity units
• Apportionment
• Appraisal
• Arbitration
• Arson
• Assessable policy
• Asset-backed securities
• Assign
• Assignee
• Assignor
• Asymmetric information
• Attained Age
• Authority
• Auto insurance premium
• Automatic coverage
• Automatic treaty
• Average adjusters
• Aviation insurance
• Bailment
• Basic health insurance policy
• Beneficiary
• Benefit Period
• Bind
• Binder
• Blanket bond
• Blanket coverage
• Boiler and machinery insurance
• Bonus
• Book of business
• Burglary
• Burglary and theft insurance
• Business income insurance
• Business interruption insurance
• Business pursuit
• Businessowners policy
• Cancelable
• Capacity
• Captive agent
• Captive insurer
• Captives
• Case management
• Cash Surrender Value
• Cash value
• Cash value option
• Catastrophe
• Catastrophe bonds
• Catastrophe deductible
• Catastrophe factor
• Catastrophe model
• Catastrophe reinsurance
• Ceding company
• Cession
• Chance of loss
• Chief risk officer (CRO)
• Civil law
• Claim
• Claim Amount
• Claims management
• Claims-made policy
• Coinsurance
• Collateral
• Collision coverage
• Combined ratio
• Commercial general liability (CGL)
• Commercial lines
• Commercial paper
• Commercial umbrella
• Commission
• Common disaster clause
• Common law
• Completed operations coverage
• Comprehensive coverage
• Compulsory auto insurance
• Concealment
• Concurrent causation
• Concurrent loss control
• Conditional contract
• Conditional Receipt
• Conditionally renewable
• Conditions
• Consequential damage endorsement
• Consequential losses
• Consideration
• Constructive total loss
• Contestable Clause
• Contingent Beneficiary
• Contingent business income insurance
• Contingent liability
• Contract
• Contract construction bond
• Contract of adhesion
• Contractors’ Equipment floater
• Contracts without time element
• Contractual liability
• Contributory negligence
• Convertible
• Cost of risk
• Cost-of-living rider
• Cost-to-repair basis
• Coverage
• Credit
• Credit derivatives
• Credit enhancement
• Credit insurance
• Credit life insurance
• Criminal law
• Critical Illness Rider
• Date of commencement
• Death Benefit
• Declaration
• Decreasing term
• Deductible
• Defensive medicine
• Deferment date
• Deferment period
• Deferred annuity
• Degree of risk
• Dependent life
• Diminution of value
• Direct loss
• Direct premiums
• Direct response
• Direct sales/ direct response
• Direct writers
• Directors and officers liability insurance (D&O)
• Disability income insurance
• Disability loss
• Disappearing deductible
• Double Cover
• Double Indemnity
• Dynamic risks
• Earned premium
• Earnings form
• Earnings multiple approach
• Earthquake insurance
• Economic loss
• Electronic commerce / e-commerce
• Elimination period
• Employee stock ownership plans (ESOPS)
• Employment practices liability coverage
• Endorsement
• Endowment
• Endowment insurance
• Endowment Plan
• Enterprise risk management
• Entire contract clause
• Environmental impairment liability coverage
• Equal shares
• Equity
• Errors and omissions coverage (E&O)
• Escrow account
• Estate taxes
• Estoppel
• Evidence of Insurability
• Excess of loss reinsurance
• Exclusion
• Exclusive agent
• Expected loss ratio
• Expediting expenses
• Expense ratio
• Experience
• Experience rating
• Expiry
• Exposure
• Exposure doctrine
• Express warranty
• Extended coverage
• Extended Term Insurance
• Extra expense insurance
• Face amount
• Facultative reinsurance
• Fair rental value
• Family Policy
• Fidelity bond
• Fiduciary bond
• Fiduciary liability
• Final Expenses
• Financial risks
• Financial statement analysis
• Financing
• Fire
• Fire insurance
• First Unpaid Premium(FUP)
• Fixed annuity
• Fixed-amount option
• Fixed-period option
• Floater
• Floater policy
• Flood
• Floor-of-protection concept
• Free-of-capture-and-seizure (FC&S) clause
• Freight
• Frequency reduction
• Friendly fire
• Fronting
• General average clause
• Grace Period
• Grace period clause
• Graded Premium Policy
• Gross premium
• Group insurance
• Group Life Insurance
• Guaranteed Addition
• Guaranteed Insurability (guaranteed issue)
• Guaranteed renewable
• Guaranteed Term
• Hacker insurance
• Hard market
• Hazards
• Homeowners insurance policy
• Hospice
• Hospital insurance
• Hostile fire
• Hull insurance
• Human life value
• Identity theft insurance
• Immediate annuity
• Implied warranties
• Imputed acts
• In Force
• Inboard watercraft
• Income tax Liability
• Incontestability clause
• Increasing term
• Increasing term insurance
• Incurred but not reported losses (IBNR)
• Incurred losses
• Indemnify
• Independent adjuster
• Independent agent
• Indirect loss
• Inflation guard clause
• Inflation rates
• Inherent nature of the goods
• Inland marine insurance
• Inland transit policy
• Insurability
• Insurable interest
• Insurable risk
• Insurable value
• Insurance
• Insurance plan term
• Insurance plan value
• Insurance Policy
• Insurance proceeds
• Insurance rate
• Insured
• Insured pension plans
• Insurer
• Insuring agreement
• Integrated risk management
• Internet insurer
• Internet liability insurance
• Intestacy laws
• Intestate
• Investment income
• Involuntary coverage
• IRDA
• Irrevocable beneficiary
• Joint and several liability
• Joint and x percent survivor annuity
• Key employee
• Key person insurance

• Kidnap/ransom insurance
• Lack of privity
• Lapse
• Larceny
• Large-loss principle
• Last Birth Day (l.b.d)
• Last clear chance rule
• Law of large numbers
• Leasehold
• Legal injury
• Liability insurance
• Libel
• Life Annuity
• Life Assured
• Life Expectancy Tables
• Life insurance
• Lifetime maximum
• Limited Pay Policy
• Lloyd’s of London
• Loading
• Long-term care
• Long-term care insurance
• Long-term care rider
• Loss
• Loss adjustment expenses
• Loss control
• Loss costs
• Loss exposure
• Loss exposure checklist
• Loss of use
• Loss ratio
• Loss reserves
• Loss settlement clause
• Loyalty Additions
• Malpractice insurance
• Manifestation doctrine
• Marine insurance
• Material
• Maturity Date
• Maximum possible loss
• Mediation
• Medical
• Medical payments
• Medical payments insurance
• Mine subsidence coverage
• Misrepresentation
• Misstatement-of-age clause
• Misstatement-of-sex clause
• Money Back Plan
• Moral hazard
• Mortality Charge
• Mortality Cost
• Mortality Rate
• Mortality table
• Mortgage clause
• Mortgage insurance
• Mortgage-backed securities
• Mortgagee
• Multiple peril policy
• Name
• Named insured
• Named peril
• Named-perils agreement
• Near Birth Day(n.b.d)
• Negative act
• Negligence
• Net present value
• No-fault
• No-pay, no-play
• Nomination
• Nominee
• Non Medical Insurance
• Non-admitted insurer
• Non-owned auto
• Non-participating policy
• Non-Standard Life
• Noncancellable
• Notice of loss
• Objective risk
• Obligee
• Occupational disease
• Occupational Hazard
• Occurrence policy
• Ocean marine insurance
• Offer and Acceptance
• Open-perils agreement
• Opportunity cost
• Optionally renewable
• Options
• Ordinary life insurance
• Ordinary Life policy
• Original Age
• Other insurance clauses
• Outstanding balance on loans
• Outstanding debt
• Ownership
• Package policy
• Paidup Value
• Pain and suffering damages
• Pair-and-set clause
• Para-med (paramedical) Examination
• Partial disability
• Participating
• Participating Policy
• PDB
• Pensions
• Per-cause deductible
• Per-service deductible
• Peril
• Permanent disability
• Personal articles floater
• Personal coverages
• Physical hazard
• Planned retention
• Policy
• Policy Bonuses
• Policy Holder
• Policy Term
• Policy writing
• Policyholder
• Policyholders surplus
• Political risk insurance
• Pollution insurance
• Pooling
• Positive act
• Post-loss activities
• Pre-existing condition
• Pre-loss activities
• Precertification
• Premature death
• Premises
• Premium Flexibility
• Premium option
• Premium Waiver Benefit(PWB)
• Premiums in force
• Premiums written
• Primary
• Primary Beneficiary
• Primary company
• Primary Policy
• Principal
• Principle of indemnity
• Private insurance
• Pro-rata clause
• Pro-rata treaties
• Probate
• Probate Costs
• Product liability
• Product liability insurance
• Production
• Professional liability
• Professional liability insurance
• Profits insurance
• Promissory warranty
• Property coverages
• Property/casualty insurance
• Proposal Form
• Proposer
• Prospect
• Protection and Indemnity (P&I) clause
• Provisions
• Proximate cause
• Public adjuster
• Public insurance
• Punitive damages
• Pure premium
• Pure risk
• Purpose
• Quota share treaties
• Rate making
• Rated
• Ratification
• Re-entry Option
• Reasonable and customary
• Reasonable expectations
• Rebating
• Receivables
• Reciprocal
• Reinstatement / Revival
• Reinstatement clause
• Reinsurance
• Reinsurance pool
• Renewable term
• Renewal Premiums
• Rental income
• Rental value
• Renters insurance
• Replacement
• Replacement cost
• Representation
• Requisites of insurable risks
• Res ipsa loquitur
• Reserves
• Respondeat superior
• Retention
• Retrocession
• Retrospective rating
• Revocable beneficiary
• Rider
• Right of survivorship
• Risk management policy
• Risk management process
• Risk manager
• Risk mapping (risk profiling)
• Risk reduction
• Risk retention
• Risk Selection
• Risk transfer
• Risk-based capital
• Robbery
• Salvage
• Schedule
• Second-to-die life insurance
• Secondary Beneficiary
• Securities outstanding
• Securitization of insurance risk
• Self-insurance
• Severity
• Severity reduction
• Shortage
• Single Premium Policy
• Single-premium annuity
• Single-premium life
• Slander
• Social insurance
• Social sector
• Soft market
• Solvency
• Special agent
• Speculative risk
• Spread of risk
• Spread-of-loss treaty
• Standard premium
• Standard Risk
• State-mandated benefits
• Static risks
• Straight deductible
• Straight life
• Straight life annuity
• Straight term
• Structured settlement
• Subjective risk
• Subrogation
• Substandard Risk
• Suicide clause
• Sum Assured
• Surety
• Surety bond
• Surplus
• Surrender Charge
• Surrender or Cash Value
• Survivorship benefit
• Target Pension
• Temporary disabilities
• Temporary life annuity
• Term
• Term contract
• Term Cover
• Term insurance
• Term Insurance Rider
• Term Life Insurance
• Tertiary Beneficiary
• Theft
• Theft insurance
• Third-party administrator
• Third-party Owner
• Title insurance
• Tort
• Tort law
• Tortfeasor
• Total disability
• Total loss
• Treaties
• Treaty reinsurance
• Trustee
• Twisting
• Umbrella policy
• Underinsurance
• Underwriting income
• Unearned premium
• Unfunded retention
• Unilateral contract
• Uninsurable risk
• Unplanned retention
• Utmost good faith
• Valued policy
• Vandalism
• Variable annuity
• Vesting Bonus
• Viatical settlement
• Vicarious liability
• Vicarious liability laws
• Void
• Voluntary act
• Voluntary coverage
• Waiver
• War hazard exclusion
• War risk
• Warranty
• Weather insurance
• Whole Life Insurance
• Will
• Workers compensation

FAQs:

• Can a policy holder have both paper and electronic policies?
• Can anyone become or set up an Insurance Repository?
• Can I take health insurance plan for my parents who are senior citizen? Is there any tax benefit available if I pay premium for them?
• Can I take two policies and get claims under both of them?
• Can policy holders have multiple e Insurance Accounts if they have multiple Insurance policies issued by various Insurance Companies?
• Can the eIA be operated by the Policy holder only?
• How can Insurance Repository provide free service to policy holders? Where is the catch?
• How do I collect the maturity amount from the insurance company?
• How do I convert my existing paper policy into electronic form?
• How do I open an e Insurance Account (eIA)?
• How do I reduce the cost of buying life insurance?
• How do I understand a life insurance Policy?
• How long will it take for the Insurance Repository to open AN e Insurance Account?
• How much does life insurance cost?
• How much health insurance I should opt?
• How much should I insure for?
• How much sum assured I should take?
• How pension plan works?
• I am already covered by my Employer in a Group Mediclaim policy, do I need to buy a separate policy ? In case of a claim will I get paid from both policies?
• I am healthy. Why should I take health insurance?
• I do not believe in taking health insurance instead of that I prefer in creating my own fund.
• I have not paid premium for some time. Can I revive my policy?
• I have not paid premium for some time. I want to discontinue my policy. Do I get anything back from the insurance company?
• I want to save tax and plan for my 1-year old child’s higher education. Which is the good insurance policy for this?
• If I already have an e IA, how do I buy a new policy in electronic form?
• If I get heart attack, cancer, stroke will I get covered in a health Insurance policy ?
• If there are problems with claims what can I do?
• Is it compulsory for all Insurance Companies to offer electronic policies?
• Is it compulsory to issue policies in only electronic form? (i.e. is dematerialization of insurance policies compulsory, as in the case of shares?)
• On what basis is claim paid?
• Should I buy a life insurance policy even if my employer has insured me in a group insurance scheme?
• Should I take Life Insurance?
• Should I use insurance as an investment?
• There is no return under Term Plan then why should I take Term Plan?
• What are the basic elements of Life Insurance?
• What are the benefits of group life insurance?
• What are the benefits of holding Insurance Policies in electronic form?
• What are the documents required to open an eIA Account?
• What are the Tax benefits applicable to me if I invest in a Life Insurance Policy?
• What are the tax benefits on Health insurance policy ? any additional tax benefits in proposed DTC ?
• What are the various types of insurances?
• What coverage available under health insurance plan?
• What do I do if I need to make any changes to my policy or e IA? Do I submit a request to the Insurance Company or to the Insurance Repository?
• What do I get if I insure?
• What do I get if I survive the term of the policy?
• What do I need to pay to maintain electronic policies in my e IA? And what is the fee for converting my existing paper polices into electronic policies?
• What does my family get on my death?
• What is “Waiver of Premium”?
• What is a child plan?
• What is a Guaranteed Surrender Value?
• What is a medical examination when buying insurance?
• What is a Money Back plan?
• What is a Whole Life insurance product?
• What is an e Insurance Account (e IA)?
• What is an Insurance Repository?
• What is Deferment Period?
• What is Endowment product?
• What is Fund Value and how it is determined?
• What is general insurance?
• What is Grace Period?
• What is Group Life Insurance?
• What is insurance?
• What is Life Insurance?
• What is Pre existing, Waiting periods and Exclusions in a health Insurance policy ?
• What is Redirection?
• What is Switching?
• What is Term Insurance?
• What is the difference between “Nomination” & “Assignment”?
• What is the difference between health insurance plan of General Insurance Companies and Life Insurance Companies?
• What is the fee I need to pay for opening an e Insurance Account?
• What is the guaranteed Savings/bonus applicable under a Life Insurance Policy?
• What is the periodicity of premium payments?
• What is the right age to buy a Health Insurance Policy ?
• What is the tax benefit available under health insurance plan?
• What is unit linked insurance plan?
• What is vesting age?
• What kinds of policies are there?
• What should be the duration (term ) of my insurance policy?
• What should I do if I lose/misplace my insurance policy?
• What type of insurances should I have?
• What’s the advantage of starting early in health insurance ?
• What’s the difference between Health Insurance & Mediclaim ?
• When should I insure?
• Which Insurance Policies can be held in electronic form?
• Which Life Insurance Plan I should opt?
• Which Policy is better – from General Insurance co, Health Insurance Co. or Life Insurance cos ?
• Which type of policy is best suited for me ?
• Who is an Authorized Representative (AR)?
• Who should buy general insurance?
• Whom should I insure?
• Why do different people have different premiums ?
• Why do I need Insurance?
• Why should I buy life insurance?
• Why should one insure ?
• Will my family receive the insurance amount immediately after my death?
• Will my premium amount increase after I have bought a policy?