-
An event or occurrence which is unforeseen and unintended usually resulting in a loss to a person or property.
-
A person professionally trained in the technical aspects of pensions, insurance and related fields. The actuary determines the amount of money that must be contributed periodically to an insurance or pension fund in order to provide future insurance benefits.
-
The tendency of people who believe they have a greater-than-average likelihood of loss to apply for or continue insurance to a greater extent than do other people who have lesser-than-average likelihood of loss.
-
Stipulated minimum and maximum ages below and above which an insurance company may not accept applications or may not renew policies.
-
An Agent or Insurance Agent is a person licensed by IRDA to solicit or procure insurance business for an insurance company. An Agent usually identifies prospective insurance customers, assists them in deciding their insurance needs and in applying for insurance.
-
The person during whose life an annuity is payable, usually the person to receive the annuity.
-
A policy under which an insurance company promises to make a series of periodic payments to the policy holder in exchange for a single premium or a series of premiums.
-
A signed statement of facts made by a person applying for life insurance and then used by the insurance company to decide whether or not to issue a policy. The application is the basis of the insurance contract when the policy is issued.
-
The things of value owned by a person, organization etc.
-
Assignment is the transfer of rights in an insurance policy from one person to another. Sometimes, the term is also used to denote the document that evidences such assignment or transfer.
-
Conditions and rules underlying the calculation of a benefit, including expected interest, mortality and turnover.
-
An agreement that guarantees the payment of a specified amount of money usually upon the death of the insured. In some cases, the benefits are payable in other circumstances specified in the agreement, such as total disability or critical illness etc. The term insurance and assurance are today generally accepted as synonymous, although not originally so. The term "assurance" is used more commonly in Canada and Great Britain than in the United States.
-
A supplementary benefit that becomes part of basic insurance contract and expands the scope of benefits available under a policy.