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Insurance Terminology

INSURANCE TERMINOLOGY_
Asset
A financial benefit or property controlled by a person or entity. House, land, vehicle, gold, investments etc. are taken into consideration as an Asset.
Beneficiary A person or thing who derives advantage or receives help from the insurer.
Claim A formal request to insurance provider for reimbursement against insurance policy.
Claimant
A person requesting an amount from an insurer on the basis of the terms of insurance.
Coverage The special protections or benefits provided by the insurer.
Grace Period An extension period after the due date of premium payment. If you are unable to pay the renewal premium on time, insurance company provides a Grace Period.
Life assured The insured person. He/She is the one for whom the insurance plan is purchased.
Maturity A lump-sum payment fixed by the insurer when the policy reaches its expiration date.
Nominee A person who receives the benefit in case of death of the insured person. A legal heir nominated by the policyholder.
Policyholder Owner of the Policy. He/She is the one who purchases the policy and pays the Premium.
Premium The amount to pay for a contract of insurance, to keep the insurance plan active.
Revival Period The period in which the insurer provides an option to re-activate or operate the lapsed policy.
Riders An optional add-ons or paid-up features to your current insurance policy. They are over and above the terms of your policy.
Sum assured An amount that the insurer agrees to pay on death of the insured person or occurrence of any other insured event.
Surrender Value The amount the policyholder gets from the insurer when he decides to exit or close the policy before maturity.

 


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