What are three common terms associated with insurance?

• Premium. This is the actual cost of your insurance plan. ...
• Deductible. ...
• Co-Pay. ...
• Coinsurance. ...
• Provider Network. ...
• Usual, Reasonable and Customary. ...
• Pre-existing Conditions. ...
• Beneficiary.

• Policyholder: The policyholder is the one who proposes the purchase of the life insurance policy and pays the premium (see #7 Premium). ...
• Life assured: ...
• Sum assured (coverage): ...
• Nominee: ...
• Policy tenure: ...
• Maturity age: ...
• Premium: ...
• Premium payment term/mode/ frequency:

Which of the following terms are related with insurance *?

What are the terms and conditions of an insurance policy?

Claims in a term insurance can be availed when the life insured passes away and his beneficiary claims the sum assured. After the internal formalities have been completed, the insurer pays the sum assured to the nominee as prescribed in the policy.

What are the two types of insurance policy conditions?

Life Insurance

Term Life Insurance. Whole Life Insurance. Endowment Plans. Unit-Linked Insurance Plans.

What is another word for insurer?

In this page you can discover 15 synonyms, antonyms, idiomatic expressions, and related words for insurer, like: insurance-company, insurance firm, insurance underwriter, underwriter, lender, policyholder, insurance, employer, insurance-policy, borrower and broker.

Are insurance policies contracts?

An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company's responsibilities if a loss occurs.

What is the difference between market value and replacement value?

Market value is the estimated price at which your property would be sold on the open market between a willing buyer and a willing seller under all conditions for a fair sale. Replacement cost is the estimated cost to construct, at current prices, a building with equal utility to the building being appraised.

How many types of insurance are there?

Broadly, there are 8 types of insurance, namely: Life Insurance. Motor insurance. Health insurance.

What is insurance and its features?

Insurance is defined as a cooperative device to spread the loss caused by a particular risk over several persons exposed to it and who agree to insure themselves against that risk. ... The risk is the uncertainty of a financial loss.

What are the five parts of insurance policy?

Parts of an insurance contract. Declarations - Identifies who is an insured, the insured's address, the insuring company, what risks or property are covered, the policy limits (amount of insurance), any applicable deductibles, the policy number, the policy period, and the premium amount.

What are the five parts of a standard insurance policy?

The type or name of the coverage being provided. Policy details like the policy period, number, and premium. Names of the people covered and assets (if applicable). The dollar limits on coverages and your corresponding deductibles.

What are the principles of insurance?

In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution. The right to insure arising out of a financial relationship, between the insured to the insured and legally recognized.