Insurance Terms, Glossary And Dictionary - Terms Of Insurance

The company which issues insurance policy is called insurer Insurance Terms, Glossary and Dictionary - Terms of Insurance 1. Insurer


The company which issues insurance policy is called insurer. Insurance company is also called assurer or underwriter. Insurer agrees to pay compensation on the happening of uncertain and unfortunate event.

The company which issues insurance policy is called insurer Insurance Terms, Glossary and Dictionary - Terms of Insurance

Image Credits © Alan Cleaver


The company which issues insurance policy is called insurer Insurance Terms, Glossary and Dictionary - Terms of Insurance 2. Insured


The person who is protected against uncertain losses and who is paid a compensation by the insurance company is called insured or assured. He is a person in whose favour insurance policy in issued. He is also called a policyholder.


The company which issues insurance policy is called insurer Insurance Terms, Glossary and Dictionary - Terms of Insurance 3. Proposal


Proposal is a written request made by the proposer to the insurance company for insurance cover. Insurance companies supply printed ajuan forms free of charge to the interested parties.


The company which issues insurance policy is called insurer Insurance Terms, Glossary and Dictionary - Terms of Insurance 4. Premium


Premium is a periodical payment which the insured has to make to the insurer in return for the insurer's guarantee to compensate his loss. It is a financial consideration payable to the insurer.


The company which issues insurance policy is called insurer Insurance Terms, Glossary and Dictionary - Terms of Insurance 5. Policy


Policy is a written document which contains the contract of insurance. It contains terms and conditions of the insurance contract. It is a sealed document issued by the insurance company (i.e insurer). A policyholder (i.e insured) has to keep it safely for claiming compensation, if necessary.


The company which issues insurance policy is called insurer Insurance Terms, Glossary and Dictionary - Terms of Insurance 6. Subject matter of insurance


It is the subject against which the insurance policy is taken. In life insurance, life of the assured is the subject matter. In fire insurance, goods / property / building, etc., is the subject matter. In marine insurance, cargo or ship is the subject matter of insurance.


The company which issues insurance policy is called insurer Insurance Terms, Glossary and Dictionary - Terms of Insurance 7. Claim


Claim is a demand made by the insured for compensating the loss to the subject matter of insurance. Insurance companies give claim forms to policyholders for the giving claim. Claim is made on the happening of the event. For example, fire, flood, theft, death, etc.


The company which issues insurance policy is called insurer Insurance Terms, Glossary and Dictionary - Terms of Insurance 8. Reinsurance


Reinsurance is a system by which the original insurer enters into a contract with another insurer for sharing a part or all the risks taken by him. It is done when the amount of risk covered is very high. The main objective is to reduce the risk of large contracts.


The company which issues insurance policy is called insurer Insurance Terms, Glossary and Dictionary - Terms of Insurance 9. Double Insurance


Double Insurance takes place when the insured insures his property or goods with two insurance companies. In such a case, each insurer will pay the proportionate amount in case of loss. If one insurer agrees to pay the full compensation, then he can claim the proportionate amount from the other insurer. The main objective is to ensure additional safety.


The company which issues insurance policy is called insurer Insurance Terms, Glossary and Dictionary - Terms of Insurance 10. Actuary


Actuary is a professional person appointed by an insurance company to give advice about premium rates, insurance product development, investments, maintenance of accounts, etc.

Komentar

Posting Komentar

Postingan populer dari blog ini

Balayam Nail Rubbing Exercise Cures Alopecia, Hair Loss, Bald

Gambar
Disclaimer! Following article is not an outcome of a medical research nor mentions any scientific evidence to support its claim. Subject below is controversial in nature and is completely based on author's personal experience. Before imitating on any of the following, please do consult a registered medical professional. Author of this article is neither a doctor, nor he is involved in any health related research studies. Whether to or not to trust material below is left to you. This is for your kind information to avoid consequences, if any, arising by using information published on this website. 1. What is Balayam ? Balayam, a Yoga technique, was invented in India by ancient Rishi Munnis (Wise Sages) who were maestro Yogis (Yoga Masters) and Vaidyas (Doctors) of their time. These scholarly Indian ancestors who even excelled in science of Ayurveda and Human Physiology found Balayam as a simple solution to the most complex dilema of baldness. According to them, Balayam or Na...
Baca selengkapnya

Graicunas Theory Of Span Of Control - Example And Formula

Gambar
Graicunas Theory of Span of Control Vytautas Andrius Graiciunas (1898-1952) was a Lithuanian french management consultant, management theorist and engineer. Image Credits © Verslo Naujienos . In 1933 , he published a paper called " Relationship in Organisation ." In this paper, he mentioned three types of Superior-Subordinate relationships, viz., Direct Single Relationships, Direct Group Relationships, and Cross Relationships. According to V.A. Graicunas, as the number of subordinates increases arithmetically (like 1, 2, 3, 4, 5, 6, etc.) the number of relationships which the superior has to control also increases almost geometrically (like 1, 6, 18, 44, 100, 244, etc.). Therefore, a superior can only control a limited number of subordinates, and anything beyond this limit is very hard to control. Example of Graicunas Theory V.A. Graicunas Theory can be explained with the help of this simple example. For example, consider Gaurav (G) is a superior (boss) and Manoj (M...
Baca selengkapnya

Types Of Inflation In Economics With Examples, Diagrams, Graph

Gambar
Types of Inflation This article briefly explains different types of inflation in economics with examples, wherever necessary. It is also supplemented with a hierarchical diagram to help readers summarize and quickly assimilate their list. Here are different types of inflation depicted and listed below. Image credits © Gaurav Akrani. The list is as follows: Coverage or scope: Comprehensive or Economy-Wide Inflation, and Sporadic Inflation. Time of occurrence: War-Time Inflation, Post-War Inflation, and Peace-Time Inflation. Government's reaction or control: Open Inflation, and Suppressed or Repressed Inflation. Rising prices: Creeping, Mild or Low Inflation, Chronic or Secular Inflation, Walking or Trotting Inflation, Moderate Inflation, Running Inflation, Galloping or Jumping Inflation, and Hyperinflation. Different causes: Deficit Inflation, Credit Inflation, Scarcity Inflation, Profit Inflation, Pricing Power, Administered Price or Oligopolistic Inflation, Tax Inflatio...
Baca selengkapnya