Insurance terms you need to known

ACTUARY:

A person who calculate rates, reserves, dividends and other statistical variables in an insurance company.

Agent: 

 A  person who sells and services insurance policies.

Annuity;

An agreement by an issuer to make periodic payment that continue during the survival of an annuitant or for a specific period.

BOUND:

Is the name an insurance is called after the insurer and the insurance company had seal an insurance deal. (accept insurance)

Benefit periods;

In health insurance, the number of days for which benefits are paid to the named insured and his/her dependents.

brokers

insurance salesperson that search the marketplace in the interest of clients, not insurance company.

Causality insurance

Insurance policy concern with loss resulting from  injuries,  damage to property. Insured against crime e.g= robbery, burglary, e.t.c.  includes aviation insurance and machinery insurance.

 Claim

A demand made by the insured. Or the insured beneficiary. For payment of the benefits as provided by the policy.

Collision insurance

Covers physical damage to automobile of  the insurer.

Comprehensive insurance.

Auto insurance coverage, providing protection in case of physical damage cause by contact with another inanimate objects and theft of the insured car.

Deductible
A deductible is the amount of money you have to pay  an the insured person, before your insurance company  covers the rest of the payments.

UNDERWRITTING

It Is carried out by the insurer. It is a  phenomenon of determining the probability of a risk taking place and the likely cost of a risk if it actually took place. All this information  gives an insurer the estimate in other to give his client an insurance quote. 

INSURANCE CONTRACT:
Just as the name implies, an insurance contract is a legal document that outline all the insurance coverage, features, conditions and limitations of an insurance policy.

INSURER:

Simply put, insurance companies are otherwise known as insurer, they are companies that takes responsibility for loss and provides compensation for it’s clients in the event of loss, as a return for an insurer whom had been paying his Premium.

INSURED:

A person who purchases an insurance  coverage from insurance companies. He  is entitled to receive compensation in the advent of any loss on the belongings he had insured.

 INSURANCE  ENDORSEMENT:

It’s an attachment to an insurance policy to thwart  the policy's coverage or terms.

INSURANCE UMBRELLA POLICY:

When an  insurance coverage is insufficient to cover a loss, an umbrella policy is meant to cover losses above the limit of an underlying policy or policies.

Insurable Interest:

Before an insurance company takes the risk to insure anyone, there must be evidences from the insure  that if a loss should occur it would have a greater economic impact. This will stimulate an insurer to take the risk of insuring such property/equipment.