Glossary Insurance : Weighted received premium The sum of first year regular premium and 10% weighted single premiums & single premium top-ups..
Showing posts with label Terminology - Insurance. Show all posts
Showing posts with label Terminology - Insurance. Show all posts
What is Insurance Repositories ?
With Insurance Regulatory and Development Authority ( IRDA ) f ormally launching the Insurance Repository System (IRS) last week, you can now demat your insurance policies.
Here’s what you should know about this new concept. ** What is an insurance repository?
It is a facilit…
IRDAI : Insurance Technical Words Definitions..
IRDAI ( Insurance Regulatory and Development Authority of India) : Insurance Technical Words Definitions.. Authority means the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act…
Definition: Third-Party Insurance
An motor insurance policy purchased for protection against the actions of another party. Third party insurance is purchased by the insured (first party) from an insurance company (second party) for protection against another party's claims (third party). Investopedia Say…
Definition: Travel Insurance
An insurance product designed to cover the costs & reduce the risk associated with unexpected events during domestic or international travel. Travel insurance usually covers the insured in two(2) main categories: costs associated with medical expenses and trip cancella…
Definition: Term Life Insurance
A policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage end. This type of insurance policy contrasts with permanent life insurance, i…
