{"id":25472630,"date":"2021-06-13T17:15:33","date_gmt":"2021-06-13T11:45:33","guid":{"rendered":"https:\/\/entri.app\/blog\/?p=25472630"},"modified":"2021-06-18T15:02:45","modified_gmt":"2021-06-18T09:32:45","slug":"insurance-terms-and-concepts","status":"publish","type":"post","link":"https:\/\/entri.app\/blog\/insurance-terms-and-concepts\/","title":{"rendered":"Insurance Terms and Concepts"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e8ebeba7d67\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e8ebeba7d67\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/entri.app\/blog\/insurance-terms-and-concepts\/#Insurance_Terms_and_Concepts\" >Insurance Terms and Concepts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/entri.app\/blog\/insurance-terms-and-concepts\/#List_of_Insurance_Terms_2021\" >List of Insurance Terms 2021<\/a><\/li><\/ul><\/nav><\/div>\n<p id=\"mntl-sc-block_1-0-1\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">Insurance can be defined as a\u00a0 contract which is represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. In another words it can also be a form of\u00a0reimbursement from the insurance company for the damage caused to their property.\u00a0The insurer and the insured sign a legal contract for the insurance which is termed as the insurance policy that gives financial security from the future uncertainties. In this article let us check important insurance terms and basic insurance concepts.<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/entri.sng.link\/Bcofz\/yv45\/8wer\" target=\"_blank\" rel=\"noopener noreferrer\">Check here for free study materials for banking examinations<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Insurance_Terms_and_Concepts\"><\/span><strong>Insurance Terms and Concepts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Seven principles of insurance that has to be followed to ensure an appropriate functioning of the\u00a0 insurance contract is listed below<\/p>\n<ul>\n<li>Utmost Good Faith<\/li>\n<li>Proximate Cause<\/li>\n<li>Insurable Interest<\/li>\n<li>Indemnity<\/li>\n<li>Subrogation<\/li>\n<li>Contribution<\/li>\n<li>Loss Minimization<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/entri.app\/blog\/canara-bank-po-interview-questions\/\" target=\"_blank\" rel=\"noopener noreferrer\">Attempt Mock Test on Bank Examination<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"List_of_Insurance_Terms_2021\"><\/span><strong>List of Insurance Terms 2021<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Following are few of the insurance terms with definition that one has to know before taking an insurance.<\/p>\n<table width=\"0\">\n<tbody>\n<tr>\n<td width=\"76\"><strong>Sl. No<\/strong><\/td>\n<td width=\"321\"><strong>Insurance Terms<\/strong><\/td>\n<td width=\"302\"><strong>Definition<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"76\">1<\/td>\n<td width=\"321\">Absolute Assignment<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 It is an act of complete transfer of the ownership including all rights, benefits and liabilities of the policy completely to other party without any terms and condition.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">2<\/td>\n<td width=\"321\">Accidental Death Benefit and Dismemberment<\/p>\n<p>&nbsp;<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 It is an additional benefit paid to the policyholder in the event of his death due to an accident.<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dismemberment benefit is paid if the insured dies or loses his limbs or sight in the accident.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">3<\/td>\n<td width=\"321\">Actual Cash Value<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 It is a valuation of the damaged property<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 i.e. its monetary worth at market value immediately preceding the occurrence of the loss, is called actual cash value of the property.<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0It gives the estimate of the cost of replacement or repair of the damaged asset.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">4<\/td>\n<td width=\"321\">Actuaries<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 It is a person with expertise in the fields of economics, statistics and mathematics, who helps in risk assessment and estimation of premiums etc for an insurance business, is called an actuary.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">5<\/td>\n<td width=\"321\">Adverse Selection<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 It is a phenomenon wherein the insurer is confronted with the probability of loss due to risk not factored in at the time of sale.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">6<\/td>\n<td width=\"321\">Agent<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A person who represents an insurance firm and sells insurance policies on its behalf.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">7<\/td>\n<td width=\"321\">Annualized Premium<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The total amount of premium paid annually is called the annualized premium.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">8<\/td>\n<td width=\"321\">Annualized Premium Equivalent<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 It is a common measure of ascertaining the business sales in the life insurance industry.<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 It is the sum of the regular annualized premium from the new business plus 10% of the first single premium in a given period.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">9<\/td>\n<td width=\"321\">Appraisal Value<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 It is used to measure the value of an insurance company. It is also known as actuarial appraisal value.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">10<\/td>\n<td width=\"321\">Assessed Value<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 For the purpose of taxation, a property is assessed for its monetary worth. This ascertained price is known as assessed value.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">11<\/td>\n<td width=\"321\">Assignor<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A party or entity who transfers the rights of the contract they hold to another party (assignee) is called the assignor.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">12<\/td>\n<td width=\"321\">Auto Insurance<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Popularly known as motor insurance, this type of insurance provides cover for loss or damage to any vehicle like car, two-wheeler or commercial vehicle, etc.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">13<\/td>\n<td width=\"321\">Bancassurance<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bancassurance means selling insurance product through banks.<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company&#8217;s insurance products to its clients.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">14<\/td>\n<td width=\"321\">Beneficiary<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In life insurance, the beneficiary is the person or entity entitled to receive the claim amount and other benefits upon the death of the benefactor or on the maturity of the policy.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">15<\/td>\n<td width=\"321\">Cede Or Ceding Company<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Ceding company is an insurance company that transfers the insurance portfolio to a reinsurer.<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The insurer however is liable to pay the claims in the event of default by the reinsurer.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">16<\/td>\n<td width=\"321\">Claim Amount<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Claim amount can be defined as the sum payable at the maturity of an insurance policy or upon death of the person insured to the beneficiary or the nominee or the legal heir of the insured.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">17<\/td>\n<td width=\"321\">Concealment<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Concealment is the act of hiding or not putting forward any relevant fact in front of the insurer that need to be revealed.<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 An applicant commits this fraudulent act intentionally or unintentionally that may lead to loss to the insurer.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">18<\/td>\n<td width=\"321\">Contingent Beneficiary<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In a life insurance policy or an annuity plan, contingent beneficiary gets proceeds from the policy in the event of a demise of the primary beneficiary at the same time as that of the insured.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">19<\/td>\n<td width=\"321\">Dating Back<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dating back is a facility given to the insured person using which he can ask the insurer to start the policy from an earlier date than the one on which he actually signs the policy. It is alternatively called back dating.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">20<\/td>\n<td width=\"321\">Deferred Acquisition Cost<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The practice of deferring the outlays incurred in the acquisition of new business over the term of the insurance contract is called deferred acquisition cost.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">21<\/td>\n<td width=\"321\">Embedded Value<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Embedded value is the sum of the net asset value and present value of future profits of a life insurance company.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">22<\/td>\n<td width=\"321\">Exclusions<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Exclusions are the cases for which the insurance company does not provide coverage.<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 These are the conditions excluded from the insured event to avoid losses to the company.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">23<\/td>\n<td width=\"321\">Expense Loading<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Expense loading is the amount included in the premium charged by an insurance company to cover its administrative and maintenance costs.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">24<\/td>\n<td width=\"321\">Fire And Special Perils Policy<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Fire and special perils policy is an insurance contract that safeguards the insured against unforeseen contingency caused by accidental fire<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">25<\/td>\n<td width=\"321\">First Class Life<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 First Class Life is a categorical term present in the classification of life insurance risk. It denotes low life risk.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">26<\/td>\n<td width=\"321\">First Unpaid Premium<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 These are funds from the policyholder&#8217;s accounts that are not allocated among them for reasons like delays in approvals etc.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">27<\/td>\n<td width=\"321\">Funds For Future Appropriation<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 These are funds from the policyholder&#8217;s accounts that are not allocated among them for reasons like delays in approvals etc.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">28<\/td>\n<td width=\"321\">General Insurance<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Insurance contracts that do not come under the ambit of life insurance are called general insurance.<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The different forms of general insurance are fire, marine, motor, accident and other miscellaneous non-life insurance.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">29<\/td>\n<td width=\"321\">Group Policy<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Group policy provides coverage to a group of people which can be a professional group like employee-employer group or an informal group.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">30<\/td>\n<td width=\"321\">Guaranteed Interest Plans<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Guaranteed interest plans are insurance plans which assure the insurer a guaranteed rate of interest for a specific or fixed period of the policy.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">31<\/td>\n<td width=\"321\">Guaranteed Surrender Value<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The guaranteed surrender value is the amount guaranteed to the policy holder in case of voluntary termination of the policy by the policy holder before maturity.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">32<\/td>\n<td width=\"321\">Guaranteed Survival Benefit<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Guaranteed survival benefits are benefit given to the policy holder during or upon completion of the policy tenure.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">33<\/td>\n<td width=\"321\">Incurred But Not Reported Reserves<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The IBNR, which is the abbreviated form of incurred but not reported reserves (IBNR), are the reserves for claims that become due with the occurrence of the events covered under the insurance policy, but have not been reported yet. The IBNR reserves can be computed using methods like Incurred Chain Ladder, Paid Chain Ladder, Paid Bornhuetter-Ferguson etc.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">34<\/td>\n<td width=\"321\">Indemnity<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Indemnity means making compensation payments to one party by the other for the loss occurred.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">35<\/td>\n<td width=\"321\">Insurability<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The characteristic of being acceptable for insurance is called insurability.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">36<\/td>\n<td width=\"321\">Insurable Interest<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Insurable interest is defined as the reasonable concern of a person to obtain insurance for any individual or property against unforeseen events such as death, losses, etc.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">37<\/td>\n<td width=\"321\">Insurable Risk<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A risk that conforms to the norms and specifications of the insurance policy in such a way that the criterion for insurance is fulfilled is called insurable risk.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">38<\/td>\n<td width=\"321\">Insurance Advisor<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A professional who provides specialized guidance and advice for investment in various insurance schemes is an insurance advisor or insurance consultant.<\/td>\n<\/tr>\n<tr>\n<td width=\"76\">39<\/td>\n<td width=\"321\">Investment Risk<\/td>\n<td width=\"302\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investment risk can be defined as the probability or likelihood of occurrence of losses relative to the expected return on any particular investment.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><a href=\"https:\/\/entri.sng.link\/Bcofz\/yv45\/8wer\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-25472773\" src=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2021\/06\/GK-Blogs-Rectangle-Banner-3.png\" alt=\"Academic and Research Institutes in India\" width=\"970\" height=\"250\" srcset=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2021\/06\/GK-Blogs-Rectangle-Banner-3.png 970w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2021\/06\/GK-Blogs-Rectangle-Banner-3-300x77.png 300w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2021\/06\/GK-Blogs-Rectangle-Banner-3-768x198.png 768w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2021\/06\/GK-Blogs-Rectangle-Banner-3-750x193.png 750w\" sizes=\"auto, (max-width: 970px) 100vw, 970px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insurance can be defined as a\u00a0 contract which is represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. In another words it can also be a form of\u00a0reimbursement from the insurance company for the damage caused to their property.\u00a0The insurer and the insured [&hellip;]<\/p>\n","protected":false},"author":41,"featured_media":25472650,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[802,164,558,890],"tags":[],"class_list":["post-25472630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-current-affairs","category-general-knowledge","category-insurance-exams"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insurance Terms and Concepts - Entri Blog<\/title>\n<meta name=\"description\" content=\"Check here for Insurance Terms and Concepts that one has to be aware of before getting an insurance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/entri.app\/blog\/insurance-terms-and-concepts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance Terms and Concepts - 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