Important terms related to Insurance Exams | Insurance Questions

    Insurance Questions
    Important terms related to Insurance Exams | Insurance Questions:
    Important terms that asked in various Insurance Exam were given below. Candidates those who are applied for the Insurance Exams can use it.

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    Important Terms in Insurance:

    Indemnity
    Restoration for the victim from a loss by payment ,repair or replacement
    Exclusive
    Things which not covered under policy
    Actuary
    Who is more specialists in the mathematics of insurance who can do all calculations includes rates, reserves, dividends and other statistics.
    Claim
    It is the demand that was made by the insured beneficiary for the payment benefits as mentioned in the policy.
    Annuity
    It is an agreement given by the beneficiary to make periodic payments which continue during the survival of the annuitants or for specific period.
    Coverage
    It is the range of protection that you provided under an insurance policy.
    Death Benefit
    The limit of insurance or the amount of benefits that will be paid in the event of the death of a covered person.
    Deductible
    The Amount you have to pay out of pocket for expenses before the insurance company will cover the remaining costs.
    Insurable Interest
    Interest in property such that loss or destruction of the property could cause a financial loss.
    Endowment Insurance
    Endowment insurance pays the sum assured upon the death of the life insured during the policy term or on survival to the end of the policy term.
    Insurance Settlement
    Payment that made for an insurance claim, the insurer makes payment for the policy holder.
    Lapse
    Termination of the policy due to failure of the payment of required renewal premium.
    Maturity Value
    The amount that the insurance company that has to pay when the policy matures. This includes the sum assured and the bonuses.
    Paid up Value
    If the payment of premium was stopped, but not to withdraw the money from your policy, then the policy is called as paid up.
    Posted By:IBPS Guide

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