General insurance

General insurance

For general insurance terms which do not fit under any other category.

Industry: Insurance

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General insurance

Absolute Assignment

Insurance; General insurance

Definition: An absolute assignment is the act of complete transfer of the ownership (all rights, benefits and liabilities) of the policy completely to other party without any terms and ...

Actuarial Science

Insurance; General insurance

Definition: Actuarial Science is a discipline that deals with assessing the risks in insurance and finance field using various mathematical and statistical method. Description: The professionals ...

Actuaries

Insurance; General insurance

Definition: 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 ...

Lapsed Policy

Insurance; General insurance

The policy for which all benefits to the policy holder cease and is terminated due to non payment of premium amount on the due date is called a lapsed policy. Definition: The policy for which all ...

Limited Payment Whole Life Plan

Limited payment whole life plan entails that the protection is provided until the death of the insured, however, premiums can be paid up to a certain period. Definition: Limited payment whole life ...

Combined Ratio

Insurance; General insurance

Definition: The combined ratio is defined as the sum of incurred losses and operating expenses measured as a percentage of earned premium. It is a measure of the profitability of the insurer. ...

Claim Amount

Insurance; General insurance

Definition: 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 ...