General insurance

General insurance

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

Industry: Insurance

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General insurance

Conditional Assignment

Insurance; General insurance

Definition: Assignment is the means by which a life insurance policy holder (assignor) can transfer rights of the policy to the assignee, in accordance with some terms and conditions. In case of ...

Deferred Acquisition Cost

Insurance; General insurance

Definition: 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. Description: Acquisition ...

Definition: A valuation of the damaged property, i.e. its monetary worth at market value immediately preceding the occurrence of the loss, is called actual cash value of the property. It gives the ...

Adverse Selection

Insurance; General insurance

Definition: Adverse selection is a phenomenon wherein the insurer is confronted with the probability of loss due to risk not factored in at the time of sale. This occurs in the event of an ...

Beneficiary

Insurance; General insurance

Definition: 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 ...

Exclusions

Insurance; General insurance

Definition: Exclusions are the cases for which the insurance company does not provide coverage. These are the conditions excluded from the insured event to avoid losses to the company. Description: ...

Claim Handling Cost

Insurance; General insurance

Definition: Costs incurred by the insurance firm in processing and administration of insurance claims are called claims handling cost. Description: Insurance companies incur a plethora of costs ...