General insurance

General insurance

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

Industry: Insurance

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General insurance

Insurability

Insurance; General insurance

Definition: The characteristic of being acceptable for insurance is called insurability. Description: Insurability of an individual or object is ascertained depending upon the norms and policies ...

Third Party Insurance

Insurance; General insurance

Definition: Motor third-party insurance or third-party liability cover, which is sometimes also referred to as the 'act only' cover, is a statutory requirement under the Motor Vehicles Act. It is ...

Definition: Underwriting risk refers to the potential loss to an insurer emanating from faulty underwriting. The same may affect the solvency and profitability of the insurer in an adverse manner. ...

Top Up Premium In Ulips

Insurance; General insurance

A top-up premium is something that a policyholder can invest into his ULIP over and above his existing premium payment. Definition: A top-up premium is something that a policyholder can invest ...

Treaty Reinsurance

Insurance; General insurance

When an insurance company enters into a reinsurance contract with another insurance company, then the same is called treaty reinsurance. Definition: When an insurance company enters into a ...

Surrender Value

Insurance; General insurance

Definition: It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity. Description: A mid-term surrender would result in the ...

Target Pension

Insurance; General insurance

Target pension is defined as the pension amount that the annuity holder wishes to receive after the maturity of the policy at the vesting age. Definition: Target pension is defined as the pension ...