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Insurance
Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.
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Insurance > General insurance
Premium Waiver Benefit
Insurance; General insurance
A benefit wherein the future premium payments by the insured are waived off under certain conditions is called premium waiver benefit. Definition: A benefit wherein the future ...
New Business Profit
Insurance; General insurance
New business profit is a measure of profitability and is calculated by discounting present value of future profits expected for a given period of time. Definition: New business ...
No Claim Bonus
Insurance; General insurance
NCB is a discount in premium offered by insurance companies if a vehicle owner has not made a single claim during the term of the motor insurance policy. Definition: No-claim ...
Loss Adjustment Expense
Insurance; General insurance
Definition: Loss adjustment expense is the cost borne by the insurer at the time of settling claims. Description: Insurers need to prove the veracity of the event that has ...
Misrepresentation
Insurance; General insurance
Getting into a contract with a person or a company by making statements that are not in accordance with the facts is known as misrepresentation. Definition: Getting into a ...
Motor Insurance
Insurance; General insurance
Definition: A motor insurance policy is a mandatory policy issued by an insurance company as part of prevention of public liability to protect the general public from any accident ...
Retention Limit
Insurance; General insurance
The point beyond which the insurer cedes the risk to the reinsurer is called retention limit. Definition: The maximum amount of risk retained by an insurer per life is called ...
Sub-categories
- Car insurance (39)
- Commercial insurance (92)
- General insurance (136)
- Health insurance (5560)
- Home insurance (17)
- Life insurance (3867)
- Medicare & Medicaid (23018)
- Travel insurance (7)