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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
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 ...
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 ...
Actual Cash Value
Insurance; General insurance
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 ...
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 ...
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 ...
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 ...
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 ...
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)