General insurance

General insurance

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

Industry: Insurance

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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 premium payments by ...

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 profit is a measure ...

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 bonus (NCB) is a ...

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 caused the insured to ...

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 contract with a person ...

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 that might take ...

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 retention. Beyond ...