{"id":4026,"date":"2021-05-07T22:31:18","date_gmt":"2021-05-07T17:01:18","guid":{"rendered":"https:\/\/www.finsafe.in\/financial-wellness\/?page_id=4026"},"modified":"2021-11-03T09:37:17","modified_gmt":"2021-11-03T04:07:17","slug":"general-insurance-glossary","status":"publish","type":"page","link":"https:\/\/www.finsafe.in\/financial-wellness\/general-insurance-2\/general-insurance-glossary\/","title":{"rendered":"GENERAL INSURANCE"},"content":{"rendered":"\t\t
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Glossary<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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1. ADD-ONS<\/strong><\/p>

Purchase of additional benefits or cover on the existing policy.<\/p>

2. ADJUSTER <\/strong><\/p>

Carries out the process of investigation and settlement of damages for the Insured.<\/p>

3. ADJUSTING<\/strong><\/p>

The final process of settlement of losses with the Insured.<\/p>

4. ADVANCE FUNDING<\/strong><\/p>

It refers to an upfront payment against a contractual payment due in the future.<\/p>\n

5. Agent FUNDING<\/strong><\/p>

A person or a group of people selling insurance on behalf of an insurance company.<\/p>\n

6. AGE LIMITFUNDING<\/strong><\/p>

The qualifying age for an insurance policy.<\/p>\n

7. AMENDMENT<\/strong><\/p>

A change to an existing rule or protocol, provided in writing.<\/p>\n

8. AMORTIZATION\u00a0<\/strong><\/p>

This occurs when a debt is paid off in regular portions,over a period of time, based on a pre-determined, fixed repayment schedule.<\/p>\n

9. ANNUITY\u00a0<\/strong><\/p>

Flow of payments made periodically over time.<\/p>\n

10. APPLICATION\u00a0<\/strong><\/p>

IA form filled out by the applicant for the purpose of receiving insurance from the Insurer on submission of certain information required in order to provide insurance cover.<\/p>\n

11. ARBITRATION <\/strong><\/p>

A process of resolving disputes with the aid of an unbiased person or committee that helps determine the amount of loss.<\/p>\n

12. ASSESSOR<\/strong><\/p>

Also known as the Surveyor, this person determines the estimated value of the goods for the underwriters to be able to settle the claim based on the sum payable arrived at after value estimation.<\/p>\n

13. ASSIGNMENT <\/strong><\/p>

Transfer of a person’s interest in an insurance policy to another person in the legal sense.<\/p>\n

14. ASSURED<\/strong><\/p>

Entity indemnified against loss through insurance.<\/p>\n

15. AVERAGE CLAUSE\u00a0<\/strong><\/p>

A clause in the policy which states that if at the time of damage, the property value is less than its real value, then the compensation by the Insurer will be reduced to the extent of the property value after loss.<\/p>\n

16. ATTACHMENT POINT<\/strong><\/p>

Refers to the level at or beyond which excess insurance or reinsurance limits would apply.<\/p>\n

17. Broker<\/strong><\/p>

An independent professional person who is registered under the Insurance Act who advises customers on insurance. The broker operates as your agent, and not that of any insurance.<\/p>\n

18. Commission<\/strong><\/p>

This is the money that is paid to agents or brokers who sell an insurance product on behalf of an insurance company. Commissions are paid by insurers.<\/p>\n

19. Excess<\/strong><\/p>

This is the amount the insured is expected to make when making acclaim. This amount is usually specified in the policy. It discourages the insured from making very small claims and instead meeting this cost themselves.<\/p>\n

20. Insurance<\/strong><\/p>

Insurance is a contract in which an insurance company promises to compensate an insured.<\/p>\n

21. Insurer<\/strong><\/p>

Is the company which accepts risks after receiving premiums and pays claims.<\/p>\n

22. Insured<\/strong><\/p>

The term \u2018insured\u2019 refers to the person who has taken insurance against various risks and who pays a premium for the insurance.<\/p>\n

23. Premium<\/strong><\/p>

The amount you pay to an insurance company, sometimes in regular installments or as per your agreement with the insurer for your insurance policy.<\/p>\n

24. Proposal<\/strong><\/p>

This is the application form which you have to fill in when you apply for insurance cover.<\/p>\n

25. Sum insured<\/strong><\/p>

It relates to the value of goods at risk and this is the basis upon which the premium is calculated.<\/p>\n

26. Third Party<\/strong><\/p>

Any other person who may be affected by your actions \u2013 for example, in a car accident, it would relate to damage to their car. In this context, it is well to recognize that the first party in an insurance policy is you, and the second is your insurance company and the third is the other person or vehicle in the accident.<\/p>\n

27. Underwriter<\/strong><\/p>

The person who decides how much to charge and who manages the account that bears the cost of claims for motor or household insurance, or the person who decides. <\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Index<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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About <\/strong><\/a><\/p>

FAQs<\/strong><\/a><\/p>

Articles<\/strong><\/a><\/p>

Videos<\/strong><\/a><\/p>

Calculators <\/strong><\/a><\/p>

Finguide<\/strong><\/a><\/p>

Post<\/strong><\/a><\/p>

Glossary<\/strong><\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The articles are from various news publications & some of the articles may need a subscription.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Disclaimer :<\/b> The purpose of the Training Materials and the resources is to encourage you to plan for \u00a0investments based on \u00a0goals and is solely meant for education purposes. There is no guarantee that \u00a0goals will be achieved. The workforce are advised to consult their investment \/ financial advisor, prior to taking any investment decisions. While, every care has been taken in preparing the Training Materials and the Documentation to ensure accuracy at the time of publication and creation, however, FINSAFE India Private Ltd assumes no responsibility for any errors, which despite all precautions may be found herein. Finsafe India Private Limited shall not be liable under, or in connection with:<\/p>\n\n

    \n \t
  • loss of income;<\/li>\n \t
  • loss of business profits or contracts;<\/li>\n \t
  • business interruption;<\/li>\n \t
  • loss of the use of money or anticipated savings<\/li>\n \t
  • loss of information<\/li>\n \t
  • loss of opportunity, goodwill or reputation;<\/li>\n \t
  • loss of, damage to or corruption of data; or\nany indirect or consequential loss or damage of any kind howsoever arising and whether caused<\/li>\n<\/ul>\n

    All intellectual property rights in the Training Materials and the resources (whether registered or not) anywhere in the world belong to Finsafe India Private Limited.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    Glossary 1. ADD-ONS Purchase of additional benefits or cover on the existing policy. 2. ADJUSTER Carries out the process of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":500,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/pages\/4026"}],"collection":[{"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/comments?post=4026"}],"version-history":[{"count":6,"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/pages\/4026\/revisions"}],"predecessor-version":[{"id":5331,"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/pages\/4026\/revisions\/5331"}],"up":[{"embeddable":true,"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/pages\/500"}],"wp:attachment":[{"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/media?parent=4026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}