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Commonly Used Insurance Terms

Policy

A contract of insurance

insured

The person who pays the premium and requires the insurance

Insurer/Insurance company

The person, business or company who is paid the premium, and provides the insurance

Accident

An event that is unforeseen, unexpected, and unintended

Claim

To notify the insurer of the loss.

Spot

Actions taken by the person appointed by the insurer on the site/scene of the accident.

Surveyor

A person who assesses the claim and give the survey report to insurance company. Surveyor or an assessor will usually be appointed by an insurer to examine a claim.

Premium

The payment, or one of the regular periodic payments, that a policyholder makes to own an insurance policy.

Policy

The printed document issued to the policyholder by the company stating the terms of the insurance contract.

Renewal

Continuance of coverage beyond original terms signified by acceptance of a premium payment for a new term.

Underwriter

(1) A company that receives the premiums and accepts responsibility for the fulfillment of the policy contract(2) The company employee who decides whether or not the company should assume a particular risk (3) The agent who sells the policy

Annuity It is a scheme where under certain amount is paid at yearly/half yearly/quarterly/monthly intervals.

 

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