INSURANCE: Term In Insurance

 

The term often used in Insurance, among others:

Insurance policy

Letter of Agreement containing the insurance agreement between the Insurer and the Policyholder.




Applicant

The person who applied for an insurance. If the insurance has been approved then the applicant will become the Policyholder.

Policy Holder (Policy Owner)

Insurance policy holder.

Insured

Someone who becomes the object of insured or insured.

Beneficiary

Persons or composed of several persons designated to receive insurance benefits or sum insured

Premium

A sum of money that is borne by the Insured and listed in the policy and has been approved to be paid to the Insurer as agreed.

Sum insured

The value of money stated in the insurance policy to be paid by the insurer to the Holder.

Cash value

A sum of money listed on the policy to be paid to the Policyholder if the policy is canceled before the end of the insurance period or when the insured dies.

Insurable Interest




The relationship between the insured and the object insured by the company, concerning the things that have great potential to cause harm that can cause financial loss for the Insured.

 

Also Read:

INSURANCE: Basic Principles of Insurance

INSURANCE: Planning an Insurance Program

INSURANCE: Types of Insurable Risks

INSURANCE: What is Insurance?

INSURANCE: Insurance Functions and Purposes

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