1 . Actuarial ( actuarial )
The function of an insurance company that applies mathematical principles to insurance , including calculating / account the premium price list as well as ensuring the financial health of the company in terms .
2 . Annuity ( annuity )
Annuities provide a fixed annual income for life . Typically , the cash amount of money invested in the future in order to generate funds to acquire the fixed income for life .
3 . Assignment ( transfer of rights )
The transfer of part or all of the rights to receive income from an insurance policy from a person or entity , the person or entity to another .
4 . Automatic Premium Loan / Non - Forfeiture Loan ( automatic premium loan / loan without redemption )
If the premium is not paid on time period and the grace period the policy has sufficient cash value , there is a provision that stipulates that the amount of the relevant premium paid in advance automatically. The amount of the loan outstanding premiums that can be charged interest .
5 . Cash Value / Surrrender Value ( cash value / value ransom )
The amount of money that will be received by the policyholder when he poured his life insurance policy that has a benefit value of savings .
6 . Endowment Plan ( grant program )
This type of insurance program combines both protection and savings benefits . This insurance program pays cash benefits amount of money to the insured when the policy matures . The program also pays that amount when the insured dies , or , where applicable , when the insured disability thorough and permanent , and if it happens in the life of the policy .
7 . Grace Period (grace period )
Period of time after the expiration of the premium payment date falls where premium payments can still be made without interest . During this period , the policy is still considered valid .
8 . Investment -Linked Plan ( insurance programs associated with investment )
Premiums paid are used either to purchase life insurance protection benefits as well as the units in an investment fund portfolios . The price of the units will depend on the investment performance of the funds .
9 . Maturity Date ( the due date )
The date has been agreed upon which an insurance company pays a cash amount of money .
10 . Non-participating policy ( a policy that does not include )
An insurance policy in which the policyholder is not included in the company's profits .
11 . Paid - up Value ( the value of the payment in advance )
This provision entitles policyholders to stop paying premiums at a later date after obtaining the policy cash value . Policies remain in force in accordance with the amount of insurance money that has been reduced in value .
12 . Participating Policy ( policy that includes )
An insurance policy in which the policyholder is included in the company's profits .
13 . Policy Lapse ( policy expiration )
Termination of insurance underwriting as a result of non-payment of premiums .
14 . Policy Loan ( loan policy )
A policyholder who need cash for a temporary period may apply for a policy loan against the value of the coverage of the policy . Imposition of interest is calculated on the effective date of the policy loan .
15 . Premium ( premium )
Amount to be paid to obtain insurance coverage desired .
16 . Regular Premium Policy ( regular premium policy )
A policy that requires regular premium payments , for example , monthly , every four months , every six months or yearly .
17 . Reinstatement ( re-enactment )
The process by which a asuradur reinstate a policy that has been caused due to the expiration of non-payment of renewal premiums .
18 . Rider ( benefits)
Riders are additional benefits that can be included in a basic insurance program , such as whole life insurance program (whole life plan) or lending programs ( endowment ) . This benefit is designed to provide financial protection at a cost that is cheaper .
19 . Single Premium Policy ( the policy with all premiums paid )
A policy that requires only one premium payment is made in advance .
20 . Sum Assured ( sum insured )
The amount of money insured guarantee to policyholders .
21 . Term Plan ( limited time program )
Such type of insurance program offers protection / life insurance protection for a limited period . The amount of the sum assured is payable only if the insured dies , or where applicable , disability , comprehensive and permanent validity period of the program ..
22 . Underwriting ( underwriting )
The process of assessment / valuation and classification of the degree of risk related to potential tertaggung , and decision making to accept or reject the risk.
23 . Whole Life Plan ( comprehensive insurance program )
This type of life insurance program offers protection / life-long protection against death or , where applicable , the defect is comprehensive and permanent , to the insured .
Similarly, the term insurance in this brief article , may be useful for fellow readers .
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