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Know the Terms of Insurance You Need to Know

Terms of Insurance
The terms of insurance have its own meaning is difficult to understand by the common people. The following explanation of this at least gives some idea about the terms of insurance that may be interpreted differently between the insurer:

1. Agents
Agents are people who are tied with the insurance company that oppressed to find customers, negotiate the terms of the policy, and serves policyholders.

2. Annuity
An annuity is a series of periodic payments to the insurance company annuity policyholders. An annuity is a term for people whose age is used as a benchmark in the calculation of annuity policy benefits.

3. Actuaries
The term for people who are professionally has undergone training in various technical aspects of insurance. Actuaries have a responsibility to estimate the amount of funds required in the form of premiums or pension contributions for long-term payments. Actuary is a unit where the actuary work.

4. Bancassurance
Bancassurance is a distribution method of insurance sales by using the bank as a dealer in general use as a bank customer marketing targets. Bancassurance also refers to the fusion of banking and insurance services in one place.

5. Bancatafakul
Bancatafakul is a distribution method that uses takaful Islamic bank as a supplier. This method is generally used as a bank customer marketing targets.

6. Proposal
The proposal in terms of insurance are the explanations made by the insurance company about the benefits of insurance money that is guaranteed in the group insurance program. Proposals are usually offered to each participant along with the amount of the premium and the terms of the principal insured. Proposal to group insurance is often referred as a quotation.

7. Policy
Polis is the insurance agreement between the insurer by the policyholder as well as other documents that constitute an inseparable unity with the insurance agreement. The insurance policy is sometimes called the policy contract.

8. Policy provisions
Policy provision is the statements contained in the insurance policy, in which explain the procedure and terms of insurance contracts.

9. Premiums
The insurance premium is an amount of money as stated in the policy approved by the policyholder for the insurance paid to performance management in accordance with the agreement in order to keep the policy active. The first premium, advanced premium, renewal premiums, and premiums policy changes are the kinds of premiums.

10. Risk
The risk in insurance terms is a loss that can occur by individuals insured.

11. Commission
Commission in insurance terms is defined as part of the premium that is then paid to the agent or other salespeople as remuneration to attract and serve policy.

12. Claims
Claims in insurance terms are defined as a request or guidance of benefit payments in accordance with the provisions stipulated in the insurance policy.

13. Lapse
A lapse in insurance terms is defined as the cancellation or termination of the effective period of the policy because the premium is not paid after a grace period.

14. Liability
Dependents in terms of insurance is a husband, wife, child, or other family members who legitimately listed in the policy.

15. Insured
Insured in insurance terms is a person or group of people who risk insured in the insurance contract.

16. Insurance money
Sum insured in the insurance is the amount of money that the obligation of the insurance company to replace all or a part of the financial losses that occur on the insured, as mentioned in the policy.

17. Term insurance or futures
Term insurance is an insurance policy with coverage period specified or a lifetime.

18. Whole or life insurance life insurance
Whole life insurance is life insurance policies that provide coverage for life, insurance is often referred to as permanent insurance.

19. Grace
Grace period in insurance is the period of time after the due date advanced premium, which premium is payable without any payment of interest being insured is still in force (status in which the active insurance policy and legally binding). This grace period varies depending on the type of policy and the payment stage.

20. Future hold
Wait for the insurance period in a certain period after the policy is issued, which insured health costs are not covered by the policy. The length of the waiting period is six months to two years and applies only to the cost of health because the disease is not due to an accident.

Hopefully the information above regarding "term insurance" can increase your knowledge in the field of insurance.
Know the Terms of Insurance You Need to Know
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