Important terms related to Insurance Exams | Insurance Questions:
Important terms that asked in various Insurance Exam were given below. Candidates those who are applied for the Insurance Exams can use it.
Important Terms in Insurance:
Indemnity
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Restoration for the victim from a loss by payment ,repair or replacement
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Exclusive
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Things which not covered under policy
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Actuary
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Who is more specialists in the mathematics of insurance who can do all calculations includes rates, reserves, dividends and other statistics.
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Claim
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It is the demand that was made by the insured beneficiary for the payment benefits as mentioned in the policy.
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Annuity
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It is an agreement given by the beneficiary to make periodic payments which continue during the survival of the annuitants or for specific period.
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Coverage
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It is the range of protection that you provided under an insurance policy.
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Death Benefit
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The limit of insurance or the amount of benefits that will be paid in the event of the death of a covered person.
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Deductible
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The Amount you have to pay out of pocket for expenses before the insurance company will cover the remaining costs.
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Insurable Interest
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Interest in property such that loss or destruction of the property could cause a financial loss.
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Endowment Insurance
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Endowment insurance pays the sum assured upon the death of the life insured during the policy term or on survival to the end of the policy term.
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Insurance Settlement
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Payment that made for an insurance claim, the insurer makes payment for the policy holder.
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Lapse
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Termination of the policy due to failure of the payment of required renewal premium.
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Maturity Value
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The amount that the insurance company that has to pay when the policy matures. This includes the sum assured and the bonuses.
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Paid up Value
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If the payment of premium was stopped, but not to withdraw the money from your policy, then the policy is called as paid up.
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