Important terms related to Insurance Exams | Insurance Questions:

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