Find Insurance terms beginning with the letter C…
Certified Insurance Facilitator (CIF):
A Certified Insurance Facilitator or a CIF is a person who guides insurance buyers in purchase of insurance policy based on their financial profile and the specific requirements of their dependents or the insurance beneficiary.
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Claim:
A claim is a formal request made by the life insured or the nominee to the insurance company asking to compensate for the loss the insured suffered. The insurance company after taking the premium issues the insurance policy as an agreement to pay for the losses.
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Claim Amount:
Claim amount is the amount paid by the insurance company either on the maturity or upon the death of the life insured. In case of maturity, the claim is paid to the insured but in case of death claim, the amount is paid to the beneficiary or the nominee declared under the policy.
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Commission:
The commission is the incentive that the insurance agents or the sales representative receive after selling the insurance policy, be it life or non-life.
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Concealment:
When the insured hides any information or does not disclose the relevant and crucial facts to the insurer is called concealment. The act can be intentional or unintentional.
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Conditional Assignment:
Conditional assignment refers to transferring rights of the life insurance policy by the life insurance owner to someone else under some terms and conditions.
The policyholder is the assignor, and the person to whom the policy is assigned is called the assignee.
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Coverage:
The amount of risk, liabilities and the extent of loss covered by an insurance policy is coverage.
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Critical Illness:
Critical illness is a life-threatening condition in the human body. The disease leaves the individual weak and with reduced efficiency.
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Critical Illness Insurance:
Critical Illness Insurance is a limited type of health insurance that pays a lump sum amount if the life insured is diagnosed with any critical illness.
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Critical Illness Rider:
Critical Illness Rider is an additional cover that can be added to the base life insurance policy by paying an additional premium. A lump sum is paid under the rider cover if the life insured is diagnosed with critical illnesses as defined in the policy.
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