Find Insurance terms beginning with the letter I…
In-force Policy:
The policy under which the life insured pays all the due premiums is called in-force policy.
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Insurability:
Characteristics of the risk (object or individual) that favours its acceptance in insurance is called insurability.
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Insurable Interest:
Insurable interest is the willingness to get protection against the financial loss which may arise due to the death of an individual or damage of an object. It is an investment in insurance that protects any object or person that is subject to financial loss.
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Insurance:
Insurance is a legal contract between the two parties, insurance company (first party) and insured (second party). The contract is valid till the time the time premium is paid. An insurance policy promises to pay the insured compensation in case of occurence of death, loss, illness, or maturity as specified.
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Insurance Advisor:
Insurance advisor is a professional who provides expert advice to the customers for investment in various insurance schemes.
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Insurance Agent:
A professional who sells an insurance company’s products to consumers to earn a commission is called an insurance agent.
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Insurance Policy Document:
Insurance policy document is proof of insurance. It is a formal legal document that is used as a legal binding for the insurance contract. The policy document is the evidence of the insurance contract and contains all the terms and conditions.
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Insured:
Insured refers to a generic term that indicates any entity or a person who will receive the benefit under the insurance policy after the occurrence of loss. The claim is paid to benefit the insured against the financial losses suffered.
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IRDA (Insurance Regulatory and Development Authority):
IRDA is the Insurance Regulatory and Development Authority which is the only insurance regulatory body in India formed in 2014. The main objective of the Insurance Regulatory and Development Authority of India is to observe and regulate the provisions of insurance.
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