Find term beginning with the letter P...

Pension Policy

A pension plan, also known as a retirement plan, is a type of insurance product that aims to provide a regular income to individuals after they retire.

Permanent Disability

Permanent disability refers to the state of life insured when she/ he is left completely disabled after an accidental bodily injury or fatal disease. When permanently disabled, an individual is no longer able to work and earn due to injuries.

Policy Anniversary Date

Policy Anniversary Date is the policy commencement date in every subsequent year till the policy term ends. The policy anniversary date will be the same date next year when you purchased the policy.

Policy Contract

A life insurance policy contract is a document of agreement between the policyholder and the insurance company. This contract mentions the premium amount that needs to be paid to the insurer to get the coverage along with all terms and conditions.

Policy Document

Under life insurance, a policy document is a hardcopy or softcopy of the policy contract between the life insured and the insurance company mentioning every minute detail of the policy.

Policy Face Value

The term "face value" in insurance refers to the guaranteed# amount of money that the insurer agrees to pay the policyholder or their beneficiaries upon the occurrence of a specified event. For a life insurance policy, the face value is the amount paid out upon the death of the policyholder. It's essentially the same as the sum assured, representing the maximum liability of the insurer under the policy.

Policy Premium Component

A policy premium is the amount of money paid towards the life insurance policy. The policy premium component comprises pure premium, operating expenses, investment and earning margin.

Premium Frequency (Premium Periodicity)

Premium frequency is the frequency at which the premium is paid to keep the life insurance in force. The proposer can choose to pay the premium on annual, semi-annual, quarterly or monthly basis within a year.

Premium Payment Term

The premium payment term in insurance refers to the duration or period during which the policyholder is required to make premium payments for their insurance policy. It specifies the timeframe over which the premiums are to be paid to keep the policy in force and active.

Premium Payor Waiver Benefit Rider

Premium Payor Waiver Benefit Rider² is the additional cover that allows the premium waiver on the death of the life insured or diagnosis of a critical illness.

Primary Beneficiary

In insurance, the term "primary beneficiary" refers to the individual or entity designated by the policyholder to receive the benefits or proceeds of an insurance policy in the event of the policyholder's death. The primary beneficiary is the first in line to receive the policy benefits and is typically named by the policyholder at the time of policy inception or through subsequent policy amendments.

Proposal Form

A proposal form is an important document to be filled out by the proposer before applying for the insurance. The proposal form is for use by both the proposer (insurance seeker) and the insurance company.

Policy Holder

A policyholder is the entity or individual who owns the insurance policy. Under an insurance policy, the premium is paid by the policyholder. Upon maturity or a claim the policyholder/ nominees receive the benefits.

Portfolio Meaning

A portfolio is a collection of an individual's financial assets or investment tools. The investment instruments include stocks, bonds, cash, commodities, and mutual funds.

Premium

Premium is the amount of money paid to the insurance company under an insurance policy. A premium is paid periodically to the insurance company to keep the policy active and keep the benefits intact

Proposer

In the context of insurance, the term "proposer" is used to refer to the individual or entity that is seeking to buy an insurance policy. The proposer is the one who proposes or initiates the idea of obtaining insurance coverage from an insurance company. In other words, the proposer is the potential policyholder.

Premature Death

In the insurance context, the term "premature death" refers to the untimely or early death of an individual during the policy term. It signifies a death occurring before the expected or average life expectancy, often resulting from unexpected events, accidents, illnesses, or natural causes.

Premium Allocation Charge

Premium Allocation Charges is a percentage of the first year of premium charged by life insurance company before allocating the policy. The charge includes the initial and commission expenses of the intermediary.

Premium Redirection

Premium redirection, also known as premium redirection option or premium redirection facility, is a feature offered by some life insurance policies in India that allows policyholders to allocate a portion of their premium payments towards different investment options or funds within the policy. This feature gives policyholders the flexibility to customize how their premium contributions are invested, potentially maximizing their investment returns.

Premium Periodicity (Premium Frequency)

The frequency at which the insured chooses to pay the premium is called premium periodicity. The premium periodicity is mentioned in the policy schedule.

Policy

The term policy refers to a legal contract that details all the essential workings of the insurance. Colloquially, many people also use the term policy to mean insurance itself.

Policy Loan

A policy loan is a loan that a policyholder can obtain from their insurance company, using the cash value of their life insurance policy as collateral.

Premium Load

A premium load refers to an additional charge or fee imposed on the regular premium paid by the policyholder.

Public Insurance

Public Insurance is the insurance provided by the government to provide coverage and protection to individuals and families. Visit the link to know more in detail.