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Rebates in Insurance

In the context of insurance, a rebate is a return of a portion of the premium paid by the policyholder. Rebates can be provided under certain circumstances or conditions as defined by the insurance company.

Regular Premium

A regular premium is a payment made at particular time intervals/ frequencies for insurance coverage. The regular premium can be paid in instalments such as monthly, quarterly, semi-annually, or annually as per the convenience of the policyholder.

Renewal Premium

A renewable premium refers to the cost associated with renewing an insurance policy, typically on an annual basis. The renewal of a policy generally ensures that coverage continues without any breaks, providing ongoing protection for the insured.

Revival Period

The revival period refers to the specific span of time provided by an insurance company during which a policyholder can reactivate their lapsed or dormant insurance policy.

Rider Claims

Riders³ are bought along with a standard life insurance plan that covers the life insured for specific losses. Claims that arise or are admissible under the rider covers are called rider claims.

Riders

Riders³ are optional covers that help to increase the scope of coverage under the base life insurance policy. These can be bought together with a life insurance policy at a nominal extra premium to provide added protection against specified risks.

Risk Assessment

Risk assessment is the process in which the insurance companies evaluate the risk to cover any individual. In this process, various data points and possible risks to the policyholder are taken into account to determine the insurance premium. Risk assessment is done for every individual that applies for an insurance policy.

Risk Selection

Risk Selection is the way in which the insurance companies screen the insurance applicants. This screening process is used to determine what the insurer should cover and what they should exclude for every unique individual who has applied for the insurance policy.

Risk Tolerance

Risk tolerance, in the context of insurance, refers to an individual's willingness and ability to withstand and accept potential risks associated with an insurance policy or investment. It reflects a person's comfort level with uncertainty, volatility, and the potential for financial loss.

Reinstatement in insurance

Reinstatement in insurance refers to the process of restoring a lapsed insurance policy back to its original terms and conditions. When an insurance policy is not renewed or the premium is not paid on time, the policy lapses, leaving the policyholder without coverage. Reinstatement allows the policyholder to reactivate the policy without having to purchase a new one.