Definitions used in short-term insurance.
An agreement, recorded on the policy, the insured clear from an excess in the event of a claim.
Assessor :
on behalf of an insurance company investigation and settlement. The assessor or an employer of a company or a contracted who are hired by a company.
Excess / first amount payable :
This is the amount that the insured in the event of a claim are responsible insurer must deductible clearly sets in or the policy or endorsement. A surcharge is used as a means to keep the insured's monthly premium lower. A standard excess is a predetermined co-payment amount. The excess is deducted from the total amount paid by the insurer. Therefore, if the demand for $5000 and $1000 is the deductible will pay the insured $1000 and $4000 insurer.
Schedule :
cribes exactly what the insured for cover, which should be read in conjunction with the policy. A typical schedule, waarskynlik'n list of sections that cover household, automobiles, home owners (buildings) etc. include. The schedule also lists the insured's premiums, any other information which they need to know and any revised terms and conditions sections of the policy wording to not make.
Coverage :
that provides an insurance contract; any of various risks that are covered by a policy.
Claim :
best to an insurer betalingvir a loss covered by the insurance
Claims History:
A record of all previous claims that the insured against its policy submitted
Endorsements :
Changes in terms and conditions made by the insurer to the insured's insurance policy and in particular with regard to the insured. The additional page added to the original contract, form part of the contract
Renewal :
expires (usually annually), the policy can be renewed. The company will send the insured contact by an updated schedule. Insureds must ensure that the said cover still meet their needs, other changes must be.
Recycling :
insurance company's recovery after the sale of property. The property was acquired by the Company as part of the loss settlement.
Commencement Date:
The date on which coverage under started a policy.
Cancellation :
The termination of an insurance policy by either the insured or the insurance company.
Commission :
The portion of an insurance premium an agent or broker is paid for his service with respect to the rule and maintaining insurance.
Quote :
It helps him / her with the choice of company to which a formal application must be submitted insurance.
Broker :
who represented the buyer of insurance. The person dealing or agents or companies for insurance according to obtain the insured's needs. Also called the financial or insurance adviser or intermediary.
Negligence :
If someone leaves a reasonable and prudent person in similar circumstances to provide the necessary care to the day lies.
Underwriting :
The premium for fresh circle coverage against the risks and the kind of coverage must be provided.
Uninsurable risk:
a risk that is not acceptable for insurance because of the excessive risk involved .
Policy :
that the company issued to the insured. It sets out the terms and conditions of the insurance and is also called the policy contract.
Policyholder :
A person who pays a premium to an insurance company in exchange for the protection that provides an insurance policy.
Premium :
The amount paid to the company to keep in operation the policy.
Risk management :
insureds can help ensure programs to manage their risk through the security of their assets and negligent not to act.
Compensation :
A legal principle which specifies that an insured more than the actual cash value of a loss may not receive, but the insured should be in about the same financial position as before the loss. This applies unless the policy specifically states that harmless statement on an agreed value or replacement value.
Exclusions or exemptions :
circumstances listed in the policy, for which the policy does not provide benefits.
Loss :
The event for which insurance is paid.
Insurer :
the party involved in the insurance contract that promises to pay losses or benefits. in addition, any company whose primary business involves offerin.
Insured :
a person or organization covered by an insurance policy, including the "said insured and any other party to whom the protection according to the polibepalings granted. also called the policyholder.
Expired policy:
the termination of a policy for non-payment of premiums.
Terms :
Terms of the contract certain restrictions on the insurer's promise to perform or make amends.