Agent
Agents act as intermediaries to help customers purchase insurance.
Accrue
Refers to something that gradually accumulates over time such as benefits or coverage in your insurance policy.
Beneficiary
A beneficiary is a designated individual who will inherit funds or assets stated in wills, or insurance policy in the event of a person’s death.
Claim
It is a notice given by an individual to receive compensation to either make repairs, or pay for whatever the insurance cover.
Commission
An extra sum of money is given to agents who bring new customers or sell their services for the company.
Deductible
In order for an insurance company to pay for a claim, an individual should pay the agreed amount.
Exclusion
It refers to risks that are not covered by the insurance company.
Endorsement
It is a clause inserted in a contract that removes or adds terms and conditions.
Escalating
A policyholder can ask for an escalation which means that each year the amount of money he agreed to pay will increase and in exchange gain benefit.
Inflation
An increase in the price of goods and services.
Premium
Premium refers to the amount of money you pay to receive coverage.
Policy
It is a written contract where the terms and condition of your insurance are laid down.
Policyholder
A policyholder is the individual who took the insurance.
pre-existing medical conditions
A health issue that has been treated before the start date of the insurance.
Maturity
The date at which the insurance contract is ending.
Negligence
Lack of attention regarding important issues or problems.
Rider
It is an additional feature that individuals with insurance can add to meet their specific needs. For example: If you have health insurance you may wish to upgrade your coverage for particular medical costs.
Reimbursement
Return of money for an expense that the insurance covers.
Renewal notice
A letter is sent to the insurance holder to extend their contract.
Lapse
Cancellation of an insurance policy due to nonpayment of a renewal.
