{"id":3980,"date":"2024-05-16T13:03:14","date_gmt":"2024-05-16T13:03:14","guid":{"rendered":"https:\/\/3dprintersinindia.com\/sites\/mauritius_finance\/?p=3980"},"modified":"2024-06-01T06:39:03","modified_gmt":"2024-06-01T06:39:03","slug":"insurance-terminology","status":"publish","type":"post","link":"https:\/\/3dprintersinindia.com\/sites\/mauritius_finance\/?p=3980","title":{"rendered":"Insurance Terminology"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Agent<\/strong><\/h2>\n\n\n\n<p>Agents act as intermediaries to help customers purchase insurance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Accrue<\/strong><\/h2>\n\n\n\n<p>Refers to something that gradually accumulates over time such as benefits or coverage in your insurance policy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Beneficiary<\/strong><\/h2>\n\n\n\n<p>A beneficiary is a designated individual who will inherit funds or assets stated in wills, or insurance policy in the event of a person&#8217;s death.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Claim<\/strong><\/h2>\n\n\n\n<p>It is a notice given by an individual to receive compensation to either make repairs, or pay for whatever the insurance cover.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Commission<\/strong><\/h2>\n\n\n\n<p>An extra sum of money is given to agents who bring new customers or sell their services for the company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Deductible<\/strong>&nbsp;<\/h2>\n\n\n\n<p>In order for an insurance company to pay for a claim, an individual should pay the agreed amount.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Exclusion<\/strong><\/h2>\n\n\n\n<p>It refers to risks that are not covered by the insurance company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Endorsement<\/strong><\/h2>\n\n\n\n<p>It is a clause inserted in a contract that removes or adds terms and conditions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Escalating<\/strong><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Inflation<\/strong><\/h2>\n\n\n\n<p>An increase in the price of goods and services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Premium<\/strong><\/h2>\n\n\n\n<p>Premium refers to the amount of money you pay to receive coverage.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Policy<\/strong><\/h2>\n\n\n\n<p>It is a written contract where the terms and condition of your insurance are laid down.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Policyholder<\/strong><\/h2>\n\n\n\n<p>A policyholder is the individual who took the insurance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>pre-existing medical conditions<\/strong><\/h2>\n\n\n\n<p>A health issue that has been treated before the start date of the insurance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Maturity<\/strong><\/h2>\n\n\n\n<p>The date at which the insurance contract is ending.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Negligence<\/strong><\/h2>\n\n\n\n<p>Lack of attention regarding important issues or problems.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Rider<\/strong><\/h2>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Reimbursement&nbsp;<\/strong><\/h2>\n\n\n\n<p>Return of money for an expense that the insurance covers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Renewal notice<\/strong><\/h2>\n\n\n\n<p>A letter is sent to the insurance holder to extend their contract.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Lapse<\/strong><\/h2>\n\n\n\n<p>Cancellation of an insurance policy due to nonpayment of a renewal.&nbsp;<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s death.&nbsp; 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&nbsp; In&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[210],"tags":[],"class_list":["post-3980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance-101"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insurance Terminology| Mauritius Trade<\/title>\n<meta name=\"description\" content=\"Sometimes the terms that professional agents use to sell their insurance plan can confuse your mind and make you hesitate to take an insurance. 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