An insurance agent is a person who sells insurance plans for insurance companies or brokers. An agent can be non-exclusive or exclusive meaning they sell insurance for a single insurance provider or multiple providers.
Insurance policy that covers personal possessions against loss or damage, usually anywhere in the country. All- risks policies are frequently extended to cover possessions in other parts of the world, and are therefore often used to insure small moveable items. Despite the term “all-risks”, there is usually some important exclusion.
The Amount Settlement Ratio is a metric to evaluate how effectively insurance companies are settling claims. This ratio serves as a tool for individuals to assess an insurer's track record in providing timely and accurate financial compensation when a claim is filed.
In simple terms, the ASR is the percentage of the total amount of claims received by the insurance company that is actually settled.
The annualised premium shall be the premium amount payable in a year excluding the taxes, rider premiums, underwriting extra premiums, and loading for extra premiums if any
An annuity is a long-term investment agreement between an insurance company and an individual in which the individual makes payments in series or in a lump sum, in exchange for which he gets periodic disbursements or income, either immediately or in the future.
Continuous Period of illness and it includes relapse within 45 days from the date of last consultation with the Hospital/Nursing Home where treatment may have been taken
An applicant is a person who is willing to get registered with the insurance company or insurance broker.
A form of alternative dispute resolution where an unbiased person or panel renders an opinion as to responsibility for or extent of a loss.
The willful and malicious burning of, or attempt to burn, any structure or other property, often with criminal or fraudulent intent.