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Accidental DeathAn accidental death is an unnatural death resulting from an accident. The accident could be a slip and fall, a traffic collision, accidental poisoning or accidental drowning among others.
Act Of God An act of God or force majeure is any event that is outside the control of humans and unaffected by human activity.
ActuaryAs per IRDAI, an actuary is a Fellow of the Actuarial Society of India. An actuary compiles and analyses statistical data to measure the risk of a future event occurring and predict what the financial impact of such an event could be.
Add-OnAdd-on policies provide cover for specific instances over an above the coverage provided under a comprehensive car insurance policy.
Aggregate Excess Insurance Aggregate excess insurance provides coverage once the policyholder has paid out a predetermined amount over a specified time period. It aims to protect the policyholder in case of unexpected large claims during the policy period.
Aggregate Excess of Loss ReinsuranceAggregate excess of loss reinsurance, also known as aggregate stop-loss reinsurance, stipulates that the reinsurer would cover the losses for a primary insurer if the losses exceed a stated retention level.
Aggregate Limit Of LiabilityThe aggregate limit of liability is the maximum total amount that an insurer is obliged to pay to an insured party over a specified period.
Anti-Theft DeductibleAn anti-theft device, as the name suggests, is an instrument that protects your vehicle from the possibility of being stole, and hence discount in the premium amount is given if the vehicle is fitted with anti-theft device which is usually 2.5 percent discount on the premium up to a maximum of Rs. 500.
Cashless GaragesA garage that has entered an agreement with the insurer to provide repairs to an insured vehicle without the customer paying anything out of his/her pocket. The payment is made by the insurance company directly to the garage.
CatastropheAn insurance company purchases a catastrophe reinsurance to reduce its exposure to the risks associated with the occurrence of a catastrophic event.
ClaimA claim is a formal request made by an insurance policyholder for compensation for a covered loss event. The insurer would then validate the claim as per the policy terms and conditions, and make payments to the insured or to a third party on behalf of the insured once the claim is approved.
CNG/ LPG Kit in biofuel systemThe kit used for supply of alternative fuel (i.e. other than petrol/diesel) to a bi-fuel system.
Compulsory DeductibleCompulsory deductible is a deductible amount applicable to all Motor insurance policies as decided by the insurance regulator.
ConsigneeIn export transactions, the legal entity or the named person has a right to claim the merchandise from a carrier at the destination. The person or entity is the legal owner of that consignment of the shipment for custom purposes and paying taxes.
ConsumablesConsumables are items that need to be replaced frequently due to either regular wear and tear. These include engine oil, brake oil, lubricants, AC refrigerant, grease, ball bearings, screws, nuts, bolts, washers, etc., these items are not covered under the standard insurance and hence consumables are included in Add-ons.
Contingent LiabilitiesA contingent liability is an obligation that an enterprise or corporation is responsible for due to being contractually bonded to the party, which is at fault. In other words, the contingent liabilities are not caused by the members of the company. They are caused by the independent members of contractors of other enterprises that the company is in business with.
Contract Of IndemnityA contract of indemnity promises to secure a party from losses caused by either the conduct of the promisor or the conduct of any other person.
ConvergeThis entity is termed as the consignee. In distributorship relations, the consignee is the holder and re-seller of merchandise who receives a sum in the form of commission when sales are made.
Co-PaymentCo-Payment is an amount that the insured must pay from her pocket against a claim made to the insurer. This is generally expressed as a percentage of claim amounts.
COPECOPE is an acronym that stands for Construction, Occupancy, Protection, and Exposure. It is a set of risks that property insurance underwriters review while determining whether to offer an insurance policy or not. It allows the insurers to evaluate the risks of insuring a property. The underwriters identify, classify, and analyse the property based on various data elements in their valuation models, predicting the likelihood of any loss or damage.
Cover A cover is the amount of risk or liability that an insurance service covers for an individual or an entity. It helps the insured to recover from financial losses emanating from an unexpected event like a motor accident or loss of income due to an injury.
CredibleA credit report is a statement that provides information on a person’s credit history. These reports are used to help create credit scores for a person, which in turn help in revealing the person’s evaluated creditworthiness. In terms of insurance, motor insurance companies utilize credit scores based on credit reports as a metric for evaluating risks and deciding premium rates.
Bank GuaranteeA bank guarantee is a type of assurance, provided by a lending institution. It means that the lending institution ensures that all the liabilities of a debtor will be met. In other words, if the borrower fails to settle a debt on time, the bank will cover it. A bank guarantee enables the borrower, or debtor, to buy equipment, acquire goods, or even draw down a loan.
BeneficiaryA beneficiary is a person, a group of persons or an entity that receives the death benefit in the event of the death of the insured person. A beneficiary could be a person, a trust set up by the insured person, a charity or his/her estate. .
Benefit PolicyA benefit policy pays a fixed sum in case an insured event occurs.
Bill Of LadingBill of lading or BOL is a legal document issued by a shipment carrier to the shipper. It contains the details about the type, amount, and destination of the shipment that is being carried. The BOL also serves as a receipt when the carrier delivers the shipment to the destination.
Breach of ContractA breach of contract is said to have occurred when a party fails to fulfil its obligations as agreed upon in a contract. There are four types of breaches that can happen.
Break In PeriodThe period between the date on which a policy expires and the date when it is renewed is known as break-in period.
Grace PeriodOnce the premium on an insurance policy becomes due, the policy does not lapse immediately. Instead, the insurer gives some time to the policyholder to make the payment, during this period the insurance policy remains active. .
EmergencyIn risk management, emergency refers to any unplanned event or series of events that may cause damage or loss of life. An emergency may lead to injury, or death of the employees, or public; may disrupt operations, cause physical or environmental damage, closing down of the organization (temporary or permanent), or may threaten the organization’s public image or financial standing.
EndorsementEndorsement, in insurance means the policy form that either adds to or changes the provisions included in one or other forms, which construct the policy. In this sense, endorsement helps broaden or limit the scope of coverage, clarify application with respect to some unique loss situation, add locations or other parties as insured to the policy. Insurers often effect these changes by modifying the existing policy agreement, terms, and conditions, policy definitions or by adding additional information.
Engine and Gearbox Protect CoverThis add on covers all the components of both engine of the car and its gearbox. An add-on cover is needed as damage to engine and gearbox is typically considered consequential damage and is not covered under the regular comprehensive motor policy.
ExperienceThe term experience refers to record of loss of an insured or a class of coverage. It also refers to classified statistics of events related to insurance, of outgo, or of income, whether estimated or actual.
Extended Replacement Cost Coverage Extended Replacement Cost Coverage allows for a compromise. It can be bought as an add-on cover with the asset insurance policy.
Handicap DeductibleFor handicapped persons, a discount of 50 per cent is available on the Own Damage premium provided that the vehicle has been modified for use.
Hedge FundA hedge fund means making pooled investments in securities whose value is anticipated to rise in the future. Although similar to mutual funds, hedge funds are not regulated and are only open to “accredited investors” meaning institutions and high net worth individuals. Also, a hedge fund hedges the investments by making small investments whose value rises with a decline in security value.
HybridIn the insurance sector, most of the products have single functions. These products offer specific services to the buyer. However, there are some products which combine the benefits of both long-term care and life insurance in a single. These products are termed as hybrid insurance plans.
Hydrostatic Lock CoverThis add-on cover provides coverage against water damage to the engine of your car. Remember that comprehensive car insurance excludes water damage by default.
HypothecationHypothecation refers to pledging collateral to secure a debt.
Financial riskA financial risk is the possibility that a financial stakeholder would lose money due to an uncertain event. A financial risk typically refers to a speculative risk and not a pure risk.
Financial Risk ManagementFinancial risk management is the use of various strategies and financial instruments to manage the exposure of a firm to various financial risks including operational risk, credit risk, foreign exchange risk, market risk, volatility risk, shape risk, legal risk, business risk, inflation risk and reputational risk among others. Financial risk management involves identifying source of risk, quantifying the probable impact of the event and planning how to address them.
Financial StatementFinancial statements are documented records that convey the financial performance and business activities of a company. These statements are often audited by accountants, government agencies and firms, to ensure accuracy and for financing, investing and taxing purposes.
ForwardForwarding refers to the extension of the maturity or expiration of any contract. It helps investors in opening new contracts for a longer term for the same asset at the current market price. It enables traders to maintain their position beyond the initial expiration date of their contract. Forwarding is generally carried out shortly before the expiration as it requires the gain or loss on original contract to be settled.
FraudA fraud is an intentional act of deception. It is designed to gain an unfair advantage, or deprive someone of their legal right. It could also be designed to make someone give away something valuable. .
DamageDamage refers to the money which the court has ordered to be paid as compensation to the insured plaintiff. Damages may be paid for any physical injury or property loss that may be suffered by the insured. However, damages are typically not paid for fines, penalties or injunctive relief.
Day Care TreatmentDay Care Treatment refers to medical procedures that are performed under a general or local anaesthesia in a hospital or a day care centre, and take less than a day.
DeclarationDeclaration is the front page (or pages) of a policy document that carry the specific details of the policy holder. This includes the name of the insured, address, policy period, location of premises, policy limits and other information that differs from insured to insured. This declaration page is also called information page or informally referred to as “dec” or “dec page.”
DeductiblesDeductible is the amount the insured (policyholder) has to pay towards a service before the insurance company pays the rest. This could either be a fixed rupee value or a percentage of the expense. Deductible is calculated for each claim separately, and you have to pay it out of the pocket before the claim is settled.
DefamationDefamation is a term used for the publication or vocalization of opinions, thoughts, or information that can damage the name of a business or an individual. In a corporation, defamed reputation can lead to significant financial losses. Insurers offer a professional indemnity insurance policy that provides cover against defamation cases.
DefaultDefault risk is the chance that an individual or a company will not be able to make the required payments on their debt obligations. Investors and lenders become exposed to default risk in every from of credit extension they offer.
Dependent ChildThe definition of dependent child varies based on the context the term is used. In insurance, a dependent child typically refers to a child under the age of 21 who has not yet started earning.
DepreciationDepreciation refers to fall in the value of an asset or property over a period of time. The reduction in value may be due to age, wear and tear from use, or economic obsolescence. The insurer subtracts the actual physical depreciation (from wear and tear) from the replacement cost of insured property. This helps in arriving at the actual cash value (ACV) of the asset. Courts in some jurisdictions have also allowed insurers to deduct depreciation for economic obsolescence as well.
DismissedA judge may dismiss a case before it even starts if there is no bearing to the prosecution’s case or due to lack of evidence. Dismissal can often save a lot of time and resources of the court. Similarly, in the insurance sector, an insurer can dismiss a claim if all the required obligations are not fulfilled.
Distributed SystemsDistribution or distributed systems are the way by which insurance companies reach their prospects or customers. These are divided as direct channels, which allow the insurer to directly contact the customers, and indirect channels, which are filled by intermediaries. Examples of direct distributed systems include insurance agents; call canters, and representatives, whereas indirect distributed systems include independent financial advisers and insurance brokers.
DistributionThis refers to the system or method by which an insurance company reaches out to its insured. The company may use direct writing, online wholesale, agency system, or broker market for this purpose.
DividendA dividend is a part of a publicly-listed company’s earning that is distributed to a class of its shareholders. The quantum of dividend to be distributed is decided upon by the board of directors of the company, and must be approved by the shareholders through their votes.
DomicileDomicile is the country in which a person has her permanent residence. It does not mean that the person maintains a physical house or residence in the country, but that he intends to remain in the country forever – unless circumstances dictate otherwise.
Double IndemnityIn insurance contracts, a double indemnity is a clause through which the insurer agrees to pay a multiple (double, three times, etc.) of the sum assured or the face value of the contract under certain conditions.
Due DiligenceDue diligence is an audit or investigation by the insurance company of a potential investment or product; the survey also includes a review of financial records of the buyer. It refers to the research done before two-parties enter an agreement. Moreover, insurers also perform due diligence before purchasing a product or service from a company.
Duty Of DisclosureInsurance is considered a contract governed by utmost good faith. A person applying for insurance has a duty to disclose all relevant information before the insurance contract is entered into.
Joint VentureAn agreement between two enterprises, generally one domestic and one foreign to work together for a mutual profit with specified ownership percentage in a long-term contract. The two enterprises set up a joint venture (a third company), to mutually establish a market and earn profits. The location of the new company is usually in the same country as one of two benefactors.
JurisdictionIn general terms, Jurisdiction refers to the power and territory given to a court for judicial decisions. From an insurance point of view, it refers to the power and territory assigned to the regulatory body or the arbitration panel for insurance and claim related mediations between the insured and insurer.
RansomwareRansomware is malevolent software that is designed to deny access to a system or application until the user pays money to the hacker. It usually spreads through infected websites or phishing emails. Ransomware can be distressing to an individual or an enterprise; it can destroy valuable data and keep a network on standby once entered in a system.
ReinstateIf the insured person fails to pay their insurance premiums on time due to any circumstances, the policy is terminated. However, the buyer can renew the insurance coverage after a lapse; the process is known as reinstatement. Before reinstating the policy, however, the insurance company takes various factors into account. They consider all the pros and cons of renewing the policy, and the insured has to compensate for the failure of paying premiums on time.
ReleaseRelease refers to a document that relinquishes a claim. When a claimant or a plaintiff receives monetary compensation as against the claim, then they sign this release document. This document states that they give up their right to further indemnity in connection with their claim.
RepatriationRepatriation is the act of being brought back to one’s homeland. It refers to the transportation of an ill or injured employee back to his/her home country. Coverage for repatriation is sometimes added to worker’s compensation policy by way of foreign voluntary compensation endorsement.
RetentionRetention refers to assuming the risk of loss by an entity when it is either uninsured, self-insured, or when it faces deductibles. Retention in such a case would require that the concerned business or person himself pays the amount of cash. Retention may be intentional when uninsured or self-insured, or unintentional when exposures are not properly identified. In reinsurance, retention would mean the amount of risk the ceding company keeps for its account.
Return to invoiceA Return to Invoice cover allows the policyholder to claim the invoice value of the car in case of a total loss, instead of the depreciated value offfered otherwise.
RiderRider is a form that may be attached to a fidelity bond or surety for altering the provisions included in it, in some way. A rider may be considered equivalent of an insurance policy endorsement. For this reason, an endorsement is also sometimes referred to as a rider. A rider in an insurance policy usually adds benefits to or amends the policy. It usually comes at an additional cost and may either offer additional coverage or restrict or limit coverage for the insured.
Road Side AssistanceAssistance provided in case an insured motorvehicle suffers a failure that leaves the driver stranded. This could include services like towing, repair on the spot, tyre replacement, jump start, refuelling, key replacement, etc.
RobberyRobbery refers to an act of theft in which force or some form of threat is involved. Such an event causes loss of property and may even result in physical injuries.
ImpairmentThe loss of physical or mental capabilities of an insured is known as impairment. The damage can be due to any critical illness such as cancers or due to injuries caused during an accident. Most insurers provide a cover against impairment in their policies — the cover assists in ensuring long-term financial security against the impact of illness or injuries.
IndemnificationTo indemnify someone means that one (indemnifier) promises to compensate the loss that occurs to the other party (indemnified) due to either the action of the indemnifier or action of a third party.
IndemnityIndemnity insurance is a kind of contractual agreement in which an insurer guarantees to pay compensation for actual or potential losses sustained by the buyer. Mostly, it is a policy that is designed to protect business owners and professionals in specific events. Typical examples of such policies include errors, omissions insurance, and malpractice insurance. These plans reimburse or indemnify professionals against the claims made for their conduct in the business.
Indemnity PolicyA policy that reimburses the insured up to the actual financial loss suffered and nothing more is called an indemnity policy.
IRDAIThe express aims of IRDAI is to regulate, develop and promote the insurance and reinsurance industry in India. IRDAI has 10 members, including a chairman, five full-time and four part-time members appointed by the government of India.
Key Replacement CoverThis add-on cover provides reimbursement for the expenses involved in replacing your car key. You can make up to two claims in a policy year.
Market RiskThe possibility that an investor could experience losses due to factors that impact whole financial market is known as market risk.
Market ValueThe market value of an asset is the price it would fetch if it were sold in an open market. For publicly listed companies, market value is the same as market capitalization – the current share price multiplied by its outstanding shares.
Medically NecessaryHealth insurance policy only covers costs of medically necessary treatments within the defined scope of the policy.
Moral HazardIn insurance, moral hazard refers to the increase in risk exposure by an asset owner based on availability of insurance.
MortalityThe relative incidence of death is referred to as mortality. In case of insurance, particularly, life insurance, the insurance company levies a charge for the insurance protection upon the demise of the policyholder. This charge levied to cover the risk of mortality is called mortality charge and is deducted every month from the policy's account value.
Legal Liability to EmployeeCompensation to be paid to an employee who suffers loss/injury during an accident on the job is known as legal liability to the employee. Liability to paid driver has to conform to Workmen's Compensation Act in India.
Legal Liability to Paid DriverCompensation to be paid to driver who suffers loss/injury during a car accident on the job. Liability to paid driver has to conform to Workmen's Compensation Act in India. In case of death of the driver, the compensation is decided upon by a court tribunal.
Life ExpectancyLife expectancy is the average number of years an organism is expected to live based on its time of birth, current age and other demographic factors. Typically, life expectancy is used to refer to the life expectancy at birth. .
Limited LiabilityLimited liability means that the financial liability of a person/ entity is limited to a fixed sum.
Liquidated DamagesAny damages for which the compensation amount is decided upon in the contract as known as liquidated damages.
Liquidity RatioLiquidity ratio measures the ability of a company to pay for all its liability using its assets.
UnderwritingUnderwriting a risk means accepting some or all risks associated with an undertaking.
Unnamed PA to PassengersUnnamed Passenger Personal Accident cover provides a fixed compensation to any passenger in the insured vehicle in case of total or partial disability due to a car accident.
No Claim Bonus ProtectorThis add-on cover preserves the benefit of no claim bonus even after up to two claims are made in a policy year.
No Claim Bonus RecoveryThis add-on cover preserves the benefit of no claim bonus even after up to two claims are made in a policy year.
Salvage ValueThe resale value of an item at the end of its useful life is known as salvage value.
ScheduleSchedule of an insurance policy is part of the contract that identifies the policyholder and the details offered. These details include the number of persons covered, deductibles, amount of cover, the property of the buyer, and the payment mode of the policy. A schedule is used by insurers to set out details that are specific to the plan.
SegregationSegregation is the process of separating things that represent a risk to the insured in two different areas. For instance, a company can store their assets in two different banks to minimize the risk of losing their assets all at once. Segregation of exposure is a risk management strategy that insurers advise their policyholders to practice in order to reduce their losses.
SlipSlip is a document written by a broker for the buyer that describes his/her prospective risks. The document is forwarded to the insurance underwriters, who then decide what fraction of the risk of the person they are willing to insure. A slip is considered as the basis for the insurance cover. In the event of differences in wordings between slip and the policy document issued from it, the slip is used as the binding insurance document.
Standard DeviationStandard deviation is defined as the statistic that measures the dispersion of any dataset that is relative to its mean. It is primarily calculated as the square root of the variance, which is determined by the variations between each data point that are relative to the mean. If the data points provided are further from the mean, the standard deviation will be higher.
SubpoenaA subpoena is a witness summon that is issued by a government agency or court to compel the testimony of a witness or production of evidence under a penalty. Subpoenas are generally issued by a clerk of the court in the name of a judge presiding over the case. Additionally, court laws also allow lawyers to issue a subpoena in the context of the case.
SubrogationSubrogation occurs when an insurer pays the damages suffered by its client, and then claims the damages in turn from the third party who is considered at-fault for the damage.
Sum InsuredSum Insured” means the maximum amount of coverage, as specified in the Policy Schedule that the Insured/Insured Person is entitled to in respect of each benefit specified in the Policy.
SummonSummon is a paper that informs a defendant that he or she is being charged or sued. It also asserts the power of the court to hear and determine all the aspects of a case. It can also be termed as a legal process that commands a defendant to appear before a court on a specific date and time to answer the complaint made by the petitioner.
TariffIn international insurance, tariff refers to the coverages and rates which are published by rating bureau publishes coverages and rates. The rating bureau is controlled by either a foreign or an association of companies.
Temporary Total DisabilityIf an injurty or sickness renders a worker unable to perform a job function on a temporary basis, then the worker is said to have a temporary partial disability. The worker is expected to make a full recovery and return to work in due course.
Total LossA situation in which the cost of repairs/ salvage value of a car is higher than the sum it is insured for is known as total loss. When cost of repair and retrival is more than 75% of the IDV
Transfer of ownership"Transfer of ownership", means that the ownership of a property has been changed from one entity to another.
WarrantyWarranty in an insurance policy can be termed as a promise by the buyer that the statements affecting the validity of the contract with the buyer are true. Most contracts need the insured to make specific warranty before buying a policy.
WritFor instance, to obtain a health insurance policy, the buyer must guarantee that he/she does not suffer from a terminal disease. As if the warranty is termed untrue, the insurer is not liable to pay any money as claim settlement.
WriteWriting is a common but vague term referring to the process of determining the potential risks of a client. The insurance company uses underwriting to determine how much cover can be provided to a buyer. Most underwriters focus on an explicit subset of the insurance sector when it comes to underwriting. It can be a corporate liability, automobile protection, health care, or life cover.
ObjectAn Object refers to an insurance term for machinery or equipment. General insurance covers broad aspects- ranging from our homes and cars to our valuables. The BM (Boiler Machinery) term covers the damage from an accident of a covered object.
OD Premium TariffOD premium tariff is the premium calculated on Own Damage section with respect to the Indian Motor Tariff.
OptimizationThe process of increasing the effectiveness of a trading system by adjusting multiple variables used for technical analysis is known as optimization. In order for optimization to effectively work, the systems constant change their functionalities. These changes can be altering the quantity of period used in moving averages to just merely removing the function that does not provide value.
OptionOption refers to an understanding giving the purchaser the privilege to purchase or get (a "call alternative”), sell (a "put choice"), go into, broaden or end, or impact a money repayment dependent on the genuine or anticipated value, spread, level, execution, or estimation of at least one basic premium. The buyer would get the right to purchase the general insurance and the insurance company could deliver the insurance.
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PartnerPartner refers to an individual from an association or firm; who has joined with others to frame an organization in business and who takes part completely in the benefits, misfortunes, and the executive actions of the organization. This person is actually at risk for its obligations. Accomplices in a named safeguarded organization under a commercial general liability (CGL) strategy naturally qualify as insured.
PartyUsually, general insurance works like this: a liability insurance brought by an insured is the first party. This insurance is purchased from an insurer (second party) for protection against claims of the third party. The first party is responsible for its losses even if they are not caused by them, and are indeed caused by the third party in the picture.
PA to Paid DriverPersonal Accident cover to paid driver provides a fixed compensation to the driver in case of total or partial disability due to a personal accident.
PayrollPayroll is the premium basis used for calculating premium in worker’s compensation insurance, and sometimes-in general liability insurance also. It is more commonly referred to as “remuneration.” Payroll typically includes the entire expense of remuneration of the employees of any insured organization. This is covered as a necessary expense in case of a catastrophic loss faced under business interruption policy.
PensionA pension refers to an arrangement in which the employees receive salary in their retirement days. These are given mostly in monthly instalments, to the people who are not working anymore. Pensions are facilitated in the working years of the employees through joint contributions from the workers and employers. The general insurance retirees usually celebrate when the government decides to open the pension option.
Permanent partial disabilityIf even after full recovery a worker is unable to return to the skill and efficiency demonstrated prior to the injury, the worker is said to have a partial disability. It is considered a permanent partial disability if it will remain with the person throughout.
Permanent Partial DisablementPartial disablement refers to partial loss of functionality in one or more limbs. It is considered as a permanent disability if there is no chance of treatment or recovery.
Permanent total disabilityAn individual is considered to have total disability if he/she become physically incapabe of working in any occupation they are otherwise suited for as a result of a sickness or injury. It is considered a permanent total disability If it will remain with the person throughout their life. These impairments could be in the nature of loss of both the limbs and hands
Phishing Phishing refers to a situation when either a message, delivered via email or telephone falsely claims that it is from lawful business or legitimate entity. Such a message attempts to manipulate the recipient to provide personal information related to credit card, social security, or bank account numbers. This information is later used for committing identity theft. Many phishing attacks are also aimed at business organizations with the aim to obtain sensitive information, like corporate bank account numbers from them. Fraudulent instruction, such as a message claiming to be from a top-level executive instructing a mid-level employee to transfer a sum of money to a certain account is a form of phishing.
PlannerA planner in an organization is the one who is involved in defining goals for future performance. He is also responsible for determining tasks and resources for attaining the goals. He is mainly involved in one of the four major management functions.
PolicyPolicy refers to a written contract or agreement between the insurer and the policyholder. The policy contract is composed of a declaration page, policy form, and endorsements or riders that either amend or add anything to it.
PollutionPollution is undoubtedly one of the most crucial issues that is plaguing society. Pollution refers to any chemical, biological, or physical change to the atmospheric air. Various pollutants such as carbon monoxide and nitrogen oxide severely contaminate the environment. The liability from pollution is usually covered by the general insurance, along with the auto and umbrella policies.
PoolPool refers to a gathering of associations that structure a mutual hazard pool. Pooling is an appealing option for the insured that are not sufficiently huge to legitimately or plausibly self-guarantee but that craving for more control over their loss exposures along with a chance to minimize their expense of hazards, contrasted with a program composed by a business safety net provider.
PrincipalPrincipal can be defined with respect to a surety bond. A surety bond is an agreement between the principal, oblige and surety. The surety ensures that the oblige gets the financial guarantee through the principal, who is supposed to fulfil his/her obligations. In this context, if the Principal fails to meet the obligations (state regulations or meetings in terms of the contract), the surety will have to pay a claim to the oblige. The surety, hence, provides a guarantee to the oblige on behalf of the principal.
ProbabilityProbability is the numerical measure of the likelihood or chance that a particular event will happen. Probability of an event is assigned on a scale from 0 to 1. A numerical value near 0 indicates that the specific outcome is almost unlikely to occur, while a value near 1 shows a high likelihood of the occurrence of that event.
ProcessIn simple terms, Process refers to the entire course of procedures. After applying for general insurance, the insurance companies go through an underwriting process, in which they look at various aspects like your family health history, driving history, usage of alcohol and any previous medical issues or operations. Based on these criteria, the insurance company decides whether they would provide you coverage in the future, or in other words, grant you the insurance. The underwriting process is the evaluation of the risk of giving the applicant the general insurance. Decisions of how much premium the insured would have to pay, and the amount of coverage that the applicant will receive, are made during this process.
ProductThe Insurance Services Office explains product liability by categorizing it to include property, excluding real or genuine property, which is manufactured, sold, dealt with, circulated or discarded by the insured or others who are involved with the named insured in the flow of trade. Parts and machines, product warranties, containers, and inability to provide warnings and guidelines comprise the definition of Product.
Promissory NoteA promissory note is a financial tool that contains the written promises made one party to pay another party a specified amount of money on a fixed date. It typically includes the terms and conditions about the indebtedness, such as interest rates, principal amount, place and time of issuance, maturity date, and issuer’s signature.
ProspectProspect refers to an individual who has the potential to be a client or buyer of an insurer, under the umbrella of general insurance. An individual may be a prospect depending on various factors such as authority he/she enjoys in the purchase decision, their willingness to buy, and financial capacity.
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ValueValue, in the context of the insurance sector, is the price an insured asset would command in the competitive market setting from a buyer. Every product has a different market value that differs from the actual cash value, replacement cost, trade-in value, and other forms of valuation.
Vehicle DepreciationDepreciation is the loss in value of a vehicle over time from regular wear and tear. For insurance purposes, the depreciation rate for the vehicle and parts thereof is fixed by IRDAI.
Vehicle InspectionVehicle inspection is the process of inspecting a vehicle to ascertain its condition and the extent of damage suffered.
VoidIn the context of insurance, a contract is termed void when its legal validity is over and is therefore unenforceable in court. A valid contract must have four key features: offer and acceptance, competent parties, consideration, and legal purpose. If the contract misses even a single one of these essential elements, it is termed void.
Voluntary DeductibleAny deductible agreed upon by the insured over and above the compulsory deductible is known as voluntary deductible.