General Terms in Insurance

  Here are some terms found in the insurance world


 Agent:

 People who work and engage with insurance companies to find and serve policyholders.


 Annuity:

 A series of payments within a certain time provided by the insurance company to the annuity policyholder.


 Actuary:

 People who have professionally undergone various trainings and have technical knowledge about insurance to estimate the premium amount for prospective customers.


 Bancassurance:

 Insurance sales distribution method in which the bank acts as a distributor where the target customers are customers of the bank.  Usually the services provided are a combination of banking and insurance services.


 Bancatafakul:

 Distribution method in sharia insurance where the distributor is a sharia bank where the target customers are customers from the bank.  Usually the services provided are a combination of banking and insurance services.


 Copayments:

 Fees that must be paid when you make a claim at the hospital (usually 10% of the cost of the treatment bill).


 Insurance claim:

 A formal request made to an insurance company to ask for compensation under the terms of an insurance policy or agreement.


 Commission:

 Part of the premium paid to agents or salespeople in return for policy services performed.


 Grace period:

 The period of time after the premium due date during which the premium can still be paid without interest and the policy can still be accounted for.


 Waiting Period:

 The period after the policy is issued where in this period the insurance policy does not cover the insured's health costs for a certain period of time.


 Proposals:

 A collection of information provided by insurance companies regarding the benefits of policies that will be provided to prospective customers.  This proposal is usually offered to provide product information to be provided such as the amount of premium and the terms of coverage.


 Policy:

 A policy is an agreement that is binding and approved by the insurance company and the policyholder in writing.


 Premium:

 Money that must be paid in a certain period of time as an obligation of the insurance policy holder.  The amount of premium paid is determined by the policy and approval of the insurance company in accordance with the conditions of the insured.


 Insurer:

 A person who is legally listed in an insurance policy to make premium payments on that policy.


 Insured:

 A person who is legally enlisted in an insurance policy to receive benefits from the policy.


 Risk:

 Risk is a loss that occurs to the insured person or object.

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