The operate of associate degree nondepository financial institution that applies mathematical principles to insurance , together with hard / account the premium list still as making certain the monetary health of the corporate in terms .
2 . rente ( rente )
Annuities offer a hard and fast annual financial gain forever . Typically , the money quantity of cash endowed within the future so as to come up with funds to amass the fastened financial gain forever .
3 . Assignment ( transfer of rights )
The transfer of half or all of the rights to receive financial gain from associate degree policy from someone or entity , the person or entity to a different .
4 . Automatic Premium Loan / Non - Forfeiture Loan ( automatic premium loan / loan while not redemption )
If the premium isn't paid on amount|period of time|period|fundamental quantity|fundamental measure} and therefore the grace period the policy has decent money worth , there's a provision that stipulates that the number of the relevant premium paid earlier mechanically. the number of the loan outstanding premiums which will be charged interest .
5 . money worth / Surrrender worth ( money worth / worth ransom )
The amount of cash that may be received by the customer once he poured his life assurance policy that contains a profit worth of savings .
6 . Endowment set up ( grant program )
This type of insurance program combines each protection and savings advantages . This insurance program pays money advantages quantity of cash to the insured once the policy matures . The program conjointly pays that quantity once the insured dies , or , wherever applicable , once the insured incapacity thorough and permanent , and if it happens within the lifetime of the policy .
7 . Grace amount (grace amount )
Period of your time once the expiration of the premium payment date falls wherever premium payments will still be created without interest . throughout this era , the policy remains thought of valid .
8 . Investment -Linked set up ( insurance programs related to investment )
Premiums paid area unit used either to buy life assurance protection advantages still because the units in associate degree investment fund portfolios . the value of the units can rely upon the investment performance of the funds .
9 . day of the month ( the day of the month )
The date has been prearranged that associate degree nondepository financial institution pays a money quantity of cash .
10 . Non-participating policy ( a policy that doesn't embrace )
An policy during which the customer isn't enclosed within the company's profits .
11 . Paid - up worth ( the worth of the payment earlier )
This provision entitles policyholders to prevent paying premiums at a later date once getting the policy money worth . Policies stay operative in accordance with the number of insurance cash that has been reduced in worth .
12 . collaborating Policy ( policy that has )
An policy during which the customer is enclosed within the company's profits .
13 . Policy Lapse ( policy expiration )
Termination of insurance underwriting as a results of non-payment of premiums .
14 . Policy Loan ( loan policy )
A customer World Health Organization would like money for a brief amount could apply for a policy loan against the worth of the coverage of the policy . Imposition of interest is calculated on the effective date of the policy loan .
15 . Premium ( premium )
Amount to be paid to get coverage desired .
16 . Regular Premium Policy ( regular premium policy )
A policy that needs regular premium payments , as an example , monthly , each four months , each six months or yearly .
17 . Reinstatement ( re-enactment )
The process by that a asuradur reinstate a policy that has been caused as a result of the expiration of non-payment of renewal premiums .
18 . Rider ( benefits)
Riders area unit further advantages which will be enclosed during a basic insurance program , like whole life assurance program (whole life plan) or disposition programs ( endowment ) . This profit is meant to supply monetary protection at a price that's cheaper .
19 . Single Premium Policy ( the policy with all premiums paid )
A policy that needs just one premium payment is created in advance .
20 . add Assured ( add insured )
The amount of cash insured guarantee to policyholders .
21 . Term set up ( restricted time program )
Such kind of insurance program offers protection / life assurance protection for a restricted amount . the number of the add assured is collectible providing the insured dies , or wherever applicable , disability , comprehensive and permanent validity amount of the program ..
22 . Underwriting ( underwriting )
The process of assessment / valuation and classification of the degree of risk associated with potential tertaggung , and deciding to just accept or reject the danger.
23 . Whole Life set up ( comprehensive insurance program )
This type of life assurance program offers protection / life-long protection against death or , wherever applicable , the defect is comprehensive and permanent , to the insured .