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Lesson 13 - Glossary
Introduction of the Host
Mr. Harikumar is a freelance journalist with rich experience gained from
working with leading periodicals and dotcoms. His association with leading
financial portals has contributed greatly to his ability to deal with
classroom sessions in the financial sector, especially investments. Currently,
he is a columnist with some of the well known publishing companies. Some
of his published works on mutual funds and insurance have got wide acclaim.
Class Schedule - Monthly
GLOSSARY
Accident: An Unforeseen, non-deliberate incident.
Actuary: A professional specially trained to estimate the insurance risk, pension, calculation of premium, dividend, etc.
Administrator: A person appointed by the court to take care of the property of the diseased person in the absence of a will.
Agent: An intermediary between the insurer and the public, assigned to give insurance advice, conclude contracts, provide insurance related services, etc.
Annuity: The sum or amount of instalment made for a certain number of years. The amount becomes repayable at different intervals, say, monthly, quarterly, yearly, etc.
Assignment: Transfer of interest on insurance to someone else.
Beneficiary: The person who is eligible to get the benefits arising out of an insurance policy. Unless otherwise specified, the policy holder himself becomes the beneficiary.
Capital Assured: The sum assured to be paid in the case of Personal Accident Insurance.
Commission: The amount of consideration given to an insurance agent for his services.
Dividend: The part of premium paid back to the insured in the form of profit. Dividends are not guaranteed.
Insurability: The acceptability of an application by the insurer.
Joint Life Policy: Usually taken in the name of husband and wife. The policy covers two persons' life at a time.
Load: Additional charge to the premium.
Loan: The amount lent to the policyholder based on the premiums paid on an insurance policy.
Money Back Policies: The sum assured is paid back to the assured throughout the life of the policy, monthly, quarterly, etc.
Ombudsman: A person authorized by the government to settle the disputes related to insurance.
Participating Policy: A policy eligible for payment of dividend by the insurance company.
Policy Term: The period of policy during which the premiums are paid.
Proposal: A form to be filled by the proposed insured in order to take a policy.
Term Life Policy: The life policy which covers the risk only during a specific period. The premium is comparatively low.
Whole Life Policy: The policy covers the risk for one's entire life.