Glossary - Terms In Insurance - Insurance Information is very important to give to the community , because Insurance has a lot of terms , so often we are still unfamiliar with the insurance difficulty to understand the meaning of the term - a term contained in such insurance . Definition that the authors have to say here is only a free explanations , definitions and interpretations can vary between insurance companies and products .
Here are some terms in insurance :
Application : The document that contains the statement of facts made by a person who submitted a request for insurance coverage used by insurance companies as the basis for decision making in insurance policies .
Term Insurance ( Term Insurance ) : Life insurance policy with specific coverage period ( not lifetime )
Life Insurance ( Whole Life Insurance ) : life insurance policies that provide coverage for life . Also called permanent insurance .
Dana : A group of wealth managed by insurance companies which can be separately identified as belonging to policyholders invested in accordance with the provisions of the policy.
Endorsement / Amendment Policy : Letters ( documents ) of the changes to some of the data that has been published in the policy , such changes can be heirs , premiums , or the effective date of the policy , or other changes .
Excess Claim : A number of the excess money on health care expenses of the maximum amount of benefits that apply to a participant / dependents or a number of health care costs including those which are not guaranteed by the insurance company in accordance with the policy provisions .
Group Savings Plan : pension insurance program to delay the payment of benefits after retirement provided by the insurance company to the participants but to pay premiums borne by the employer .
In force : Status where an insurance policy " active " and legally binding .
Claim : A request or demand payment of benefits in accordance with the provisions stipulated in the policy .
Coordination of Benefits ( Coordination of Benefits / COB ) : Provisions or procedures used for the insurance company to avoid duplicate payments when a person is covered by more than one policy .
Report of Medical Examination (medical report) : report on the health condition of the prospective insured is filled by a general practitioner or specialist based on physical examination and an interview with the prospective insured .
Lapse : Cancellation or termination of the effective period of the policy because the premium is not paid after a grace period .
Policy Benefits : The amount to be paid by the insurer to the claimant / beneficiary / representative or a party providing health services (providers ) , depending on the type of coverage .
Death Benefit : The amount paid after the death of the insured .
Grace Period ( Grace Period ) : The period of time after the premium due date continued where premiums can still be paid without any payment of interest and the coverage is still in force . The grace period varies depending on the type of policy and the payment stage .
Wait Period ( Waiting Period ) : The period of time after the policy was published in which health costs insured nor guaranteed by the policy. Long waiting period is generally six months to 2 years and only applies to health care costs due to illness , not because of an accident .
Customer ( client ) : Clients are individuals or groups who established a business relationship with an insurance company . Customer may be prospective policyholder ( prospects ) , the policyholder , and former policyholders or family / representative .
Cash Value / Redeem ( Cash / Surrender Value ) : Components of " savings " in the traditional life insurance , the excess money set aside from the premium after deducting the costs of the insurance follows the accumulated investment results ( interest ) .
Policyholder : the person or group of people who perform engagements insurance contract ( policy ) to the insurance company . Policy holder (policy holder) which is also called the policy owner (policy owner ) are parties to a premium payment .
Recovery Policy ( Reinstatement ) : Recovery of the effectiveness of coverage for policyholders who already lapse .
Redemption policy ( Surrender ) : Cancellation before the expiration of the insurance policy by the policyholder .
Policy extension ( Renewal ) : Extension of the coverage period beyond the deadline initially by the policyholder and the insurance company approved by the continued payment of a premium .
Recovery period ( Reinstatement Period ) : The period in which the policy has been lapse can still be recovered . Recovery period usually is one year after the final maturity date , in which the policyholder must pay the unpaid premiums with interest so that the policy can be restored .
Beneficiary ( Beneficiary ) : The person or organization who received payment of policy benefits .
Participants : Employees are eligible for the insured , was registered by the Policyholder and approved by the insurance company based on the results of risk selection ( underwriting ) .
Policy Loan : A loan granted to policyholders of insurance companies are secured by the cash value of the policy . Reduce the amount of the outstanding loan policy benefits .
Polis : insurance agreement between the insurer and the policyholder as well as other documents which are the inseparable unity with the insurance agreement , including certificates for participants in group insurance . Insurance policies are also often called the policy contract or the contract .
- Unit Link Insurance Policy : Life insurance policy that meets the following criteria : a. value of promised benefits is determined by the investment performance of subdana formed for the link unit , b . value of the benefits derived from the investment subdana expressed in units , and c . containing insured risk of natural death .
Traditional Insurance Policy : The insurance policy that does not have a separate component such as investments in unit -linked insurance policies . Traditional life insurance policy may contain a savings component or not ( pure insurance ) .
Annuity policy : Policy that accommodate and develop a number of funds that can be used after passing the age of retirement . After a specified age , the insurance company will pay a monthly annuity benefits in the form of a sum of money and at the same time when the insured ( anuitan ) reaches a certain age or death .
Individual Policy : The insurance policy that provides insurance coverage to an individual / individuals and , in some cases , family members .
Set policy : An insurance policy that provides coverage to an employer or other party to insurance risk group of people formally employed or have other business ties with him .
Pre -existing Condition : A health problem that existed before the effective date of insurance coverage ( six months to 2 years ) . Insurance companies generally do not bear a pre - existing condition , or just a bear after a waiting period ( waiting period ) .
Premiums : A sum of money set forth in the policy approved by the policyholder , to be paid to the appropriate insurance company agreed that the policy remains active . Are included in the insurance premium is the First Premium , Premium Advanced , Premium and Premium Extension Policy Change .
Reinsurance : The transfer of coverage by other insurance companies , the so-called reinsurers , of a portion of the risk that is accepted by the insurance company issuing the policy. Reinsurance treaty can be done through ( automatic ) or facultative ( case by case ) .
Partner ( Provider ) : Hospitals , medical laboratories or clinics / medical centers cooperating with insurance companies to provide health services to the customers-customers at the expense of the insurance company is limited to the guaranteed amount ( expressed in a letter of guarantee ) .
Rider : provision attached to a policy that provides additional benefits or restrictions .
Policy Summary : The document that contains the essence of the insurance policy .
Risk : Losses that may occur or individual insured
Certificate of Insurance : A statement of the coverage given to someone who is a participant in the life insurance / health collection , which contains policy benefits and basic provisions are binding following the effective date of coverage .
Letter of Guarantee Inpatient : Letter submitted by the insurance company to the hospital provider that provides payment assurance hospitalization costs by a certain maximum amount an insurance company for health insurance participants named in the letter .
Switching : Transfer of unit -linked investment funds from one type of fund to another fund .
Mortality Table : The table shows the mortality rate for the group of individuals who are divided by age .
Insured ( Insured ) : a person or group of people who risk insured under the insurance contract .
Top - Up : The addition of unit-linked investment funds outside the regular premium payment / well .
Sum Assured : A sum of money into the insurance company's obligation to replace all or part of the financial losses that occur on the insured as stated in the policy . Sum assured in health insurance policy benefits is commonly called .
Underwriting : The process of evaluating , selecting and approving insurance risks and determine how much risk and what the terms are acceptable by the insurance company . Employees who perform undewriting process called underwriters .
Thus information about the term - in terms of insurance . And shocking pink is also strongly related to insurance products such as life insurance , education insurance and health insurance