03/26/2017

ইনসিউরেন্সর পরিভাষা

ইনসিউরেন্সর পরিভাষা

Indemnity

Restoration to the victim of a loss by payment, repair or replacement.

Lapse Ratio

The ratio of the number of life insurance policies that lapsed within a given period to the number in force at the beginning of that period.

Deductible

Amount of loss that the insured pays before the insurance kicks in.

Employers Liability Insurance

Coverage against common law liability of an employer for accidents to employees, as distinguished from liability imposed by a workers\\\\\\\\

Floater

A separate policy available to cover the value of goods beyond the coverage of a standard renters insurance policy including movable property such as jewelry or sports equipment.

Exclusions

Items or conditions that are not covered by the general insurance contract.

Grace Period

The length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force. If a premium is paid during the grace period, the premium is considered to have been paid on time.

Insurable Interest

Interest in property such that loss or destruction of the property could cause a financial loss.

Direct Premiums Written

The aggregate amount of recorded originated premiums, other than reinsurance, written during the year, whether collected or not, at the close of the year, plus retrospective audit premium collections, after deducting all return premiums.

Comprehensive Insurance

Auto insurance coverage providing protection in the event of physical damage (other than collision) or theft of the insured car.

Business Net Retention

the percentage of a company

Annuity

An agreement by an insurer to make periodic payments that continue during the survival of the annuitant(s) or for a specified period.

Casualty

Liability or loss resulting from an accident.

CII

Chartered Insurance Institute (London)

Commercial Lines

Refers to insurance for businesses, professionals and commercial establishments.

Agent

individual who sells and services insurance policies on behalf of the insurers

Actuary

A specialist in the mathematics of insurance who calculates rates, reserves, dividends

Coinsurance

In property insurance, requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss

Accidental Death Benefit

benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident

Loss Ratio

The ratio of incurred losses and loss-adjustment expenses to net premiums earned. This ratio measures the company

Loss Reserve

The estimated liability, as it would appear in an insurer\\\\

Net Premium

The amount of premium minus the agent\\\\

Noncancellable

Contract terms, including costs that can never be changed

Named Perils

Perils specifically covered on insured property.

Replacement Cost

The dollar amount needed to replace damaged personal property or dwelling property without deducting for depreciation but limited by the maximum dollar amount shown on the declarations page of the policy.

Personal Lines

Insurance for individuals and families, such as private-passenger auto and homeowners insurance.

Premium Unearned

That part of the premium applicable to the unexpired part of the policy period.

Reinsurance Ceded

The unit of insurance transferred to a reinsurer by a ceding company.

Total Loss

A loss of sufficient size that it can be said no value is left. The complete destruction of the property. The term also is used to mean a loss requiring the maximum amount a policy will pay.

Surrender Period

A set amount of time during which you have to keep the majority of your money in an annuity contract. Most surrender periods last from five to 10 years

Underwriting Expense Ratio

This represents the percentage of a company

Stop Loss

Any provision in a policy designed to cut off an insurer

Waiver of Premium

provision in some insurance contracts which enables an insurance company to waive the collection of premiums while keeping the policy in force