What is Insurance?
The first preamble to the first English Marine Insurance Statute of 1601 observed that by means of insurance “it shall come to pass that loss lighteth lightly upon many rather…
What is Insurance Underwriting
Underwriting the process of determining the level of risk presented by the proposer and deciding whether to accept the same and if so at what terms and at what price.
Glossary related to Insurance regulations in India
“Actuary” means an actuary possessing such qualifications as may be specified by the regulations made by the Authority “Authority” means the Insurance Regulatory and Development Authority established under sub-section (1) of section…
FAQ’S on ULIP’s
Unit linked guidelines were notified by IRDA on 21st December 2005. The main intent of the guidelines was to ensure that they lead to greater transparency and understanding of these…
Various Charges applicable in a Unit Linked Policy ( ULIP )
1. Premium Allocation Charge: 1.1 This is a percentage of the premium appropriated towards charges from the premium received. The balance known as allocation rate constitutes that part of premium…
Terminology of ULIP products
Terminology 1. Sum Assured: Sum assured is the guaranteed amount, net of permissible partial withdrawals (as per para 1.3.1 & 8.2), of the benefit that is payable on death of…
General Insurance Concepts
Acceptance : The reception of something by another with the intention of retainment as indicated by the action of the receiver. In the case of a contract, acceptance indicates and…
Life Insurance concepts
LIFE INSURANCE CONCEPTS Accident: An unexpected and unintended event or incident. Accident and Health Insurance: One of the insurance covers where benefits include loss of income reimbursement, in case of…