General insurance Terms associated with insurance.

[btaliat]

For a lay man, there is need to know some jargons used in insurance in general. There are many of these terms. Below are some of these terminologies:


Barratry : it refers to any offence that's committed by the captain of the ship that is not even in the interest of the owner of the ship.

Insured : this is a person that pays premium to the insurance company and it is under insurable interest on any insurance policy.

Insurer : this refers to the company that has accepted to bear the risk of another person under any type of agreed insurance policy.


Cover note : this allows the insured to enjoy some benefits while his insurance policy is being processed. It is usually issued by the insurance company.


Premium : this is the money that the insured pays to the insurance company to enable the insurer to cover the risks that the insured has insured against.

 

[Mika]

It is very important that you understand the commonly used terminologies in insurance. If you do not know these terms, you might not be able to receive the benefits that you had in mind while buying the insurance policy. Different kinds of insurance policies use different terminologies, you need to understand these terms

 

[Yugocean]

Common terms are same for all companies, but it depends on law of the land, if the meaning or definition of any word should be decided by the company itself or not. Even if insurance companies can't change the wording to suit them, they can still take unfair advantage of people's ignorance.

 

[Jamoflondon]

I have always wanted to know about the terms associated with insurance generally, I think this is a golden chance to know about it. But what are the offenses that the insured could commit which will cause the termination of the insurance plan the client has with the insurer? Please help me if you have an idea

 

[Mandy96]

The premium aspect, I am not sure I understood it. I mean does the insured has to pay this money continuously on a fixed due payment or it is paid once. I understand that the insurance companies are also trying to make profit because it’s business but I’m sure there are other ways they make money

 

[Nite]

Finding an insurance plan can become difficult, specially if one doesn't understand the insurance terminology. When you know the basic terms involved in insurance, it will help to simplify your understanding of insurance. Learning some of your described insurance terminologies will make policy purchasing easier for everyone, and they can make benefiting decisions themselves and their families.

 

[btaliat]

Finding an insurance plan can become difficult, specially if one doesn't understand the insurance terminology. When you know the basic terms involved in insurance, it will help to simplify your understanding of insurance. Learning some of your described insurance terminologies will make policy purchasing easier for everyone, and they can make benefiting decisions themselves and their families.

That's right. There are some things that we need to know when it comes to insurance. There are many people that have been duped just because they don't know the basic terms commonly used when it comes to insurance. This makes it difficult for them to be duped since they are not ignorant of these terms.