Homepage Customer Service Insurance Dictionary
List of Insurance Terms

  • Actuarial Gains Or Losses :

    Experience gains or losses. See: experience gains or losses.

  • Agent Insurance :

    Insurance agent. Individual or entity whose job is to sell insurance services for and on behalf of the insurance company they represent.

  • Agent Resident :

    Fixed agent. Licensed agent who works permanently for a company.

  • Acceptance Qualified :

    Conditional acceptance. Acceptance by the insurance company based on specified conditions.

  • Acceptance Akseptasi :

    Insurance company's approval. to accept the application of prospective policyholders/insureds to cover the risk.

  • Annuity Deed :

    Annuity deed. Document issued by a legal entity specifying a certain amount of periodic payments.

  • Actuarial :

    Actuarial/Actuarially. field of knowledge that is a combination of mathematics, probability, statistics, economics, finance, management, and others, all of which are used to define, analyze, and develop programs related to life insurance endeavors.

  • Actuary :

    Actuary. A person skilled in insurance (life) techniques, especially in the field of actuarial mathematics, applying probability theory, economics, and statistics in the insurance business.

  • Accounting :

    Accounting. The way to gather, analyze, and summarize financial data to provide the necessary information for making business decisions and satisfying financial reporting requirements.

  • Amendment :

    Amendment/change. The provisions of change added to the basic policy that modify the insured interest. For example: a life insurance policy can be supplemented with accident insurance noted on the policy endorsement. See: endorsement.

  • Amendment Of Reinsurance Treaty :

    Amendment / revision of the reinsurance agreement. Changes that improve the existing reinsurance agreement.

  • Amortization :

    Amortization. 1. The process of paying off debt usually with periodic installments over a specific period. 2. The depreciation of intangible fixed assets, such as patents, goodwill, copyrights, and deferred charges.

  • Annuity Analysis :

    Analyzing annuities. Analyzing annuities involves the rate of return, how long the annuity interest rate is guaranteed, cost burdens (initial, ongoing, final), financial ratings and insurance companies offering annuities, monthly income factors per $1,000, and cash value reserves. For example: if the income factor is $6.18 per $1,000 of cash value reserves and the stated cash value is $100,000, an annuitant would receive a monthly income of $618 at age 65.

  • Analysis Of Profit :

    Analisis surplus

  • Actual Death Rate :

    Real death rate. A figure that indicates the ratio of actual deaths to the population at a specific period of time.

  • Antiselection :

    Anti selection. See: adverse selection.

  • Annuitant :

    Anuitant. A person entitled to receive annuity benefits and payments for life.

  • Annuity :

    Annuity forms. See: annuity, annuity due cash refund annuity installment refund annuity; variable annuity.

  • Annuity Perpetualy :

    Perpetual annuity. An annuity with an indefinite term.

  • Annuity Due :

    Advance annuity. Periodic payments with the first payment of benefits made at the beginning of the specified period.

  • Annuity Pure :

    Pure annuity. A contract sold by an insurance company that pays income benefits to an individual (the annuitant) every month (quarterly, semi-annually, annually). The annuitant's life is never more and the benefit payment period. Upon the annuitant's death, all benefit payments in the form of this annuity cease. In this type of annuity, there are no benefits for the designated beneficiary. It's in stark contrast to a return annuity.

  • Annuity Installment Refund :

    Installment refund annuity. See: installment refund annuity.

  • Annuity Refund :

    Return annuities. An annuity form with return of premium plus interest to the beneficiary if the annuitant dies during the accumulation period. This return annuity is more expensive than a pure annuity.

  • Annuity Deferred :

    Suspension/delay annuity. See: deferred annuity.

  • Annuity Certain :

    Fixed annuity contract. This contract provides a certain income in specific stages for a certain period and is not dependent on the annuitant's life or death.

  • Applicant :

    The person or entity submitting the request for life insurance.

  • Arbitration :

    Arbitration. Dispute resolution through a mediator.

  • Assurer :

    Asuradur. The insurance company/insurance company.

  • Assurance :

    Usually used only for life insurance that provides definite care for policyholders. Look at life insurance.

  • Accident And Health Insurance :

    Accident and health insurance. Insurance that gives a liability insurance if he becomes ill, gets injured or dies from an accident.

  • Accident Insurance :

    Accident insurance. Insurance that guarantees reimbursement of income due to worklessness includes reimbursement of medical expenses and assistance for death or other injury due to accidents.

  • Assessment Insurance :

    Assessment insurance. A contract in which one assessor's insurance company can burden/ask the policyholder with an additional amount of money if the empirical loss is worse or greater and that is charged at the initial premium. This insurance is usually also called "stipulated premium" and "natural premium insurance".

  • Age And Amount Limit :

    Age limit and liability money. Age limit and liability money specified in the selection terms.

  • Annuitas Form :

    Anuitant. A person entitled to receive the benefits of an annuity and the insurer for life.

  • Acquisition Cost :

    Acquisition costs. Costs incurred by insurance companies to obtain business include agency commissions, underwriting fees, brokerage fees, etc.

  • Actual Expenses :

    Actual expenses. The costs are really being spent on the company's behalf.

  • Anticipated Bonus :

    Anticipated bonus. An expected bonus may be paid to the policyholder.

  • Accrued Interest :

    1. Unclaimed money 2. Accumulated interest The remaining money that belongs to policyholders/insured individuals that has accumulated in the life insurance company in the form of interest and the amount of money that has not been paid to those entitled to it.

  • Actuarial Reserve :

    Actuarial reserves. The funds that the liability company must prepare to the policyholder.

  • Actuarial Mathematical Reserve :

    Actuarial mathematical reserve. Reserve funds calculated mathematically by the actuary that must be prepared by the company to fulfill its obligations to the policyholder.

  • Actuarial Premium Reserve :

    Actuarial premium reserves. Actual calculated premium reserves that life insurance companies must set aside to fulfill their obligations to policyholders.

  • Actuarial Technical Reserve :

    Actuarial technical reserves. Look: actuarial reserves.

  • Actuarial department :

    The department in charge maintains whether the operation of the company is well based on actuarial calculations. Designing and modifying life insurance and health insurance products.

  • Accounting department :

    Department in life insurance and health insurance companies that maintain/set financial administration to show that the company is managed in a profitable manner. The accounting department is responsible for the maintenance and regulation of general accounting records, financial statements, receipts, payments, budgets, payrolls, and cooperation with the legal department.

  • Application form :

    Life insurance application form.

  • Agency relationship :

    Agency relationship. Relationship between two parties, in which one party (agent) is authorized to perform certain activities on behalf of the other.

  • Actuarial science :

    Life insurance engineering science.

  • Amortization schedule :

    The payment method of the amount of money that is due to be paid where the value has been deducted according to the set schedule. Each of these periodic payments has included a portion of the capital and interest.

  • Assurance :

    1. Guarantee / certainty 2. Life insurance. It is usually used only for life insurance that provides definite care for policyholders. Look at life insurance.

  • Amount/Sum at risk :

    Amount of risk borne. The amount of risk the bear guarantees in the event of death is borne.

  • Agency :

    The Agency. The position of a person or juridical person having the power to act for and on behalf of the authorities in relation to a third party. A life insurance agency is a legal entity that is authorized by an insurance company to sell its products through the agents it recruits.

  • Accident :

    Accident. Events that are not expected to come suddenly or are not expected to occur or that cannot be considered as actions that can be taken into account in advance.

  • Assets :

    Wealth, property. Everything, everything that belongs to the company.

  • Age group :

    Age groups. Several ages are grouped into one class.

  • Agent’s authority of power :

    Agent’s authority of power. The authority of the agent as stated in the agency contract.

  • Accidental death clause :

    Accidental death clause. A provision in a life insurance policy that specifies additional benefits paid out if the insured dies as a result of an accident. It contrasts with death by natural causes.

  • Agent commission :

    Commission of agents. Look: Commission.

  • Annual commission :

    Annual commission. Service compensation paid to agents annually after closing (selling policies) life insurance.

  • Aleatory contract :

    Aleatory contract. A contract in which one party provides something of value to another party in exchange for promises that have been made, namely promises that the other party will take certain actions if certain uncertainties occur.

  • Annuity contract :

    Annuity contract. A contract that provides periodic payments to the annuitant.

  • Agency contract :

    Agency contract. The contract also lists commission schedules. Regulations regarding the code of conduct for agency relationships and procedures for commission payments to agents. An example within the agency code of conduct regulations, agents are required to submit all of their business to the represented company.

  • Agency plant :

    Agency plant. All agents or sellers and insurance companies.

  • Agency manager :

    Agency manager. A person responsible for leading the agency in an insurance company. This manager is an employee of the company usually compensated with salary, bonuses, or commissions linked to production and all agents under them. The manager is responsible for recruiting and training agents.

  • Additional accident benefit :

    Additional accident benefit. Additional benefits paid to the insured who suffers permanent disability or loss of bodily functions due to an accident.

  • Accident benefit :

    Accident benefit. Compensation paid by the insurance company to the insured or the beneficiary if the insured suffers injury or death due to an accident, as stipulated in the insurance agreement.

  • Accidental death benefit :

    Accidental death benefit. A benefit added to a policy that covers additional benefits if the insured dies as a result of an accident.

  • Accident disability benefit :

    Accident disability benefit. Additional insurance benefit paid if the insured suffers disability (incapacity) due to an accident, after the insured provides evidence that they have become unable due to the accident.

  • Assessment method :

    Assessment / interpretation / calculation method. This is the method initially used to estimate life insurance costs, where previous participants were billed a certain amount required to pay claims each year. It's also referred to as the pre-death calculation method.

  • Actual mortality :

    The figure indicating the actual number of deaths that occur within a specific period of time.

  • Accumulated interest / Future value :

    Accumulated interest / Future value. The sum of the final value and a certain amount after a specific period.

  • Absolute Assignment :

    Absolute Assignment. Delegation of all rights and powers stated in the policy to other people/institutions related to the benefits of the policy. Example: A policy is guaranteed by the bank to take out a loan. The bank is given the right to take the benefit of the policy in the amount of the remaining debt if the policy owner dies before the debt is paid off. The remaining benefit is paid to the heirs appointed by the policy owner.

  • Absolute Ownership :

    Absolute Ownership. The insured's interests or rights over his property are unrestricted or free and other qualifications or restrictions cannot be imposed on him except with his consent.

  • Assignor :

    Assignor. The person/entity that transfers the right to own an insurance policy.

  • Assignment :

    Assignment. Transfer of rights in a life insurance contract from one party to another party.

  • Automatic Reinstatement :

    Automatic Reinstatement. Reinstatement of the policy within the permitted time period by paying off all premium arrears along with fines, without other requirements.

  • Approach :

    Approach. The sales section and presentation that first opens the conversation/discussion with the prospective insured.

  • Arbitrator :

    Arbitrator. The person/legal entity appointed to resolve a dispute outside of court.

  • Assignee / Transferee :

    Assignee/Transferee. The person/entity appointed to receive the benefits of an insurance policy or certain rights that are transferred absolutely.

  • Aviation Exclusion :

    Aviation Exclusion. The provisions of a life insurance policy state that policy benefits will not be paid if the insured dies as a result of activities related to aviation.

  • Appointment :

    Appointment. 1. The act of authorizing an agent to act on behalf of the company. 2. Promise to meet on the specified day and time.

  • Accumulation Period :

    Accumulation period. The period of time during which an annuitant pays premiums to a life insurance company. The company's obligations to the annuitant during this period depend on whether the annuity is a pure annuity or a return annuity. See: annuity

  • Assessment Period :

    Assesment period. The time when the life insurance appraisal company still has the right to assess the policyholder regarding losses that are worse than the premium against the initial load.

  • Agency Superintendent :

    Agency Superintendent. Officers who supervise agents in an operating area determined by the insurance company.

  • Agency Agreement :

    Agency agreement. See: agency contract.

  • Automatic Reinsurance Treaty :

    Automatic Reinsurance Treaty. A reinsurance agreement that regulates automatic reinsurance of all risks borne by the reinsurance company according to the conditions stipulated in the agreement.

  • Actuarial Statement :

    Actuarial statement. Written and actuarial statements regarding the company's obligations to policyholders.

  • Attending Physician'S Statement (Aps) :

    Attending Physician'S Statement (Aps). Statement by a doctor who examines the insured or prospective insured regarding his or her health (due to illness or injury) at the request of the insurance company. The statement provides relevant information to the insurance company for risk assessment or claims management.

  • Attained Age Conversion :

    Attained Age Conversion. Change of insurance from one form to another (such as from term life insurance to whole life insurance) where the premium rate is based on the age of the insured at the time of the conversion/change.

  • Alteration Of Policy :

    Alteration Of Policy. For example: changes in sum assured, type of coverage, etc.

  • Assessment Company :

    Assessment company. Insurance companies have the authority to assess or charge their policyholders for losses suffered by the company. This company is sometimes called a designated premium company or assessment association. Most insurance companies cannot charge policyholders for losses.

  • Automatic Premium Loan (Apl) :

    Automatic Premium Loan (Apl). A policy loan that has previously been approved by the policy holder to be used to pay outstanding premiums that have not been paid at the end of the free period.

  • Adjusted Life Insurance Policy :

    Adjusted Life Insurance Policy. A specially designed life insurance contract, where the policyholder can request changes to the sum insured and premium according to changing needs during the insurance period.

  • Automatic Convertible Term Policy :

    Automatic Convertible Term Policy. A term insurance policy that can automatically convert to a permanent policy. For example, term policies become dual-purpose.

  • Apportionable Premium :

    Apportionable premium. Annual premium in installments. For example: every month, three months, or six months.

  • Annualized Premium :

    Annualized Premium. Non-annual premiums are converted into annual premiums.

  • Adjusted Premium :

    Adjusted premium. The premium is changed so that it matches the actual sum assured.

  • Annual Premium :

    Annual premium. Service fees paid to agents annually after closing (selling the policy) of life insurance.

  • Actuarial Principle :

    Actuarial principle. Principles for calculating various things such as premium reserves in life insurance.

  • Actuarial Principle :

    Actuarial principle. Principles for calculating various things such as premium rates and premium reserves in life insurance.

  • Automatic Reinsurance :

    Automatic reinsurance. Reinsurance where the insurer and reinsurer have established a previous agreement (treaty). The insurer must transfer the risk to the reinsurer and the reinsurer must accept the risk. See: reinsurance. Retrospective date: the effective date when an agreement is withdrawn.

  • Abridge Mortality Table :

    Abridge Mortality Table.

  • Abnormal Risk :

    See: substandard living.

  • Aviation Risk / Aviation Hazards :

    Aviation Risk / Aviation Hazards. Risks associated with aviation that may result in death or injury due to aviation accidents.

  • Abnormal Risk :

    1. Abnormal risk. 2. Unusual risks. See: substandard living.

  • Additional Benefit / Coverage Santunan :

    Additional benefit / Covarage Santunan. Additional compensation/guarantee besides the basic compensation/guarantee and a policy.

  • Advance And Arrears System :

    Advance and arrears system. Premium accounting system used for people's insurance. Under this system, the head office charges the agent with all unpaid premiums and policies maintained/handled. If the agent deposits the premium money he collected, then the agent still owes the remaining amount of the premium that should have been deposited.

  • Actual Rate Of Interest :

    Actual Rate Of Interest. A number that shows the amount of interest that actually occurs in a certain period of time.

  • Application :

    Application. Request letter from prospective policy holders to the insurance company to obtain insurance protection.

  • Actuarial Theory :

    Actuarial theory. Theories about insurance techniques include mathematics, probability theory, economics and others which are applied in life insurance.

  • Absolute Beneficiary :

    Absolutely beneficiary. Termaslahah which cannot be changed without absolute permission.

  • Accident Rider :

    Accident rider. Accident insurance combined with a life insurance policy. For example: A takes out life insurance with a sum insured of IDR 10 million with additional accident insurance of IDR 10 million. If he dies due to an accident, the person appointed will receive IDR 20 million.

  • Arrears :

    Arrears (premiums). Premiums that have not been paid even though they are due but are still in the grace period.

  • Arrears Of Interest :

    Arrears Of Interest.

  • Arrears In Premium :

    Arrears In Premium. Premium arrears within the free period.

  • Amount Of Insurance :

    Amount Of Insurance. The amount of money guaranteed/provided by the insurer to be paid as insurance benefits to the policy holder/insured/designated party when the insurance period ends or if the insured dies. See: face amount / face value.

  • Age At Entry :

    Age at entry. Age when accepted as insured.

  • Age Next Birthday :

    Age Next Birthday.

  • Age Last Birthday :

    Age Last Birthday. Calculated age and last birthday of the prospective insured. If the excess is 6 months, round it up to 1 year. If it is less than 6 months, it is considered the same as the last birthday. Example: 1). 25 years 6 months becomes 26 years. 2). 25 years 5 months is still 25 years

  • Age Nearest Birthday :

    Age Nearest Birthday.

  • Accumulation Units :

    Accumulation units. A term used to denote ownership of shares in a separate annuity fund account. The premium paid by the buyer of a variable annuity is credited to his account in the form of accumulation units. The value of this accumulation unit is closely related to the market value and investment of variable annuity funds made by the insurance company.

  • Average Monthly Wage :

    Average monthly wage. The number used to calculate the amount of primary insurance for employees to determine social security benefits.
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Note:

The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

  • Budget : Anggaran. :

    Detailed estimate of something (financial, personnel, financing, etc.) prepared for a specific period as a basis for achieving work objectives.

  • Business-Continuation Insurance :

    Business continuity insurance. Type of business insurance created to provide funds for surviving partners or shareholders who are still in the partner company to purchase shares and the deceased or disabled partner/shareholders. See stock repurchase insurance and partnership insurance.

  • Blanket Medical Expense Insurance :

    Insurance covers medical expenses. A health insurance policy that provides coverage for the insured except for those specifically excluded. This health insurance policy is very beneficial for the insured because all health costs will be automatically reimbursed unless they are excluded.

  • Bonus :

    The promised amount of money was taken and the company's surplus after meeting certain conditions.

  • Bordereau/Iist Of Reinsurance :

    Bordereau / Reinsurance Premium Schedule. 1. A list containing data of insured policies that depict the amount of reinsurance premiums to be paid. 2. A reinsurance form indicating loss history and premium history related to specific risks. The insurance company provides this information to its reinsurance company. This information is utilized by the company.

  • Managing director :

    Managing director.

  • Branch office :

    Branch offices. Offices used to coordinate and supervise businesses in a particular area. Managed by a manager, it is usually the headquarters of special agents, claimants, experts, and auditors who provide services to agents in their territory.

  • Book loss :

    Book loss. The company's losses are listed in the balance sheet.

  • Book profit :

    Book profit. The profit of the company listed in the balance sheet.

  • Bilateral contract :

    Bilateral contract. A contract in which both parties can be legally compelled to fulfill what has been promised.

  • Bargaining contract :

    Bargaining contract. It refers to a contract where both parties have equal rights in determining the terms and conditions of the agreement.

  • Binding receipt :

    Binding receipt. A receipt of premium / receipt that directly binds the insurance company in a temporary contract

  • Bodily injury :

    Bodily injury. Physical harm to an individual.

  • Benefit :

    Benefit. The amount of money guaranteed in the insurance policy to be paid to the policyholder / insured / designated beneficiary according to its terms.

  • Buyer’S Guide :

    Buyer's Guide. A publication provided as a guide for consumers who intend to purchase an insurance policy.

  • Buy-Sell Agreement :

    Buy-Sell Agreement. An arrangement, where partners in a business or shareholders in a small company agree that when one of them dies or resigns and their share of the business will be sold to the surviving partners/shareholders. Those who remain are obliged to buy the share of the business that dies/resigns. This is usually followed by taking out life insurance for each partner or shareholder.

  • Broker :

    Broker. People/legal entities who seek insurance customers and receive compensation according to the sales proceeds. Brokers / brokers do not represent a particular insurance company, but help the insured to get the desired insurance coverage and company.

  • Base Premium :

    Base premium. Insurance company premiums are used as a factor to determine reinsurance premiums.

  • Basic Premium :

    Basic premium. Premiums applied to workers' compensation insurance and to life insurance. This basic premium is the portion of the premium that has been burdened with costs that are expected to occur, administration costs and agent commissions.

  • Basic Legal Principles Of Life Assurance :

    Basic Legal Principles Of Life Assurance. Legal principles regarding life insurance.

  • Blue Cross Plan :

    Blue cross Plan. A hospital insurance product that provides benefits on the basis of "type of service".

  • Blue Shield Plan :

    Blue Shield Plan. A health insurance product whose benefit is to provide reimbursement for the costs of doctors who practice in an area.

  • Bond :

    Bond. A certificate containing a promise to repay the lender a specified amount at a future time/date.

  • Build Table :

    Build Table. A list containing the ratio of height and weight, which is one of the factors in determining the risk of death.

  • Back Date :

    Back date. A life insurance policy whose coverage start date is retroactive. For example, the application date is August 1 1994, while the insurance will be retroactive to June 1 1994.

  • Basic Rate Of Premium :

    Basic rate of premium. Premium rates are based on per thousand sum insured.

  • Basic Rate :

    Basic rate. The applicable per-unit insurance price, usually the standard rate charged for standard risks. For example: the annual premium rate listed in the premium table book for every 1,000 sum insured, the price is 12.02. See: rate making.

  • Beneficiary :

    Beneficiary. The person or entity designated in the policy to receive insurance benefits.

  • Brokerage :

    Brokerage. Efforts made by brokers.

  • Bonus Reserve Valuation :

    Bonus reserve valuation. Estimated amount of funds to reserve as guaranteed bonus payments.
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Note:

The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

  • Cash Refund Annuity (Lump Sum Refund Annuity) :

    Annuity cash return. The difference in income that will be received in a lump sum by the beneficiary if the annuitant dies before receiving total income that is at least equal to the premiums paid.

  • Caveat Emptor :

    Freedom of choice. Freedom of the insured to choose and purchase insurance policies.

  • Combined Insurance :

    Joint insurance. One policy that covers two or more types of insurance.

  • Credit Life Insurance :

    Debt insurance. Insurance designed to protect the lender and the insured's family by paying off or reducing certain debts in the event of the insured's death.

  • Children'S Life Insurance :

    Child life insurance. Life insurance that involves a child as the insured party and provides death benefits in case the child passes away.

  • Credit Life Insurance :

    Credit life insurance. Insurance issued by a life insurance company on a borrower to pay off his loan if he died.

  • Creditor Life Insurance :

    Life insurance creditors. See: credit life insurance.

  • Classified Insurance :

    Certain insurance. See: health insurance substandard life insurance.

  • Compulsory Insurance :

    Compulsory insurance. Protection required by law and a state or state (social insurance).

  • Condor Deductible :

    Condor Deductible. The portion of expenses that must be paid by the insured themselves to cover hospitalization and surgical costs.

  • Claim Expense :

    Claim expenses. Costs incurred in settling claims, such as attorney and investigation costs (i.e. witness interviews). The payment of claims presented to the injured is not considered a claim fee.

  • Compound Interest :

    Compound interest, blooming interest.

  • Contingency Reserve :

    Contingency reserve. Reserve provided outside the existing premium reserve to cover events beyond the calculated risk.

  • Cheque :

    Cheque. An unconditional order letter to the bank to pay a certain amount of money when the letter is handed to them. For the order letter to be valid as a cheque, its contents must meet the requirements set forth in the law, including containing the word "cheque."

  • Cheque, Postdated :

    Cheque dated forward. Cheques dated after the date of issue. If such a cheque is presented to the bank before the date stated on the cheque, then the bank is not obliged to pay it.

  • Cheque Opened :

    Cheque opened. A cheque whose recipient is specified (in the name of) or bearer (any bearer).

  • Client And Policy Master File :

    A database that provides a lot of information about individuals and individual policies for insurance management information systems.

  • Clean-up fund :

    Dana penutupan. In life insurance, the death benefit paid out in a lump sum is designed to cover any outstanding debts and final expenses before the insured's death.

  • Contingency fund :

    Replacement funds reserved to cope with an unexpected loss.

  • Class of policies :

    A class of policies consisting of all policies and a certain type or all policies issued for a specific group of insured individuals

  • Conversion privilege :

    Conversion privilege. The policyholder's primary right to change a term insurance policy to an individual's lifetime policy. Conversion: conversion/change.

  • Complete expectation of life :

    Complete expectation of life. Age that can be reached according to the mortalita table.

  • Choose in possession :

    Choose in possession. A real treasure that has its own value.

  • Change of occupation provisions :

    Change of occupation provision. Provisions of an individual health insurance policy where the person has the right to adjust the amount of the premium or policy benefit if the person is liable to change jobs.

  • Current liabilities :

    Current liabilities. All obligations that must be paid within 1 year.

  • Claim :

    Claim. Policyholder's entitlement claim.

  • Claim of maturity :

    Claim end of contract. Claiming the rights of the policyholder because the insurance contract has ended.

  • Clause :

    Clause. In an insurance policy, the sentences and paragraphs that describe various insurance coverage guarantees, exclusions, insured's obligations, insured locations, and conditions that delay or terminate the insurance.

  • Common disaster clause :

    Ordinary disaster clause. A clause in an insurance policy stating that the first-named beneficiary must still be alive within a certain period, such as 15 or 60 days after the death of the insured, to receive the insurance benefits.

  • Contestable clause :

    Contestable clause. A provision in an insurance contract that specifies the conditions under which the policy can be contested or voided within a certain period.

  • Commission :

    Commission. A sum of money given to agents/field officers as compensation for their sales performance.

  • Contract :

    Contract. An agreement between two or more parties, with the condition that the contracting parties carry out or refrain from actions as stipulated in the contract.

  • Contract of life assurance :

    Life insurance contract. A contract that includes the rights and obligations of the insurer and the insured. Also called a policy.

  • Contract granting special term :

    Contract granting special term. Contracts that can be supplemented with special conditions.

  • Contract of indemnity :

    Contract of indemnity. A type of contract in which the amount of benefits to be paid is based on predetermined actual amounts and financial losses. Most hospital cost contracts are examples of indemnity contracts. See: valued contract.

  • Conversion of policy :

    Conversion of policy. Changes to policy conditions. For example: changing the policy type (from term to whole life), changing the premium payment method (from annually to monthly), and so on.

  • Coming service benefit :

    Coming service benefit. Individual retirement benefits calculated for the future service of employees from the start of the pension program.

  • Cash value :

    Cash value. The value of a policy at any given time that is not equal to the total premiums paid. It's typically less than the total premiums paid.

  • Commuted value (discounted value) :

    Commited value (discounted value). The amount of money representing the present value and the installment amount to be paid in the future. This value is based on the established interest rate, post-deduction value.

  • Cash surrender value :

    Cash surrender value. The amount of cash available when a policy is surrendered before the end of the coverage period. This cash is already reduced by administrative costs, policy loans, and interest, among other deductions.

  • Charge :

    Charge. Administrative fees related to contract termination.

  • Cedant :

    Cedant. See: ceding company.

  • Certificate Holder :

    Certificate Holder. Member and group insurance.

  • Claim Examiner :

    Claims Examiner. Insurance company employees who are tasked with/responsible for researching claims.

  • Contingent Reversion :

    Contingent Reversion. Possible returns. For example: return of premium reserves if special risks occur.

  • Calendar Year’S Deductible :

    Calendar Year'S Deductible . The deductible is applied to any qualified medical expenses incurred by the insured during a calendar year.

  • Cross Selling :

    Cross Selling. Sales of life insurance, health insurance, casualty insurance and other financial products to the same buyer.

  • Class Designation :

    Class Designation. Appointment of the best as a group that does not mention the names of individuals.

  • Collateral Assignment :

    Collateral Appointment. A type of assignment that transfers only the ownership rights existing in a contract, usually for a temporary period only.

  • Claimant :

    Claimant. A person or entity that formally submits a request for payment of benefits as stated in the insurance contract.

  • Contestable Period :

    Contestable Period. The period specified in the policy within which the insurer can still dispute/cancel the policy.

  • Change In Amount At Risk :

    Change in amount at risk. The amount covered by the life insurance company is in accordance with the amount of risk changes.

  • Change In Plan Of Insurance :

    Changes in plan of insurance. Changes in the type/program of insurance and those already owned to another type of coverage.

  • Ceding Company :

    Ceding Company. Insurance companies that transfer some of their risks to other parties are reinsurers.

  • Cash Payment Option :

    Cash payment option. The dividend option of a life insurance policy whose dividend is paid in cash to the policyholder.

  • Convertible Option :

    Convertible options. Option to change police.

  • Choose In Action :

    Choice in action. Intangible assets that clearly demonstrate or represent a value or desire.

  • Combined Policies :

    Combined policies. Combination and several types of insurance to get certain additional benefits.

  • Contribution Principle :

    Contribution principle. Principle of obligation to pay contributions. There is group insurance where the premium is not only paid by the company, but there are contributions and employees.

  • Credit Pension Plan :

    Credit Pension Plan. The value and benefits or contributions allocated to an employee listed in a retirement plan; how to determine benefits before an employee retires. Every pension program sets regulations that contain elements, taking into account age, length of time working for the employer, number of working days per year, errors during work, maximum salary and title or position in the company.

  • Canvassing :

    Activities to search for/obtain prospective insured persons through direct visits.

  • Coverage :

    Coverage. Protection and insurance policy. In life insurance, living benefits and death benefits.

  • Contributory Planning :

    Contributory planning. A retirement plan or employee benefit plan in which participants in the program must provide their own contributions and funds. The opposite of a non-contributory program.

  • Certificate Of Insurance :

    Certificate Of Insurance. Life insurance and health insurance documents given to members of group insurance participants as a sign of participation in the insurance.

  • Cession :

    Cession. The insurance company's risk is transferred to the reinsurer.

  • Commutation Symbols :

    Commutation symbol. A symbol to make calculations easier. For example: Dx is the symbol for death.

  • Credit System :

    Credit system. The system used in underwriting to determine risk groups as a basis for adjusting premium rates.

  • Currently Insured Status :

    Current insured status. Social security provisions where the family and workers who have died can receive benefits if the worker is no longer fully covered.

  • Cross Liability :

    Cross Liability. Liability imposed on an insured as a result of harm to another insured if both insureds are under one liability insurance policy.

  • Contingency Beneficiary :

    Contingency Beneficiary. The person or entity who is entitled to receive insurance benefits if the primary benefit dies during the insurance period.

  • Commission Rate :

    Commission rate. The amount of commission (percentage) for each product.

  • Contracting Age :

    Contracting Age. The age at which a person can enter into an insurance contract.

  • Compulsory Retirement Ages :

    Compulsory Retirement Ages.
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The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

  • Detached Agents :

    Independent agent. Agents who work in private offices located at or near their homes and not in any branch offices established by the company.

  • Deferred Annuity Anuitas : Tangguhan / Tundaan :

    Payback. periodicals that start to be paid after a certain period of time since the money is paid to the insurance company.

  • Double Insurance :

    Double insurance. Having more than one insurance policy covering the same risk.

  • Decreasing Term Insurance :

    Decreasing term insurance. Term insurance where the sum insured decreases during the term of the coverage.

  • Dies Insurance :

    Death insurance. The type/type of insurance business whose main concern is to protect one's business when one dies.

  • Disability Insurance :

    Incapacity/collapse insurance. Responsibilities that generally provide employees with weekly payment of their duties due to accidents or diseases that are not included in the provisions of labor law.

  • Direct Insurance :

    Direct insurance. Insurance sold directly by insurance companies to prospective policyholders/candidates is covered without going through agents or brokers.

  • Decreasing Insurance :

    Decreasing insurance. Insurance with a sum insured that decreases periodically.

  • Disability Income Insurance :

    Incapacity income insurance. Health insurance whose treatment provides income payments to the breadwinner if income is cut off/stopped due to illness, illness or accident.

  • Deferred Insurance :

    Suspension/delay insurance. Suspended insurance is valid for a certain period of time.

  • Defense Costs :

    Defense costs. The cost of defending a case. Among other things for defense, costs for legal experts, investigations, fact-collection, agreements and court costs.

  • Development Expenses :

    Development expenses. Cost of planning and creating insurance products.

  • Deferred Bonus :

    Deferred bonus. Deferred bonus until the time of payment of the final claim of the contract (insurance period completed).

  • Debit in insurance :

    List of premiums to be collected by debit agents within the collection area.

  • Demutualization (stocking a mutual) :

    Form of change of ownership and joint insurance into a limited company.

  • Lump sum distribution :

    Distribution at once. The death benefits paid at once to the designated and not to be phased out.

  • Policy dividend :

    Dividends of the police. Distribution of corporate surplus paid to policyholders with profit rights.

  • Double indemnity :

    Payment of double compensation if liable to die as a result of an accident.

  • Disability :

    Disability. The physical or mental condition that causes the liability cannot carry out his work normally.

  • Disability, long term :

    Disability, long term. See: Long term disability income insurance.

  • Disability, partial permanent :

    Partial incompetence/permanent maturity. Partial disability.

  • Disability, partial :

    Partial incapacity. Partial disability.

  • Disability short term :

    Disability short term. Disability income insurance.

  • Disability, total permanent :

    Disability, total permanent. Viewed: Total permanent disabilities.

  • Disability, total temporary :

    Disability, total temporary. See: Total temporary disability.

  • Divisible surplus :

    Divisible surplus. The amount of profit provided to be distributed to policyholders with profit sharing rights.

  • Duties of agent principle :

    Duties of agent principle. The obligations of agents and the insurance company they represent.

  • Death claim :

    Death claim. A demand for rights filed by the designated party to the insurer due to the death of the insured.

  • Disaster clause :

    Disaster clause. See: common disaster clause.

  • Disability insurance condition :

    Disability insurance condition. See disability benefit, disability income insurance.

  • Days of grace :

    Days of Grace. The period during which the premium payment loss is waived.

  • Death benefit :

    Death benefit. The amount paid as stated in the life insurance policy upon the death of the insured. This insurance payout is reduced by outstanding loans and accrued interest.

  • Disability benefit :

    Disability benefit. A life insurance policy that provides additional benefits for income payments due to disability resulting from an accident after the insured proves that they are permanently and totally disabled.

  • Disability income benefit :

    Disability income benefit. Additional insurance where benefits are paid in fixed installments as partial replacement of the insured's income if they become totally disabled as defined in the policy.

  • Duty Estate :

    Duty Estate. Tax on goods/ownership/wealth.

  • Debiting :

    Debiting. A head office distribution system to give agents responsibility for collecting premiums in their area.

  • Deductible :

    Deductible. The portion and medical costs that the insured must pay himself before the insurance company makes payment of benefits. Deductions can be made on a case-by-case basis or within each calendar year. Also called deductible amount.

  • Dividend Deduction From Premium :

    Additional dividends. Option in a policy with profit rights where dividends are used to purchase whole life insurance units with all premiums paid.

  • Declaration Of Health :

    Declaration Of Health. Health statement of the prospective insured.

  • Direct Insurance Company :

    Direct Insurance Company. Companies that directly accept the transfer of risk from the insured.

  • Dividend Option :

    Method for managing policyholder dividends. In a life insurance policy with profit sharing rights, the use of dividends can be chosen as follows: 1. Used to reduce premium payments 2. Paid in cash 3. Purchase a premium-free policy to increase policy benefits 4. Deposited in a life insurance company so that it accumulates with interest, or 5. Purchase a one year term insurance policy with a premium equal to the amount of available dividends.

  • Decreasing Term Life Insurance Policy :

    Decreasing term life insurance policies. A term life insurance policy in which the sum assured decreases by a specified amount over one period.

  • Death Duty Policy :

    Death Duty Policy. A policy whose benefits are used to prepare a replacement for wealth taxes when the insured dies.

  • Double Protection Policy :

    Double protection policy. A life insurance contract that combines term insurance with whole life insurance. The term portion will expire after a certain period. If the insured dies within this specified period, then the lifetime portion of the term and contract will be paid.

  • Deferred Premium :

    Deferred premiums. Due premiums whose payment is postponed but must be paid off before the next policy anniversary.

  • Death Ratio :

    Death ratio. Comparison of the number of insured persons who died against insured persons whose policies are still active.

  • Debit System :

    Debit system. Life insurance marketing system per region.

  • Demography :

    Demography. Statistics are arranged based on age group, gender, income, occupation, education, ethnicity, region and so on.

  • Dividend Addition :

    Dividend Addition. Option in a policy with profit rights where dividends are used to purchase whole life insurance units with all premiums paid.

  • Date Of Expiration :

    Date Of Expiration.

  • Date Of Plan Termination :

    Date Of Plan Termination. Determining a definite time when the association that manages pension benefits can take over legal responsibility for the insured's pension program which has been cancelled.

  • Due Date :

    Due date. The date that has been set for a payment: premium, annuity, sum assured.

  • Date Of Death :

    Date of death.

  • Date Of Commencement :

    Date Of Commencement

  • Date Of Issue :

    Date of issue. The date on which the insurance company issues the policy. This date may be different from the insurance start date. See: date of commencement.

  • Decline Of Proposal :

    Decline Of Proposal. Denied insurance request.
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  • Equity :

    Reasonable / fair. (as the objective / purpose of pricing in insurance). Premium rates are determined based on the expectation of the magnitude of losses among policyholders.

  • Exclusive Agent :

    Exclusive agent. Career agent contracted by only one insurance company and not permitted to sell products of other insurance companies.

  • Excess Interest Whole Life Insurance :

    Lifetime insurance of excess interest. Type of insurance where it is expected that the interest to be earned will exceed the guaranteed interest rate.

  • Excess Limit :

    Excess limit. In liability insurance policies, the limit above the minimum coverage amount required for the policy to be sold, subject to the limits provided by the company or legal constraints.

  • Expectation Loading For Expenses :

    Expectation Loading For Expenses. The expected cost burden will occur.

  • Eligible Expense :

    Eligible expenses. In health insurance the collection includes hospital expenses, surgery, doctor's services, private treatment, medicine and X-ray. Permissible replacements for such matters are detailed in the policy.

  • Expense :

    Expenses. Cost or cost of running a business, excluding pure predicted losses. Look: Expense loading.

  • Expected Expenses :

    Expected expenses. Estimated costs do not include claim-related costs.

  • Evidence Of Insurability :

    Evidence can be insured. Proof that a person can be insured for risk.

  • Endorsement :

    Additional notes. Additional notes on the policy certified by the company and become an integral part of the policy.

  • Educational fund :

    The factors considered in determining the amount of life insurance purchased so that funds for children's education are available if the breadwinner passes away.

  • Entry age :

    See: Age at entry

  • Excess loss cover :

    Excess of loss reinsurance

  • Expectation of life :

    Expectation of life. See: Life expectancy.

  • Expenses loss :

    Expenses loss. The costs are greater and the costs are foreseen.

  • Expenses gain :

    Expenses gain. The costs incurred are smaller and the costs that have been forecasted.

  • Evidence clause :

    Proof clause / burden of proof provision. A clause regarding the insured's obligation to provide all requested evidence for claim processing. The company may face difficulty in the claims process without thorough investigation and adequate documentation as evidence.

  • Employee contribution :

    Employee contribution. The portion of the group insurance premium that must be paid by the employees.

  • Endorsement method :

    Endorsement method. A way to change the designated and life insurance policy. Changes can be made in one or two ways - The policyholder returns the policy to the life insurance company, and the additional notes and the newly designated name are attached to the policy. - The policyholder does not send the policy to the insurance company but only requests it via mail or telephone, and the company sends a sheet of additional notes of changes to the policyholder.

  • Extra percentage tables method :

    Extra percentage table method. A common approach used to assess substandard risks. With this method, each substandard class is charged a premium rate that is a certain percentage above the standard premium rate.

  • Exclusion :

    Exclusion. Losses that are not covered by the insurance company.

  • Expense Incurred :

    Expense Incurred. See: incurred expense.

  • Examiner :

    Examiner. 1. In life and health insurance: a doctor appointed by the insurance company to examine the prospective insured. 2. The underwriting officer examines the application letter and the insured's risks to determine whether or not the insurance application is accepted.

  • Early Retirement :

    Early Retirement; accelerated retirement. Term in retirement; not work again before the normal retirement age, as long as they meet the minimum age and length of service requirements. There is usually a reduction in monthly pension benefits.

  • Estate Planning :

    Estate planning. An insurance program is designed not only to provide funds for a prospect's dependents upon death, but also to preserve as much of the personal wealth as possible to be passed on to his or her heirs. This estate planning usually involves accountants, lawyers, banks and insurance agents.

  • Estimated Premium :

    Estimated premium. The premium payment method is based on temporary calculations/forecasts of projected losses. At the end of the year this premium will be adjusted to reflect the actual losses experienced. See: retrospective rating.

  • Extended Term Insurance :

    Extended term insurance . An extension of time is given after the insured does not pay any more premiums (is unable to continue) in the form of term insurance with the same sum assured as the original policy and uses the cash value as a single premium / lump sum / sepukal.

  • Expected Loss :

    Expected Loss. The basic premium rate is calculated on the basis of the possibility of loss.

  • Expected Mortality :

    Expected Mortality. The number of deaths that are expected to occur.

  • Expected Value :

    Expected Value. The amount of money that the insured will receive if the predicted loss occurs.

  • Expected Rate Of Interest :

    Expected Rate Of Interest. The calculated interest rate will be received over a certain period of time.

  • Earned Premium :

    Earned Premium. The portion of the premium paid by the insured that has been allocated to the losses experienced by the insurance company, costs and profits up to a certain time.

  • Extra Premium For Occupation :

    Extra Premium For Occupation. Additional premium charged for high-risk work.

  • Extra Premium :

    Extra premium. Additional premium over the basic premium as a result of increased risk.

  • Expenses Ratio :

    Expenses ratio. Comparison between the costs incurred and the estimated costs that have been included in the premium.

  • Expected Expense Ratio :

    Comparison between expected insurance costs (excluding claims) and expected premiums received. See: expense ratio; rate making.

  • Excess Of Loss Reinsurance :

    Excess Of loss reinsurance. Reinsurance that involves the transfer of risk in excess of the amount of loss and a predetermined amount.

  • Experience Gains Or Losses :

    Experience Gains Or Losses. In a pension program, experience of loss or profit is obtained if the real conditions under which the program is implemented in one period do not match the actuarial assumptions. If actual experience is more profitable, experience gain occurs; otherwise, losses occur, known as actuarial gains or losses.

  • Effective Rate Of Interest :

    Effective rate of interest. The interest rate that applies within a certain period.

  • Expiry Date Of Treaty :

    Expiry Date Of Treaty. The end date of the agreement between the insurance company and the reinsurer.

  • Effective Date Of Treaty :

    Effective Date Of Treaty. The effective date of the agreement in relation to insurance.

  • Experience Rating :

    Experience rating. The statistical procedures used to calculate premium rates are based on losses experienced by one insured group. Used in group insurance and is the opposite of manual rate.

  • Exposed To Risk :

    Exposed to risk. Risks that can befall the insured at any time.

  • Expense Allowance :

    Expense allowance. Payments to insurance agents other than commission. This fee allowance, which varies from company to company, varies depending on the premium the agent gets for his company and the company's needs to attract future business.

  • Equal Age (Of Joint Lives) :

    Equal Age. The age used as the basis for premium calculation for insurance with more than one insured person.

  • Exclusive territory :

    Exclusive territory. In a general agency system, a region that may not be entered by other agents except general agents who have been licensed to sell insurance in that area.
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  • Facultative Acceptance :

    Facultative acceptance. Written approval by a reinsurance company for insured risks above the agreed maximum limit offered by the insurance company.

  • Functional Cost Analysis :

    Functional cost analysis. The way to control agency costs using data and life and health insurance agencies. By using functional cost analysis, agency managers can compare typical operating costs and agency operations, such as accounting, human resource development, or sales, with average operating costs of such agencies in similar contexts.

  • Financial Analysis :

    Financial analysis. The process of evaluating financial statements to determine a company's profitability and financial stability.

  • Force Of Interest :

    Acceleration of bloom numbers. The effort of blooming within a certain period that can yield greater profits. The efforts of insurance companies to increase their funds through investments to obtain greater profits.

  • Fixed Annuity :

    periodic payments where the amount of money and the payment duration have been predetermined in advance.

  • Family Combination Insurance :

    Joint family insurance. Family insurance involves multiple insured family members in a single policy, with a single premium payment.

  • Failure To Renew :

    insurance lapse. The condition where the policyholder cannot pay his insurance premium on time so the policy is terminated and killed.

  • Failure To Pay Premium :

    Insurance policy lapse. The situation where a policyholder fails to pay their insurance premium on time.

  • Family Income Insurance :

    Family income insurance. The type of insurance that provides income is included until the end of a certain period from the beginning of the insurance; if it is liable to die within that period, then the face value (as stated in front of the policy) of the insurance, paid at the end of the insurance period or when the liability dies after the end of the contract.

  • First Expenses :

    The first-year expenses for a life insurance policy at the time of purchase. For example: doctor's examination fees, agent's travel expenses, agent's commission, policy fees, and others.

  • First to die :

    Insurance for two lives or more which promises benefits upon the death of one

  • Fictitious group :

    Fictional groups. A collection of people formed just to get insurance on a collection. Groups like this have no interest in being insured and violate the principle of collective insurance selection.

  • First year commission :

    First-year commission. The percentage of and premium for the first year paid as compensation (commission) to insurance agents.

  • Future benefit :

    Future benefit. Policy benefits to be received in the future according to the type of product.

  • Fixed benefits :

    Fixed benefit. Payments to the beneficiary that do not vary; for example, a fixed benefit paid to retired employees in the form of a fixed pension (constant) every month.

  • Family income benefit :

    Family income benefit. Benefits provided to the family as a replacement for income if the insured dies or becomes permanently disabled.

  • Follow the fortune :

    Follow the fortune. In reinsurance contracts, the reinsurer's obligation mirrors the insurer's obligation according to their respective shares.

  • Flat extra premium method :

    Flat extra premium method. A method for assessing substandard risks used when the extra risk is considered constant. Underwriters estimate a specific additional premium for each $1,000 of coverage.

  • Fully paid-up capital :

    Fully paid-up capital. The amount of money designated as compulsory capital that must be paid in as a condition for the continued operation of a life insurance company.

  • Face value :

    Face value, face amount, sum insured, insurance amount. The amount of money specified on the face/front of the policy that will be paid out upon the death of the insured or at the end of the insurance term. It does not include additional benefits and dividends, double indemnity, or other special guarantees.

  • Facultative Offer :

    Facultive Offer. Risk offering by insurance companies to reinsurance companies for risks above the maximum limit agreed in the treaty.

  • Funding :

    Allocation of funds in the pension program.

  • Force Of Mortality :

    Force of mortality. The intensity of the probability of death for a certain age at a certain time. The rate of death rates at any time at a certain age.

  • Funding Standard Account :

    Funding standard account. Funding in the pension program where there is a separate account to compare actual contributions with the minimum contribution program requirements to be able to pay benefit obligations for employees who will retire in the future.

  • Facultative Obligatory (Facoblig) :

    Facultative Obligatory (Facoblig). A type of reinsurance agreement that combines the typical features of automatic and facultative agreements. With an obligatory facultative agreement, the session provider/insurance company that selects the risks to be reinsured does not send underwriting papers to the reinsurer. In an obligatory facultative agreement, the reinsurance company is obliged to accept the risks offered by the insurance company.

  • Financial Statement :

    Financial statements. Financial statement and insured that shows the financial condition of the prospective insured/policy holder in relation to the insurance request.

  • Fraudulent Misrepresentation :

    Fraudulent Misrepresentation. A dishonest statement with the intention of deceiving the company into accepting an insured person's insurance application. If the company knows the true condition of the candidate's application, the insurance will be accepted. Life insurance companies can/can cancel policies on the grounds of false statements within 2 (two) years.

  • Field Force :

    Field Force. See agents.

  • Fixed Amount Settlement Option :

    Fixed Amount Settlement Option. The option indicated in terms of receiving the benefits of a life insurance policy is paid by the company in a series of installments of a fixed amount, until the benefit dies and the interest is paid off.

  • Fixed Period Settlement Option :

    Fixed period settlement options. In life insurance or annuity, the benefit has first determined how many times it will receive the available benefit payments. For example: Termaslahat chooses that the policy benefit be paid every month for 48 months, then the insurance company determines the amount of the benefit per month and after that there is no remainder.

  • Fixed Period Settlement Option :

    In life insurance or annuity, the benefit has first determined how many times it will receive the available benefit payments. For example: Termaslahat chooses that the policy benefit be paid every month for 48 months, then the insurance company determines the amount of the benefit per month and after that there is no remainder.

  • Family Life Policy :

    Family life policy. A policy that provides protection for the family.

  • Family Income Policies :

    Family income policies. Police who provide income to the family after the death of the insured.

  • Fully Paid Policy :

    Fully paid policy. 1. Lifetime policy for which all premium payments have been settled within a certain period of time. For example: 20 premium payments have been paid. Further, there is no more premium payment, but the policy is still valid for the lifetime of the insured. Premiums are paid at once. 2. Police whose premium is paid at once.

  • Future Premium :

    Future premium. The premium that will be paid by the policy holder or that will be received by the life insurance company.

  • Fixed Extra Premium Method :

    Flat premium additional method.

  • Fixed Premium :

    Fixed premium. Premium payments of a fixed amount during the insurance period to obtain the requested coverage.

  • Fractional Premium :

    Fractional premium/ installments. Premiums can be paid weekly, monthly, quarterly, or semi-annually.

  • First-Year Premium :

    First year premium. The premium paid by the policyholder in the first year.

  • First-Year Premium :

    First year premium that the policyholder pays to the insurance company.

  • Facultative Reinsurance :

    Facultative Reinsurance. A type of reinsurance that gives the reinsurer the right to accept or reject risk offers from insurance companies.

  • Facultative Risk :

    Facultative risk. Risks that must be offered facultatively first to the reinsurer.

  • First Class Life, Select Life, Standard Life :

    Standard risk. People who have standard risks and do not require additional premium payments or special restrictions.

  • Family History :

    Family history. Health history of the immediate family and the insured (father, mother, siblings, children, wife).

  • Financial Underwriting :

    Financial Underwriting. Selection is based on the financial condition of the prospective insured/policy holder.

  • Field Underwriting :

    Field Underwriting. The first stage in the risk selection process. Field selection occurs when an agent obtains information about a prospective insured and reports that information on a request form so that selectors at head office can make an underwriting decision.

  • Flat Rate :

    Flat rate. The same amount of premium is charged for each payment period during the insurance period.

  • File And Use Rating Laws :

    File And Use Rating Laws.
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  • Group Representative :

    Group insurance agent. Employee of the insurance company who is salaried and only deals with the sale of group insurance products.

  • General Agent :

    General agent. Representative of the company entrusted with supervising or coordinating the company's business efforts in a region. He may appoint closing agents for that area in return for commission.

  • Group, Deposit Administration Annuity :

    Group deposit administration annuities. See: pension plan funding

  • Group Deferred Annuity :

    Group annuity deferred. Group annuity contracts for the benefit of a qualified group of employees' retirement. Each new employee's single premium payment increases the amount of existing annuities. This can be considered as a fund allocation instrument to purchase retirement benefits. The purchased single premium paid-up annuities guarantee that employees will receive retirement income whether they are still employed by the insurance company when they retire or not.

  • Guaranteed Annuity :

    Guaranteed annuity. See annuity certain

  • Group Life Insurance :

    Group life insurance. Life insurance provided to a group of people who are related, such as the employees of a company.

  • Group Assurance / Group Life Insurance :

    Collective life insurance. Life insurance with a certain amount of liability/participant in a policy called a parent policy.

  • Group Disability Insurance :

    Incapacity/collapse insurance. Responsibility for a group of employees who receive a monthly income maturity, by the maximum amount, if sick or accident causes them to be unable to do their usual work. The problem of maturity is usually limited to a certain time, and the problem of monthly maximum income is usually not more than 50% - 60% and that should be received before maturity occurs or a fixed amount depends on which one is smaller.

  • Group Creditor Insurance :

    Group creditor insurance. See; credit life insurance.

  • Government Insurance :

    Government insurance. Insurance protection that establishes/exists by law. Examples: social insurance: ASTEK (JAMSOSTEK), TASPEN, ASABRI, ASKES.

  • Guaranteed Bonus :

    Guaranteed bonus. Bonuses whose payments are not tied to the company's losses.

  • Guaranteed issue basis :

    The basis on which the insurance products offered receive immediate response, which means that insurance guidelines cannot be rejected.

  • Graded premium life insurance :

    Life insurance with graded premiums. It is a type of life insurance that has been modified where there is an increase in premiums every year for several years before becoming a fixed premium. It is usually sold to young people whose income is expected to increase.

  • Grant of representation :

    Guarantee of truth. A statement acknowledged to be true.

  • Graded commission :

    Commission rates. The level of remuneration paid to agents varies according to the type and volume of the risk the company bears.

  • General obligation bonds :

    General obligation bonds. Government bonds backed by the credit and taxing power of the government entity that issues them.

  • Government guaranteed security :

    Government-guaranteed bonds. Bonds that are not issued by the government (legal entities) but guaranteed by the government.

  • Grading Of Premium :

    Grading Of Premium. Determination of premium rates based on age.

  • Guarantor :

    Guarantor.

  • Group Policy :

    Group policy. A policy intended for a group of insured persons, usually members of an organization or employees of a company.

  • Gross Single Premium :

    Gross single premium. Single premium that has been charged.

  • General Principal Of Life Insurance :

    General principles of life insurance. General principles in life insurance practice.

  • General Agency System :

    General agency system. Most distribution methods use general agents rather than using branch offices to sell life and health insurance. See: general agent.

  • Graphic Rating Scales :

    Graphic rating scales. Performance assessment technique, where the appraiser uses a specific list related to performance to determine the level of performance of the employee being assessed.

  • General Policy Condition :

    General policy condition. The contents of the insurance contract which contains the rights and obligations of both parties (insurer and policy holder).
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  • Hospitalization Insurance :

    Hospital care insurance. A wide range of insurance programs that provide reimbursement for hospital expenses, treatment, surgery and other medical expenses caused by bodily injury or illness.

  • Hidden Reserve :

    Hidden reserve. Reserve for special risks outside the premium reserve.

  • Habits kebiasaan :

    Behaviour or character of a person in society. Some of one's habits are considered in the risk selection of a letter requesting insurance. For example: a responsible candidate: a drunkard, a gambler.

  • Human life value :

    Human life value. The economic value of a human life. For example, if a worker earns Rp 100,000 per month and is expected to work for 10 years, their potential earnings would be 10 x 12 x Rp 100,000 = Rp 12,000,000. If the worker dies after working for 2 years or becomes unable to work due to an accident, they would lose an economic value of Rp 12,000,000 - (2 x 12 x Rp 100,000) = Rp 9,600,000.

  • Hazardous Occupation :

    Hazardous Occupation. Jobs that contain high risks. For example: pilots, racers, miners and others

  • Human Resource Planning :

    Human resource planning. The process of determining the number of qualified personnel who are currently available or must be available to fill the positions needed in the company for the future. Human resource planning consists of two major functions: a. Forecasting the need for workers who meet the company's requirements. b. Determines the number of skilled personnel currently available or likely to be available for hire.

  • Housing Loan Insurance Asuransi :

    Housing loan insurance. Insurance whose benefits are to guarantee a home purchase loan. For example: someone buys a house in installments and becomes the insured person on life insurance. If you die, the remaining loan will be paid by the insurance company and the house will belong to the designated person or heir.
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The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

  • Insurance Agent :

    Insurance agent. Representative of the insurance company who seeks / gathers and serves policyholders. The agent's knowledge of sales transactions is considered equivalent to the company's knowledge.

  • Infant Mortality :

    Infant mortality rate. A figure indicating the level of infant deaths within a certain period of time.

  • Immediate Life Annuity :

    Immediate life annuity; direct periodic payments. Lifetime annuity whose payments begin one month / three months / six months or one year after the lump sum premium is paid, depending on the frequency of the periodic benefit payments. For example: Mr. A deposits Rp 50 million as an annuity, one month / three months / six months / one year later, Mr. A already receives periodic payments.

  • Immediate Annuity :

    Direct annuity. An annuity paid directly at the end of each predetermined period, after a lump sum payment has been made. For example: end of the month, end of the quarter, end of the semester, end of the year.

  • Installment Refund Annuity :

    Annuity return installment. Annuity contract. If the annuitant dies before receiving income at least equal to the premiums already paid, the beneficiary will receive the difference in installments. If the annuitant is still alive after receiving income equal to the amount of premiums paid, the insurance company will continue to pay income to the annuitant for the rest of their life.

  • Indemnity Insurance :

    Indemnity insurance. Insurance that compensates for actual damages or losses incurred by the insured.

  • Insurance Participating / In Profits :

    Profit-sharing insurance. Insurance with profit-sharing rights.

  • Increasing Life Insurance :

    Life insurance with increasing coverage. A term or whole life insurance policy with a payout that increases at certain intervals.

  • Income Continuation Insurance :

    Continuous income insurance. See: partnership insurance.

  • Increasing Insurance :

    Increasing insurance. Insurance with a periodically increasing sum insured.

  • Individual Insurance :

    Individual insurance. Insurance sold to individuals.

  • Individual Ordinary Life :

    Individual/regular insurance. Individual/regular insurance as a reverse and collection insurance. Look: ordinary life insurance industrial life insurance 1. Industrial life insurance. 2. People's life insurance. Life insurance with a relatively small amount of liability money is small, and may be paid on a weekly or monthly basis and is generally billed at home by corporate agents.

  • Insurance With Limited Premium :

    Limited premium insurance. Payment of insurance premiums carried out within a limited period of time, but the liability continues.

  • Insurance Non Participating/In Profits :

    Insurance without profit. Insurance with no profit rights.

  • Initial Expenses, First Expenses :

    Initial expenses, first expenses. The cost of the first year of a life insurance policy at the time of policy inception. For example: doctor's examination, agent's transportation expenses, agent's commission, policy fees, and others.

  • Insurance Field :

    Insurance field / insurance business.

  • In-Force Business :

    In-Force Business. The number of life insurance policies includes premium-free policies that are still a portfolio of life and health insurance companies. The size of life insurance companies can be measured and the business is still in effect.

  • Insurance Broker :

    Insurance broker. An agent of the insured, not the insurance company. Actions taken by the broker are not the responsibility of the company, and notification given by the insured to the broker is not equivalent to notification to the company. Brokers seek insurance market share for insurance companies to place insured business with the greatest benefit and at the best price. Brokers are not restricted to doing business with only one insurance company.

  • Interest :

    Interest. Interest; premium paid periodically according to the percentage of the amount of money on the money provision.

  • Initial Reserve :

    Initial reserve. Reserve funds at the beginning of the year for insurance payments.

  • Investment Fund Reserve :

    Investment fund reserves. A number of funds and premium reserves are allocated for investment.

  • Insurable :

    Someone who meets the requirements to be insured.

  • Insurability :

    Conditions under which insurance companies can issue life insurance/health insurance policies for a responsible candidate who meets the specified conditions.

  • Investment department :

    The departments in life and health insurance companies that seek the capital market, suggest investment strategies to the company's financial committees, and manage corporate investment. Members of the investment department buy and sell stocks, bonds, mortgages, and real estate, and act as advisory directors on the acquisition plan.

  • Insurance company department :

    Insurance company department. Look at the insurance company organization structure. In general, corporate functions are delegated to various departments: actuarial, agency, claims, loss monitoring, investment, law, marketing, and risk selection.

  • Information systems department :

    The department within the life and health insurance company is responsible for developing and maintaining computer data/information systems.

  • Board of directors :

    Board of directors. Directors and companies, including president directors.

  • Ideal educational endowment :

    Two for an ideal scholarship. A type of dual life insurance program, with the benefit of scholarship funds for children.

  • Insurance pool :

    A group of insurance companies collectively underwriting insurance coverage. Within an insurance pool, there is a pool leader who manages the administration.

  • Incidents of ownership :

    The rights of the policyholder are indicated on his life insurance policy, including the right to appoint at any time and the right to cash at the time of termination of the contract.

  • Inforce business :

    -

  • Insurance commissioner :

    Insurance commissioner.

  • Initial sum-at-risk :

    Initial risk counts. The magnitude of the risk of death is borne at the onset of the liability.

  • Insurable interest :

    Insurable interest. People/body with emotional financial interests, the right to life and death is borne. For example: husband and wife, employer, debtor creditor.

  • Incontestable clause :

    Non-forfeiture clause. One of the provisions in a policy stating that the validity of the policy cannot be disputed after a certain period has passed, as long as the insured is still alive.

  • Initial commission :

    Initial commission. The commission paid to agents on the first premium.

  • Insurance contract :

    Insurance contract / policy. An insurance contract between the policyholder and the insurer."

  • Incidental contract :

    Incidental contract. A contract made on the basis of secondary reasons. In group insurance, the group must be formed and maintained for reasons other than just obtaining insurance. If the group is formed to obtain insurance, then adverse selection will apply.

  • Interest gain / profit :

    Interest margin. Profit derived from the difference in interest calculated previously. For example: when calculating the interest rate, it is set at 5%, while the actual prevailing interest rate is 7%, so there is a profit of 2%.

  • Incidental malpractice :

    Incidental malpractice. Malpractice by someone or an organization not in the medical profession that can be legally accountable. Typically covered by liability insurance policies.

  • Issued capital :

    Issued capital. The capital that must be paid at the establishment of a company, with specific requirements for insurance companies, including a minimum amount that must be deposited with the Department of Finance of the Republic of Indonesia as reserves for claim payments.

  • Irrevocable :

    Absolute / certain / definite. Something that cannot be changed. In life insurance, a beneficiary designated as the "absolute beneficiary" cannot be replaced without their written consent.

  • Interest adjusted cost :

    Interest adjusted costs. Procedures for calculating life insurance costs by considering the time value of money calculations (investment returns and the amount of money if invested elsewhere). There are many ways to calculate adjustment interest costs based on the time value of money.

  • Insurance Tax :

    Insurance Tax. Tax that must be paid by the insurance company on the basis of premium receipts.

  • Insurance Market :

    Insurance Market. A collection of a number of people/business entities to whom insurance policies are sold.

  • Installment Settlement By Annuities Certain :

    Installment Settlement By Annuities Certain . Periodic installment payments within a specified period and amount as long as the annuitant is still alive.

  • Inter Company Comparison :

    Inter Company Comparison . A method created to help a manager monitor and evaluate agency operating costs by comparing one agency with another in the same company.

  • Interpleader :

    Interpleader. A legal method that allows an insurance company to pay policy benefits through a court and asks the court to decide who is entitled to receive it. If there is a claim and 2 people (or more) are fighting over a policy benefit, the insurance company will submit/send a letter requesting the court to act as mediator.

  • Installment Settlement :

    Installment settlement. Payment of the death benefit or cash value of a life insurance policy through a series of installments, rather than all at once. See: fixed amount settlement option ; fixed period option settlement life income ; life income with certain period.

  • Immediate Annuity :

    Immediate Annuity. Calculation of the annuity that will be paid at the end of each period.

  • Income Statement :

    Income statement. Accounting reports regarding company profits within a specified period of time by summarizing/summarizing the company's earnings/revenue and expenses during that period. This report is sometimes called a profit and loss statement, a statement of income and expenses or an income statement.

  • Indirect Insurance Company/Insurer :

    Indirect insurance company / Insurer. The insurance/reinsurance company that accepts the transfer of risk and the insurance company.

  • Indirect Insurance Company/Insurer :

    Indirect insurance company / insurer. The insurance/reinsurance company that accepts the transfer of risk and the insurance company.

  • Interest Option :

    Interest option. Use of life insurance policy dividends by policyholders with profit sharing. Here policy dividends are accumulated in the company at a guaranteed minimum interest rate. The option of using interest can also be given to the designated person by not taking the policy benefits but still keeping them with the company, accumulating interest.

  • Insurability Option :

    Insurability Option. Option to be insured. Example: a choice between being subject to an observation period or undergoing a doctor's examination.

  • Interest Free Loans :

    Interest free loan. How to borrow without interest on universal life insurance policies.

  • Insurance Policy :

    Insurance policy. A written contract between the policyholder or insured and the insurance company stating the obligations and responsibilities of each party.

  • Indexed Life Policies :

    Indexed life insurance policies. Life insurance policies that use index numbers to determine the amount of premium payments and benefits.

  • Installment Premium :

    Installment premium. Premium payments are paid in monthly, quarterly, semi-annual installments.

  • Initial Premium, First Year Premium :

    Initial premium, first year premium. The first year's premium that the policyholder pays to the insurance company.

  • Indemnity Principle :

    Indemnity Principle. The compensation paid is based on the losses suffered by the insured.

  • Insurable Risk :

    Insurable Risk. Conditions in which the prospective insured or policy holder meets the insurance company's standard requirements. This requirement covers losses that are: 1. Identifiable. 2. Happened by chance. 3. Fulfill the law of large numbers. 4. Adequate premium in light of potential losses.

  • Interest Rate :

    Interest rate. The amount of money earned and invested. This interest rate is expressed as a percentage.

  • Insurance Rate :

    Insurance rate. The amount of premium paid by the insured which reflects the expected losses that will occur for the insured risk, the costs and profits of the insurance company.

  • Irrevocable Beneficiary :

    Irrevocable Beneficiary. The person appointed to receive the insurance benefits stated in the policy, which cannot be changed without the absolute approval of the benefit.

  • Insured :

    Insured. The person whose life is insured (the party covered by the life insurance policy).

  • Impairment Rider :

    Impairment Rider. Appendices to a health insurance contract that exclude or limit coverage and specific health disorders. Also called an exclusion rider.
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The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

  • Joint Life Annuity :

    Joint annuities. An annuity contract that consists of one or more annuitants where the benefit payments cease upon the death of any one annuitant.

  • Joint Life And Survivorship Annuity :

    Joint life annuities. An annuity that continues to pay its benefits as long as one or two or more annuitants are still alive.

  • Joint Life Pension Assurance :

    Joint pension insurance. A form of pension insurance that provides care for two or more people and payment of care will only be made as long as one person is alive. See: joint annuity.

  • Joint Life Term Assurance :

    Term life insurance. Term life insurance that covers two or more lives, with benefits paid only when one or all of the insured parties pass away.

  • Joint Life Endowment Assurance :

    Dual-purpose joint insurance. A dual-purpose insurance that covers two or more lives, with benefits paid out if one of the insured persons dies during the policy term or if all insured persons are alive at the end of the policy term.

  • Joint Whole Life Insurance :

    Life insurance joining for a lifetime. Whole life insurance that covers two or more lives, with benefits paid out when one of the insured individuals passes away.

  • Joint And Survivor Option :

    Joint And Survivor Option. Settlement options under a life insurance policy where the benefit can choose to have the death benefit paid in the form of a joint life annuity. See: Joint Life and Survivorship Annuity.
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The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

  • Key Person Insurance :

    Expert workforce insurance. Insurance designed to provide funds when an expert employee dies, causing significant losses to the organization. The organization becomes the policyholder and is also designated to receive the policy benefits. See: key employee insurance.

  • Key Employee Insurance :

    Insurance for important officials (experts). See: key person insurance, key employee (key person).

  • Key Employee (Key Person) :

    Key Employee (Key Person). Someone who has unique / superior abilities for matters related to the continued success of the company. See: key person insurance.
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  • Local Agent :

    Local agent.

  • Lay Underwriter :

    Risk selection assessor. Individual whose job involves selecting the risks of prospective insureds.

  • Loan Installment :

    Loan installment. The amount of money used by the policyholder to pay the insurance policy loan.

  • Life Annuity :

    Life annuity. An annuity paid to the annuitant as a replacement for income for a specified period of time stated in the contract until the annuitant's death.

  • Legal Principle Of Life Insurance :

    Principles of life insurance law. Legal principles regulating life insurance.

  • Life And Survivorship Assurance :

    Insurance joins 2 more lives. Insurance for some people whose only care is paid to the surviving responsible. Look: joint life annuity.

  • Life Insurance With Additional Benefits :

    Life insurance with additional benefits. Life insurance that includes supplementary benefits such as disability insurance, critical illness insurance, or other additional benefits besides the death benefit payout.

  • Life Insurance With Premium Return Benefits :

    Life insurance with premium refund benefits. Life insurance that provides a refund of the premiums paid if the insured is still alive at the end of the insurance term.

  • Loan Guarantee Insurance :

    Loan guarantee insurance. Insurance that provides lenders with protection against the risk of borrower default.

  • Life And Health Insurance :

    Life insurance and health insurance. A combination of life insurance and health insurance in one policy.

  • Life Insurance With Accident Benefits :

    Life insurance with accident benefits. Life insurance that provides additional benefits if the insured's death is caused by an accident.

  • Life Insurance With Additional Benefits :

    Life insurance with additional benefits. Life insurance accompanied by additional benefits such as disability insurance, critical illness, or other additional benefits besides the death benefit payout.

  • Level Term Insurance :

    Term life insurance. A term policy where the sum assured remains constant, not increasing or decreasing as long as the policy is in effect.

  • Last Survivor Term Assurance :

    Endowment insurance with multiple insureds. An endowment insurance policy covering a period during which two or more individuals are insured, with the insurance payout made only upon the death of the last surviving insured during the policy's term.

  • Life Insurance / Life Assurance :

    Life insurance.

  • Life Insurance In-Force :

    Life insurance (still) in effect A sum of insured money and premium-free coverage, or policies whose premiums are still being paid, issued by an insurance company.

  • Life Insurance Ordinary :

    Ordinary life insurance. See: ordinary life insurance.

  • Life Insurance Renewability :

    Life insurance is renewable. Look: Renewable term life.

  • Life Insurance Straight :

    Direct life insurance. See: Ordinary life insurance.

  • Limited Payment Life Insurance :

    Limited premium payment life insurance. This type of insurance policy has a limited premium payment period for a certain time frame, as specified in the insurance contract, or until the insured passes away before the specified term ends. For example, a 20-year endowment policy with 20 annual premium payments.

  • Last Survivor Whole Life Assurance :

    End-of-life whole life insurance. A life insurance agreement with two or more insured persons where the insurance proceeds are only paid upon the death of the last insured during the coverage period.

  • Last Survivor Insurance :

    Survivorship life insurance. A life insurance policy covering two or more people, with benefits paid out after the last insured person has passed away.

  • Life Underwriting Training Council (Lutc) :

    Insurance agent training agency. Organizations that develop and manage educational and testing materials for life insurance agents. An important goal in this education is selling techniques.

  • Life Insurance Trust : Badan Perwalian Asurasi Jiwa :

    - Agreement to establish a trust for a trustee and a trustee a life insurance policy If the responsible dies, this agency has an obligation the law to pay the obligations in the manner prescribed in the agreement Trust. - Representative body established for the benefit is included in the responsible answer to pay for policy matters as stated in the agreement Trust.

  • Limit Per-Person :

    Limit per-person The maximum amount of liability policy that an insurance company will pay for bodily injury that occurred to a person in an accident.

  • Loading For Expenses :

    Expenses loading. The amount of money added to the basic premium rate to cover expenses incurred by insurance companies in securing and maintaining businesses, or the percentage amount (%) added to the net premium as expenses. Look: Expense loading.

  • Loading Of Profit :

    Loading of profit. Amount of money added to net premiums for profit.Burden of profit. Amount of money added to net premiums for profit.

  • Loading For (Quarterly) Payment Of Premium :

    Loading For (Quarterly) Payment Of Premium. The fee added to the premium if the premium is increased, for the company's additional fee reimbursed.

  • Life Paid Up At Spcecif Led Age :

    Life paid up at specific age, See: limited payments life insurance.

  • Lapse :

    Lapse. The policy is cancelled due to overdue premium payments exceeding the grace period. If the policy does not have a cash value, it will expire. If the policy has a cash value, the policyholder can choose to reinstate it by paying the overdue premiums plus interest, converting it into a term policy, or converting it into a premium-free policy.

  • License Fee :

    License fee. Amounts that insurance companies or other companies or individuals pay to obtain a specific business license.

  • Legal Reserve Life Insurance Company :

    Legal Reserve Life Insurance Company. Life insurance companies whose reserves are determined by state legislation, which is sufficient to pay the obligations of policyholders when the time comes.

  • List of reinsurance (bordereaux) :

    List of reinsurance premiums. A list containing reinsurance premiums.

  • Life insurance fund :

    The formed Dana and the accumulated premium results

  • Legal reserve fund :

    Reserve fund for premiums. Reserve fund calculated based on actuarial provisions.

  • Dividend :

    Dividend. Refund of premiums paid to collection policyholders with profit-sharing rights if the group's experience is better and in what was anticipated earlier when the premium rate was created/set (it was taken into account in the premium at the time the premium rate was set).

  • Life expectancy :

    Life expectancy. The average life expectancy of a given group of people and age corresponds to the mortality table.

  • Law of the large number’s :

    Law of the large number’s. A statistical concept that states that the greater the number of opportunities for an event to occur, the more and more likely it is to occur, and is accounted for in terms of mathematical probability.

  • Law of the policy :

    Law of the policy. The legal basis used for life insurance policies.

  • License bond :

    A device that guarantees the issuance of a single license in accordance with the laws of the state that governs whether the licensee can carry out his/her business.

  • Life management institute :

    Salah satu unit dari Life Office Management Association (LOMA) yang menyiapkan dan mengelola bahan-bahan pendidikan untuk program Fellow Life Management Institute (FLMI). Setelah melengkapi semua ujiannya, peserta menenima gelar FLMI.

  • Litigation :

    Judicial proceedings / proceedings. Measures to process resolution (opinions) through lawsuits.

  • Life contingency :

    Life contingency. It has to do with the risks experienced by being borne that involve uncertainty due to estimates of the length of human life.

  • Liabilities :

    Liabilities. The valuation of reserves for insurance companies ensures that funds are available to meet their obligations. This is overseen by the Department of Finance. Life insurance obligations include the surrender value of its policies and annuities.

  • Lien clause :

    Boundary clause. Clauses that impose restrictions on one of the insurance concerns within a certain period during which the policy is still valid.

  • Level commission :

    Flat commission. Compensation received by an insurance agent for selling the same policy year after year. Usually, life insurance companies pay a higher commission in the first year than in subsequent years.

  • Life insurance contract :

    Life insurance contract. See policy.

  • Loan receipt :

    Loan receipt. Acknowledgment/proof of receipt by the policyholder that they have received the requested insurance policy loan.

  • Ledger :

    Ledger. The collection and entirety of a company's financial reports. Also referred to as a general ledger and the final accounting record.

  • Life annuity certain :

    Life annuity certain. Periodic payments for a specified period and under any circumstances must be paid as long as the beneficiary (annuitant) is alive (note: a form of income for the annuitant).

  • Life income with refund annuity :

    Life income with refund annuity. See refund annuity.

  • Liquidation and rehabilitation :

    Liquidation and rehabilitation. The takeover of an insurance company's assets by the insurance directorate (government) when it is revealed after an annual examination that the company is in severe financial difficulty. The insurance directorate will take over operational leadership in the interest of policyholders, insured parties, and creditors. If the insurance directorate believes that the company can still be saved, organizational rehabilitation is carried out. If rescue is no longer possible, liquidation is conducted.

  • License :

    License. In insurance, it's the legal authorization obtained by an insurance company, agent, broker, or consultant to conduct business in a specific country. A document issued by the state indicating that the individual/company in question has complied with the laws and is therefore entitled to conduct insurance business. Having a license is not a guarantee that the consumer will be offered the best products to meet their needs or that an agent will possess the technical expertise to master products on behalf of the consumer.

  • Living benefit of life insurance :

    Living benefits of life insurance. See: living benefits of life insurance.

  • Life-time disability benefit :

    Life-time disability benefit. Provisions in some disability policies that provide monthly income benefits for as long as the insured is disabled as defined in the policy. See: disability income insurance.

  • Loan value :

    Loan value. The maximum amount of money that can be borrowed against the cash value of a policy. See: cash value.

  • Layering :

    Layering. A combination of various policies, each policy providing additional sum insured above the previous policy limit. Example: policy A adds US $ 100,000, then policy B adds U $ 200,000 and C adds $ 300,000 for a total of $ 600,000. In some cases, a company cannot get the coverage it needs from just one insurance company, therefore the company must purchase several policies from different insurance companies in order to meet all its needs.

  • Limited Payment Premium :

    Limit Payments Premium . An insurance program whose premium payment period is limited to a certain period of time or until death during the premium payment period. Example: a whole life policy whose premium payment period is limited to 10 years or 20 years.

  • Lapse Notice :

    Lapse Notice. A letter from the company containing notification that the policy has expired due to arrears in premium payments exceeding the free period.

  • Late Remittance Offer :

    Final Offer. Ways to encourage reinstatement of voided policies. This final offer details that the company will accept outstanding premium payments after the free period has expired and reinstate the policy without having to fill out a reinstatement form or submit proof that it is still insurable.

  • Life Income With Period Certain :

    Life Income With Period Certain. Annuity payments over the life of the annuitant. If the annuitant dies before the period ends, payments are made to the beneficiary until the specified period ends.

  • Life Income :

    Life Income. Annuity payments that continue throughout the life of the annuitant. See: annuity.

  • Life Underwriter :

    Life underwriter risk selection officer.

  • Life Insurance Settlement :

    Life insurance settlement. See : optional modes of settlement.

  • Law Relating To Claims And Annuity Payments :

    Law Relating To Claims And Annuity Payments . Legal provisions governing the methods of payment of claims and annuities.

  • Lien Period :

    Lien period. Provisions for the validity period for payment of death claims.

  • Legal Liability :

    Legal liability. Legally enforceable obligations.

  • Life Insurance Company :

    Companies that accept the transfer of life risks (economic value and the insured).

  • Life Reinsurance, Life Reassurance Company :

    Life reinsurance company. Companies that accept the transfer of risk and insurance companies.

  • Life Income Option :

    Life income options. A settlement option where the company uses the policy benefits and interest to pay a series of annual installments or more regular installments to a person throughout the life of the person who has been determined to receive the insurance benefits.

  • Life Income With Period Certain Option :

    Life Income With Period Certain Option. The options listed in a life insurance policy function to provide income such as a defined annuity. See: Annuity Certain.

  • Loan :

    Loan. Borrowed money. In life insurance, loans can be taken and the cash value of the policy at any time. The policyholder does not have to pay back the loan until the policy expires or until the loan and interest accrues equals the cash value.

  • Loan Of Policy :

    Loan of Policy. The amount of money borrowed by the policy holder with his policy guarantee.

  • Loan On Personal Security :

    Loan On Personal Security. See: Loans.

  • Life Insurance Policies :

    Life Insurance Policies. Coverage that provides income benefits for surviving family members if one of the family members dies. Also called family income policy, family income rider, family maintenance policy, and family policy.

  • Level Premium Life Insurance Policy :

    Level Premium Life Insurance Policy. A life insurance policy that provides a certain amount of benefits during the life of the insured, with a fixed premium paid.

  • Limited Payment Policy :

    Limited payment policy. A type of life insurance policy that provides medical reimbursement benefits specifically designed to reimburse the costs of treating a specific disease, such as cancer, and is named in the policy.

  • Limited Coverage (Dread Disease) Policy :

    Limited Coverage (Dread Disease) Policy. A form of medical expenses policy designed to reimburse medical expenses incurred by the insured who has made an agreement only for a specific disease, such as cancer, mentioned in the policy.

  • Limited Policy :

    Limited policy. A type of health insurance that provides benefits only for certain risks such as cancer.

  • Limited Policy :

    Limited policy. Health insurance that provides benefits only for certain risks, such as cancer.

  • Level Premium :

    Level premium. The premium is the same throughout the contract period.

  • Ledger Proposal :

    Ledger proposal. A printed illustration of the policy rates, cash values ​​and dividends applicable to a particular year.

  • Lapse Ratio :

    Lapse Ratio. Comparison of policies that expired (cancelled) in one year with the number of policies that were still valid at the beginning of the year.

  • Life Planning :

    Life Planning. See: estate planning; estate planning value approach (economic value of an individual life / evoil).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

  • Life And Health, Business Exposures :

    Life and health, business exposures. The loss of a very important person due to death, disability, illness, discharge, imprisonment or retirement, reveals various things, including this individual's expertise, there can be a loss of income, market share, loss of research and development opportunities, the existence of a series of unpaid credits and the company. There are also extra expenses associated with training and hiring a replacement for the key person, all of which can be covered by life and health insurance.

  • Loss Rate :

    Loss rate. The amount and time of loss that will occur in a certain insured group where insurance coverage is still valid.

  • Lapse Rate :

    Lapse rate. It is possible that policies that occur at the beginning of the policy year will be canceled at the end of the policy year.

  • Legal Purpose :

    Legal purpose. The basic rule states that the agreement that will apply must be in accordance with community policy; that is, it cannot cancel any law. Courts will not enforce an agreement based on illegal activity.
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  • Matured Endowment :

    Dual policy end / dual contract end. Conclusion of the insurance period (contract) of a dual policy, where the policy's coverage amount is paid to the policyholder.

  • Mail Kit :

    Shipment tool. Sales brochure, sent via mail, providing quick information needed by a customer to decide to purchase and apply for a policy.

  • Master Budget :

    Master budget. A budget compiled from all the budgets of the various divisions of a company.

  • Mutual Benefit Association :

    Association of mutual benefits. See: assessment company; assessment insurance; assessment period.

  • Mortgage Protection Insurance :

    Mortgage insurance. Insurance that protects the lender (typically a bank or financial institution) against losses caused by the borrower's default on their mortgage obligations.

  • Miscellaneous Life Assurance :

    Multiple life insurance. Life insurance that provides several types of benefits in one policy.

  • Mutual Life Insurance :

    Mutual life insurance. An insurance company where policyholders are also shareholders.

  • Modified Life Insurance :

    Life insurance is modified. Individual life insurance, where in the initial years the premium is calculated as lower and normal, while for subsequent premiums it will be higher and normal. See: graded premium life insurance, whole life insurance.

  • Main Insurance :

    Basic/basic insurance. Life insurance with no extra insurance (rider).

  • Maturity Bonus :

    Maturity bonus. Bonus awarded to the policyholder at the end of the insurance contract.

  • Mathematical Reserve :

    Mathematical reserve. Look: actual mathematical reserve.

  • Modified Reserve Standars :

    modified reserve standard. See: modified reserve methods.

  • Main Reserve :

    Main reserve. Premium reserves are usually calculated by the middle of the calendar year.

  • Mode Of Payment :

    Method of premium payment. See: premium method of paying.

  • Method Of Reinsurance :

    Method of reinsurance. Method of transferring risk to reinsurance companies.

  • Marketing department :

    Parts/departments within life insurance and health insurance companies are responsible for marketing insurance products to the public.

  • Distribution expenses :

    Cost distribution. Expenses needed to prepare products for publication. These costs include agent compensation, collection insurance sales officer salaries, postal fees, printing, and telecommunications fees for companies that use direct response marketing.

  • Medical examiner :

    The doctor's examiner. The doctor who conducts the health examination of the candidate is covered by life insurance and health insurance. This doctor is selected by the insurance company and all medical examination fees are covered by the company. Look at the medical examination.

  • Market value :

    Market value. The value of wealth based on the current price in the money market (capital market).

  • Management information :

    The information needed by managers to formulate company goals/objectives. When company goals are achieved, it will determine and support the decision-making process.

  • Manpower schedule :

    Labor development schedule. The part of an agency operation program in which agency managers estimate the number of agents and office employees required to generate the predicted number of businesses, fees and salaries, training for office employees, and the money and time required to recruit, hire, and train new agents.

  • Material misrepresentation :

    Material misrepresentation. In insurance, falsification of facts/presentation of false facts, which, if the company knew the truth, would not issue policies or would only issue policies on other grounds, such as with higher premiums or with lower liability money. Forgery of such facts, which is material that if a life insurance company finds out, it won't take the risk. Presentation errors can be unintentional (due to new people) or intentional. This misrepresentation gave the insurance company a reason to reject the contract or cancel the policy.

  • Misstatement of age clause :

    Misstatement of age clause. See: Misstatement of age.

  • Misstatement of age provision :

    Misstatement of age provision. The words in the individual life insurance policy state that if the age of liability is wrong and this error results in an incorrect amount of premium when purchasing the policy, then the policy's liability money will be adjusted to the premium paid or the policyholder will have to pay off the shortage of interest premiums.

  • Mortality gain / profit :

    Mortality gains. - Benefits derived from the mortality rate, where the actual mortality rate is lower than assumed. - Company benefits obtained from the difference between the actual mortality rate and the assumed rate.

  • Maturity claim :

    Contractual termination claim. Claim for the right of the policyholder to insurance coverage due to the termination of the insurance contract.

  • Mainframe computer :

    Mainframe computer. A central computer capable of processing data very quickly and storing a large amount of data.

  • Master contract / policy :

    Master contract / policy. An agreement between an insurance company and the holder of a group policy. The master policy insures a number of individuals under one policy. It's an insurance policy for a group of people where the policyholder is the entity/company where this group works. Each individual insured only receives a certificate as evidence of being insured under that policy.

  • Maturity :

    Insurance contract expiration. The end of the insurance period where the sum assured as insurance benefits is paid to the policyholder/insured.

  • Mortality table :

    Mortality table. A statistical table that shows death rates for each age group and is typically expressed per thousand people.

  • Medical report :

    Medical report. The medical results of the prospective insured (in this case, an assessment of medical outcomes).

  • Manager :

    Manager (administrator). See agency manager.

  • Manifestation of assent :

    Manifestation / expression of assent. A manifestation for any eligible person to engage in a specific contract.

  • Maternity benefit :

    Maternity benefit. Benefits paid in connection with pregnancy, including childbirth, miscarriage, and curettage.

  • Medical application :

    Medical application. An insurance request letter that includes a section to be filled out by a doctor after examining the prospective insured.

  • Medicare :

    Medicare. A health insurance program issued by the United States government intended for individuals aged 65 or older or for individuals with certain disabilities as determined by the United States Congress.

  • Mutual benefit method :

    Mutual benefit method. A former method for funding life insurance used by community associations for mutual benefit (such as fraternal organizations or labor unions), where promised death benefits are collected through assessments from members, the amount of which remains the same after the death of an insured member (also known as post-mortem assessment method).

  • Method of paying premium :

    Method of paying premium. It refers to the way premiums are paid. For example: lump sum, annually, semi-annually, quarterly, monthly.

  • Minimum premium :

    Minimum premium. The minimum premium received by an insurance company to cover the risk for a certain period of time.

  • Modified reserve :

    Modified reserve. The adjustment of premium reserves due to higher realized costs incurred in the initial years. This modification occurs when the realized costs are higher than those charged in the initial years.

  • Morbidity :

    Morbidity. frequency of occurrence of diseases, illnesses, and contagious conditions.

  • Mortality :

    Mortality. 1. the uncertainty of the timing of death 2. the frequency of death occurrences.

  • Mortality experience :

    Mortality experience. the actual death rates observed within a specific group of people.

  • Mortality charge :

    Mortality charge. is the cost component of a universal life insurance policy. This charge is based on the net amount at risk, the risk classification of the insured at the time the policy was initially purchased, and the insured's age at entry.

  • Mortgage assurance / Mortgage redemption assurance :

    Mortgage insurance. Insurance whose benefits are designed to protect the insured with mortgage collateral, allowing their loan to be settled by the life insurance company if the insured passes away. Typically, the policy takes the form of decreasing term insurance.

  • Mutual company :

    See mutual insurance company.

  • Maturity value :

    Maturity value. A specific amount received by the policyholder/insured at the end of the insurance period or at a predetermined age.

  • Market driven organization :

    Market driven organization. An organization formed by and for responding to market needs, assisting the consumers that drive that market.

  • Marketing Committee :

    Marketing Committee / team. A team whose members consist of representatives from each department who provide suggestions in designing insurance contracts with special benefits and premium rates and guarantees included in the contract.

  • Market :

    Market. - actual or potential product buyers. - a place to meet sellers and buyers

  • Mass Marketing :

    Mass Marketing. Marketing insurance products directly to the public without using marketing agents. usually done through mass media.

  • Market Segment :

    Market Segments. A group of customers with the same needs. Market segments can be identified and their characteristics include age, gender, income, occupation, personal attitudes, geographic location, education and marital status.

  • Mutualisation :

    Mutualisation. Transformation from a PT-shaped insurance company to mutual insurance, where the PT-shaped insurance company sells and spends its shares.

  • Medical Examination :

    Medical Examination. Examination of prospective insured persons by an appointed doctor to fulfill the requirements of the insurance application letter. Medical examination of the policy holder/insured who submits a claim to determine the level of impairment/disability whether or not it is necessary to extend the period of incapacity (disability).

  • Medical Referee / Adviser :

    Medical Advisor. - A person with the title of doctor who is an advisor in the underwriting department. - Doctors who provide opinions and advice in selecting prospective insured persons.

  • Medical Assessment :

    Medical Assessment. Examination of medical results by an advisory doctor/underwriter to determine the risk level of the prospective insured.

  • Mass Merchandizing :

    Mass Mechandizing. Coverage for a group of individuals under one policy, usually whose members come from a particular company, labor union or association.

  • Misstatement Of Age :

    Misstatement Of Age. Falsification of birth dates by prospective policy holders/insured for life and health insurance policies. If the company becomes aware of an age error, the sum assured will be adjusted to the actual age based on the premium paid.

  • Misrepresentation (Fats Pretense) :

    Misrepresentation (Fats Pretense). 1. For fraudulent purposes. Prospective insureds are required to answer honestly all questions from the insurance request letter. The insurance company can cancel the contract and the policy never be issued if it is found that the statements in the demand letter are untrue. 2. Providing false information/statements, whether written or verbal, or lying about facts in the insurance request letter or in the loss claim.

  • Mutual Assent :

    Mutual assent. 1. Agreement to the terms of the contract by the contracting groups. 2. Acceptance with the agreement as the basis for the contract to be valid according to law, so it can be enforced in court, an offer is made and one party accepts the offer to the other party. If negotiations are carried out correctly the insurance contract becomes a contract of mutual agreement.

  • Mutual Insurance Company :

    Mutual insurance company. The owners of the company are the policyholders, there are no shares available for purchase on the stock exchange.

  • Marriage Insurance Option :

    Marriage insurance options. Policy benefits for wedding expenses.

  • Medical Expense Coverage :

    Medical Expense Coverage. Health insurance that provides benefits for hospital and outpatient costs.

  • Monthly Premium :

    Monthly premium. Premiums paid monthly.

  • Monthly Debit Ordinary (Mdo) :

    Monthly Debit Ordinary. Ordinary life insurance with monthly premiums sold and serviced by agents and door to door.

  • Multi Employer Plan :

    Multi employer Plan. A retirement plan that protects employees of two or more companies whose finances are unrelated. Companies may employ employees from one labor organization or from the same industry. Employer contributions will go into a common fund from which benefits are paid. Employees can switch companies from one pool and still get the benefits. Dual employer programs have recently grown in popularity so that small companies can jointly provide retirement benefits to their employees.

  • Modified Coinsurance (Modco Plan) :

    Modified Coinsurance. In this program, the reinsurance company receives a share and gross premium minus a proportional amount of general expenses, commissions and taxes. However, reserves for the entire policy are held by the insurance company.

  • Minimum Premium Plan :

    Minimum premium plan. The lowest premium that an insurance company can accept for a policy to be issued. This premium is needed to cover the definite costs of the policy once it is received by the company.

  • Miscellaneous Expenses :

    Miscellaneous Expenses. Hospital costs outside of inpatient costs include costs for x-rays, medicines, bandages, operating rooms, and ambulance costs.

  • Marketing Plan :

    Marketing plan. A document that details the company's marketing goals/objectives. The strategies required to achieve these goals as well as specific objectives for each product or series of products. The marketing plan is also used as a control tool so that the marketing department can analyze operational results and how far targets have been achieved.

  • Moral Hazard :

    Moral hazard. Circumstances or situations that increase the probability of loss due to the habits or morals of the prospective insured, such as the prospective insured being known to be a lawbreaker.

  • Mass Underwriting :

    Mass Underwriting. Evaluation of the demographic characteristics of the entire group (such as age, gender, morbidity, mortality) is seen from the evaluation of the individuals in the group.

  • Management Information System :

    Management information System. A system that processes data and the results will become information that can be used by those who need it.

  • Minimum Standards :

    Minimum standards. The lowest criteria for risk to be insured. Example: a life insurance company requires an insured (non-group) to be free from terminal illness (serious illnesses).

  • Maturity Date :

    Maturity date. The end date of the insurance contract where insurance benefits are paid to the policy holder / insured, if still alive

  • Morbidity Rate :

    Morbidity rates. The relationship between the frequency of illnesses, illnesses and infectious diseases suffered by individual members and one group compared to members of the entire group within a certain period of time.

  • Mortality Rate, Rate Of Mortality :

    Mortality rate. A number that shows the number of deaths per thousand of the population in the same age group in a certain time period.

  • Mutual Rate :

    Mutual Rate. The generally accepted price per unit of insurance is usually a standard rate that must be paid for standard risks. Example: a company's manual rate per year per 1,000 sum insured for a policy for a 26 year old male is 12.02.
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The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

  • Non-Medical Insurance :

    Non-medical insurance. Life insurance is issued on the basis of ordinary requirements but without a health check; however, it is liable to give statements about his health and body condition that are part of his politics.

  • Newspaper Subscriber Insurance :

    Newspaper customer insurance. Insurance for subscribers of newspapers where premiums are paid together with subscription money for newspapers. Usually it's limited accident insurance.

  • Net amount at risk :

    Net risk. The difference is between the amount of police liability money, the death penalty, and the reserve policy at the end of the year.

  • Non admitted assets :

    Unrecognized wealth. Wealth that, according to government regulations, cannot be included in the balance sheet of a life insurance company.

  • Non forfeiture :

    Guaranteed terms. The provisions in the policy guaranteeing the rights of policyholders if the premium payment is terminated are delayed. Look at the nonforfeiture values.

  • New business commission :

    New business commission. Commission earned from the sale of new policies.

  • Non-revocable nomination of beneficiary :

    See : irrevocable beneficiary.

  • Non-forfeiture benefits :

    Non-forfeiture benefit. Cash value or insurance benefits available to the policy owner, which have cash value.

  • Natural death :

    Natural death. Death due to causes other than an accident.

  • Net premium method of valuation :

    Net premium valuation method. A method for determining the reserve value of premiums based on net premiums.

  • Net worth :

    Net worth. The total assets minus liabilities. Used by underwriters to evaluate the financial position for securities.

  • Net cash value :

    Net cash value. See: cash value.

  • Non forfeiture values :

    Non-forfeiture value. Refer to: non-forfeiture provision.

  • Non-medical limit :

    Non-medical limit. The maximum sum assured of a policy that an insurance company can offer to a prospective policyholder/applicant without requiring a medical examination.

  • Notice of reduction of sum insured :

    Notice of reduction of sum assured. A notification from the insurance company to the policyholder about the reduction of the sum assured in accordance with the permissible level of risk.

  • Notice Of Claim :

    Notice Of Claim. 1. A letter from the insurance company sent to the policy holder stating that the contract period in question will end. 2. Letter of approval for payment of claims and reinsurance companies to insurance companies in connection with death claims or accident claims.

  • Non-Admitted Insurer :

    Non-Admitted Insurer. The company is not licensed by the government of a state to sell and service insurance policies within its territory.

  • Non-Disclosure :

    Non-disclosure. Prospective policy buyers provide incorrect and complete information or do not reveal the actual situation.

  • Non Forfeiture Options :

    Non Forfeiture Options. Options available to policyholders regarding the means or methods by which the policyholder can request the cash value of the policy if the policy expires (cancels due to non-payment of premiums).

  • Non Occupational Health Insurance Policy :

    Non Occupational Health Insurance Policy. Accident and health insurance policies that are not related to the insured's employment.

  • Non Cancellable Policy :

    Non Cancellable Policy. An insurance contract that cannot be terminated either by the insured or by the insurance company or by either party.

  • Non Participating Policy :

    Non Participating Policy A type of life insurance policy or annuity in which the policyholder receives no dividends or profits from the insurance company and the policy.

  • Nature Premium :

    Natural premium. Premiums are calculated based on the insured's age in the year concerned.

  • Natural Premium :

    Natural premium. The 1 (one) year term policy premium is paid only for the year in question and does not form a reserve every year. The pure premium increases according to the age of the insured.

  • Net Premium :

    Net premium. 1. Premium portion calculated based on mortality and interest rate tables. 2. Gross premiums minus cost elements.

  • Net Level Premium :

    Net Level premium. The premium is a fixed amount throughout the contract period before fees are charged.

  • Non Guaranteed Premium Life Insurance Policy :

    Non Guaranteed Premium Life Insurance Policy. A whole life policy that details both the maximum premium level and the actual premium level that the policyholder will pay for a specified period of time after the policy is purchased. This premium level can be changed by the insurer after the insurance period ends, but the new premium cannot be greater and the maximum has been determined. Often also called a policy with flexible premiums or a policy with variable premiums.

  • Net Single Premium :

    Net Single Premium. Premiums are paid at once after deducting costs.

  • Net Annual Premium :

    Net annual premium. Annual premium before / without charge.

  • New Business :

    New Business. Proceeds from the sale of new policies, including the number of policies, sum assured and premiums.

  • Non-Contributory Plan :

    Non-Contributory Plan. Group insurance where participants are not required to pay any costs and the program (100% paid by the job seeker).

  • New Insurance Ratio :

    New insurance ratio. A number that shows the comparison of new production to previous new production.

  • Net Increase Ratio :

    Net increase ratio. The ratio of the increase in the number of policies that are still valid to the number of policies in the previous period. A number that shows the comparison of the increase in the number of policies that are still valid compared to the number of policies in the previous period.

  • Non-Proportional Reinsurance :

    Non-Proportional Reinsurance. A type of reinsurance where the proportion of risk that is the responsibility of the insurance company and the amount of risk that must be the responsibility of the reinsurer are not known at the time the reinsurance agreement is made. Example: excess loss reinsurance.

  • Normal Risk, Standard Risk :

    Normal risk,standard risk. See: first class life, select life.

  • New Cession :

    New session. The amount of risk from a new policy handed over to reinsurance.

  • Non Medical Application :

    Non Medical Application. A life or health insurance application form that does not contain a section that should be filled in by a doctor or medical professional.
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  • Old Age Benefit Insurance :

    Old-age insurance. Insurance that begins to be paid by the time it is covered by old age/specific.

  • Old Age Endowment Insurance :

    Old-age double insurance. Dual-use insurance whose contract expires at the time of retirement.

  • Orphan’S Pension Schedule :

    Orphaned pension insurance. Pension insurance that in detail will be provided/paid to orphan policyholders.

  • Ownership rights under life insurance :

    Ownership rights in life insurance.

  • Occupational risk / hazard :

    Occupational hazard. The risks posed by work are borne.

  • Over insurance provision :

    Over-insurance provisions. The health insurance policy stipulates that the policy benefits to be paid are reduced if the insured exceeds the actual value (losses).

  • Outstanding claim :

    Claims haven't been paid. Claims for the rights of policyholders that have been filed but have not been paid by the insurance company.

  • Overriding commission :

    Development commission / override commission. Commission given to supervising officers or agency managers, calculated based on the agent's commission on the policies they close.

  • Obligatory reinsurance :

    See: Automatic reinsurance.

  • Old age pension assurance :

    Old age Pension insurance. Pension insurance whose benefits will begin to be paid when the insured reaches retirement age.

  • Offer And Acceptance :

    Offer and Acceptance. Request from the prospective policyholder/prospective insured to enter insurance and acceptance by the insurance company.

  • Original Age Conversion :

    Original Age Conversion. Change of term policy to whole life insurance policy with premium rates based on the age of the insured when purchasing the term policy.

  • Option :

    Option. Choice by the policy holder when deciding to choose one of the dividend payments, or the unexpired value.

  • Optional Modes Of Settlement :

    Optional Modes Of Settlement. The options given to policy holders or designated parties regarding the manner in which the insurer pays the insurance benefits.

  • Optionally Renewable Policy :

    Optionally Renewable Policy. Individual health insurance policy, which can be renewed on the anniversary of the policy only if the insured chooses to renew it.

  • Orphan Policy :

    Orphan Policy. A policy whose selling agent no longer exists or is no longer working so he cannot provide services to the policy holder.

  • Outstanding Premium :

    Outstanding Premium. Premiums that are due but have not been paid by the policyholder.

  • Orphans Pension Scheme :

    Orphan pension scheme. A pension program whose benefits are paid to orphaned policy holders.

  • Own Retention :

    Own retention. A certain amount of risk is borne by the insurance company, which is not transferred to the reinsurance company.
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  • Presumptive Disablity :

    Assumption of disability/incapacity. A condition that, when it occurs, automatically renders an insured person totally unable. For example, total or permanent blindness, loss of two limbs, and so on.

  • Personal Accident Insurance :

    Self-accident insurance. Insurance that protects a person from the risk of an accident he or she suffers.

  • Paid Up Insurance :

    Insurance paid off. See: limited payment life insurance.

  • Partnership Insurance :

    Partner insurance. It's a waste of funds so that surviving partners can buy part of the business and the dead or disabled.

  • Previous Insurance :

    Early insurance. Insurance that previously had been owned by a liability.

  • Premium Collection Fee :

    Premium collection fee. Charges incurred by the bear for the collection of premiums.

  • Policy Fee :

    Police fees. The amount the bear adds to the gross premium to cover the bear's expenses. This amount is the same for all police officers regardless of the small amount of police liability money. Also called: policy charged.

  • Production Bonus :

    Production bonus . An incentive given to the employee/employee as a reward for achieving a previously set goal. These bonuses are usually a percentage of their weekly wages/salary.

  • Proof Of Title :

    Proof of title. Evidence that the person concerned is entitled to something. For example: entitled to a claim, his name is listed on the policy.

  • Policy Reserve :

    Policy reserve. Funds set aside by insurance companies to fulfill their obligations regarding policy matters in the future.

  • Premium Reserve :

    Premium reserve. The part of the premium that is reserved to pay for insurance coverage.

  • Pension plan funding; administration annuity group deposit :

    A retirement funding program where employer contributions are deposited to accumulate interest. Upon reaching retirement age, an immediate annuity is purchased for the employee.

  • Pension fund :

    The amount of money raised for the old days. A system involving financial institution pension funds or employer pension funds to pay pensions or annuities.

  • Plan document :

    Program documents. A written document used by employers detailing the requirements of the pension program. This document shows the benefits that participants will receive and is a requirement that must be met in order to obtain those benefits. A formal written legal statement, containing information and an employee benefit insurance program.

  • Pure endowment :

    Pure dual purpose. Insurance benefits will be paid only if it is covered by the time the contract expires.

  • Proposal form :

    Proposed/offered forms. See: Application form.

  • Private placements :

    Investments offered by bond issuers are directly to certain financial institutions and do not need to be registered first to government institutions.

  • Pro-rata calculation :

    Pro-average calculations. Withdrawal of a policy by an insurance company, by returning the premium to the policyholder (part of the premium for the excess of his/her insurance period is invalid) without calculating the costs already incurred by the person.

  • Preferred risk class :

    Major risk classes. People who belong to this risk class have a longer life expectancy than normal life expectancy. This person has excellent physical condition, no smoking, a good family health history.

  • Peer review groups :

    Peer review groups. Third-party assessors who are assessors consisting of local doctors who help solve claims disputes and improve good and ethical practices in the health care industry.

  • Proprietorship :

    Proprietorship. Single ownership. A business operated and owned by one person.

  • Provision :

    Provisions. Provisions in insurance agreements.

  • Physical examination provision :

    Physical examination provision. The provisions of the life and health insurance policy, which give the person the right to bear, ask the designated physician to examine a person who makes a claim on the bear's expenses.

  • Policy provisions :

    Policy provisions. Provisions / articles written in the policy that must be obeyed by the bear or the bear.

  • Permanent disability :

    Permanent disability. A person's permanent disability loses his or her ability to make a living.

  • Permanent partial disability :

    Permanent partial disability. See: Partial permanent disability.

  • Partial disability :

    Partial disability. Body defects that result in reduced ability to perform tasks.

  • Partial temporary disability :

    Partial temporary disability. Temporary defects of partially curable bodily functions.

  • Partial permanent disability :

    Partial permanent disability. Permanent impairment causing the insured to lose some bodily functions.

  • Profit :

    Profit. In limited companies, extra income is generated from excess corporate income after paying expenses.

  • Profit of investment :

    Profit of Investment. Profits earned from investment returns.

  • Prior claim :

    Early claims. The initial claim meant that if the business failed and the assets were sold to make money to pay back their debts, certain investors' demands for the business were met before other investors. Bondholders have the right to claim assets in advance compared to shareholders.

  • Pending claim :

    Claim pending. Claims whose payment was delayed for one or more reasons.

  • Preference beneficiary clause :

    Optional benefit clause. The wording in an insurance policy stating that if there is no primary benefit, the insurer will pay the policy benefits in the order specified in the policy.

  • Profit commission :

    Profit commission. The profit earned by the insurance company and a portion of the reinsurer's profit on the business reinsured by that company.

  • Policy contract :

    Policy contract. The insurance agreement stated in the policy.

  • Premium receipt :

    Premium receipt. It is a written proof stating that the insurance premium has been received by the insurance company.

  • Paramedical report :

    Paramedical report. A report based on physical examination and medical history conducted by healthcare technicians, physician assistants, or nurses, rather than by a doctor. The paramedic report describes the health of the prospective insured and can be used as part of an insurance application letter.

  • Paid premium :

    See : paid-up policy.

  • Premium paying period :

    Premium payment period. The time and duration of premium payment during the insurance period.

  • Probationary period :

    Probationary period. A period of time that a new employee must pass before qualifying for the company's group insurance program (also known as a waiting period).

  • Policy term :

    Policy term. The duration of coverage. See: policy period.

  • Past service benefit :

    Past service benefit. Individual retirement benefits calculated based on the past service of employees before the existence of the pension program. Typically, the benefits provided are a lower percentage of the available compensation at present.

  • Paid-up addition :

    Paid-up addition. Life insurance with its benefits enhanced through dividend additions. No additional premium is required for this. Also known as dividend additions.

  • Prospecting :

    Prospecting. - The activity of finding prospects. - The process of searching for or acquiring prospects.

  • Pre-authorized cheque (PAC) :

    Pre-authorization cheque (PAC) method. See: pre-authorized payment system.

  • Prospective method :

    Prospective method. A method for calculating premium reserves where the present value of future benefits is subtracted from the present value and premiums to be received in the future.

  • Project method :

    Project method. A method used to maintain the latest fixed annuity tables, assuming that the mortality rate at a certain age decreases or increases by a fixed percentage each calendar year.

  • Principal :

    Principal. 1. The amount of capital borrowed or invested at the beginning. 2. A party (insurance company) that authorizes another party (agent) to act on behalf of the authorizing party to engage in contractual relationships with third parties.

  • Paid up capital :

    Paid-up capital. The capital that has been paid in as a requirement for obtaining a business license.

  • Present value of policy :

    Present value of policy. The present value of an insurance policy determined by the amount of money to be received in the future.

  • Policy number :

    Policy number. A sequential number assigned to a policy issued by the insurance company.

  • Product driven organization :

    Product driven organization. An organization where the marketing department's role is solely to sell products that have been developed by the company.

  • Preferred provider organization (PPO) :

    Preferred provider organization (PPO). A collection of hospitals and doctors who contract with employers, insurance companies, and other organizations to provide comprehensive healthcare services to individuals at discounted rates.

  • Percentage Participation :

    Percentage Participation. In medical insurance, where the insurer and the insured/policy holder share the costs incurred by the insured on the basis of prior agreement, the amount of which is based on a percentage.

  • Past Service Liability :

    Past Service Liabillity/ fulfilled for past working hours.

  • Past Service Premium :

    Premiums are calculated from the date of start of work or the date specified as the start date of membership until the due date for premium payments.

  • Provisional Claim’S Advice :

    Provisional Claim'S Advice. See: notice of claim.

  • Premium Reminder :

    Premium Reminder. Notification letter to the policyholder to immediately pay the premium.

  • Preliminary Notice Of Claim :

    Preliminary Notice Of Claim. Preliminary notification of claims and policy holders or insured before the necessary conditions are completed.

  • Premium Notice :

    Premium Notice. A notice from the insurance company to the policyholder informing them that the premium must be paid by a certain date.

  • Programmer :

    Programmer. Someone who creates computer programs.

  • Policy Holder / Policy Owner :

    Policy Holder. People/entities who enter into insurance agreements with insurance companies, both in group insurance and individual insurance.

  • Paramedical Examination :

    Paramedical Examination. An examination that does not require the services of a doctor. The medical examiner may be a medical technician, registered nurse, practical nurse or physician assistant who usually asks about the prospective insured's medical history, measures blood pressure, pulse, height and weight and takes a urine sample.

  • Proposer, Applicant :

    Applicant. The person/entity applying for insurance.

  • Public Offerings :

    Public Offering. Shares and bonds are offered/sold to the public and are registered with government bodies.

  • Premium Earned :

    Premium Earned. The amount of premium that has been paid in advance and becomes the property of the company because during the time that has passed there has been no claim.

  • Payee :

    Payee. 1. Recipient. 2. Insurance companies that receive premium payments and payers. 3. People who receive benefit payments through an additional contract. Also called recipient.

  • Policy Year Experience :

    Policy Year Experience. Business experience for a period of 12 months is calculated from the effective date of the policy.

  • Per-Cause Deductible :

    Per-Cause Deductible. Requirement that deductibles must be charged for each different illness or accident before being paid by health insurance.

  • Package Selling :

    Package Selling. A process for putting a simple insurance program into a standard presentation and looking for prospects who could use the protection package.

  • Pension Fund :

    Pension Fund. Is a financial institution that manages or pays pensions to pension program participants (DPLK or DPPK).

  • Policy Period :

    Policy period. Policy contract period / coverage period.

  • Period Certain :

    Period certain. A predetermined period during which the guarantor unconditionally guarantees that benefits will be paid to someone.

  • Policy Changing :

    Policy changing. Change of policy data.

  • Participant Of Group Insurance :

    Participant of Group insurance. The insured participants in group insurance.

  • Physical Hazard :

    Characteristics of the risk in its material form, structure or operation, and the person who owns or manages the risk.

  • Paid Up Option :

    Paid up option. See: paid up addition.

  • Policy Loan :

    Policy loan. Loan money from the insurance company to the policy holder which is calculated from the cash value of the policy with the policy guarantee.

  • Premium Loan :

    Premium loan. The amount of money a policyholder borrows from the policy's cash value to pay outstanding premiums.

  • Policy Charged :

    See: Policy Fee.

  • Policy Conditions :

    See: Policy Provisions.

  • Policy :

    Policy. A written document issued by an insurer containing an insurance agreement between the insurer and the policyholder.

  • Paid Up Policy :

    Paid Up Policy. Insurance whose premium has been paid in full until maturity, with a smaller insured value and the original insured value which is usually used to select several provisions guaranteed in the policy.

  • Policy Inforce :

    Policy Inforce. The police are still effective and have not been cancelled.

  • Par Policy :

    Par Policy. See: Participating Policy.

  • Portfolio Policies :

    Portfolio Policies. The amount of the policy and the amount insured that is still valid.

  • Pre-Existing Condition :

    Pre-Existing condition. Injuries or illnesses that occurred before the policy was issued and which are not mentioned in the request letter.

  • Premium :

    Premium. The amount of money paid by the policyholder to the insurer to obtain insurance benefits.

  • Premium Installment :

    Premium Installment. Premiums are paid in installments (monthly, quarterly and semi-annually).

  • Premium Inforce :

    Premiums Inforce. Paid premiums are advanced on each policy anniversary for all types of policies to keep the policy in effect.

  • Premium Payable :

    Premiums Payable. The premium is time to be paid.

  • Pure Premium :

    Pure premium. The amount of money that should be paid for losses covered by insurance without taking into account the costs and operational expenses of the insurance company.

  • Periodic Level Premium Annuity :

    Periodic Level Premium Annuity. A deferred annuity in which the premiums paid by the purchaser are equal at regular intervals, such as monthly or annual payments until the date benefit payments begin.

  • Pilihan Penyelesaian Jumlah Pasti :

    The choice indicated in terms of receiving the benefits of a life insurance policy is paid by the company in a series of installments of a fixed amount, until the death benefit and interest are completely paid.

  • Premium Written :

    Premium Written. The premium amount stated on the policy.

  • Premium On Arrears :

    Premiums On arrears. View outstanding premium.

  • Plan Administration :

    Plan Administration. Carry out a variety of administrative tasks necessary to maintain pension plans or other insurance programs.

  • Plan Of Insurance :

    Plan Of Insurance. Various insurance products with various benefits.

  • Premium Discount Plan :

    Premium discount Plan. Insurance program that provides premium discounts.

  • Profit-Sharing Plan :

    Profit sharing Plan. A method of incentive payment in which each employee receives a predetermined share of company profits. There are immediate or delayed profit sharing programs.

  • Payroll Deduction Plan :

    Payroll Deduction Plan. Premium payment method, where the employer directly deducts the premium from the employee's salary and sends it to the insurer (insurance company).

  • Pension Plan Funding; Administration Annuity Group Deposit :

    Pension Plan Funding . A tool for pension funding in which employer contributions are deposited to earn accumulated interest (usually these are non-contributory plans). When retirement begins, an immediate annuity is purchased for the employee. The benefits are determined by a formula and the investment results of these funds are left and interest.

  • Professional Development Program :

    Professional development program. A development program designed to help employees improve their general and managerial abilities, providing them with technical knowledge and skills in human relations.

  • Pension Plan; Fund College Education :

    Pension Plan; Fund College Education. A collection of programs that allow funds to be withdrawn while the policy is running to finance higher education if things occur that cause difficulties.

  • Plan Participants :

    Plant Participant. Employees who are insurance participants under one employee benefit program policy.

  • Plan Sponsors :

    Plan Sponsors. Employers, labor unions and other organizations set up pension plans.

  • Property Insurance :

    Property insurance. Insurance with property objects.

  • Prospect :

    Prospect. Individuals or organizations who are predicted to be potential buyers of insurance products.

  • Prospectus :

    Prospectus.

  • Protection :

    Protection. See: coverage.

  • Pre-Existing Condition Provision :

    Pre-Existing conditionz provisions. A provision in a health insurance policy which states that until the insured is insured for a certain period, no benefits will be paid if the condition causing the claim existed before the policy issuance date and is not stated in the letter of demand (SP).

  • Proportional Reinsurance :

    Proportional Reinsurance . Reinsurance that shares losses according to the same proportion as sharing the premium and the amount of the policy sum insured. Comparative reinsurance can be divided into two basic forms: automatic proportional reinsurance and facultative proportional reinsurance.

  • Policy Summary :

    Policy summary. Documents, usually in the form of computer printouts containing certain valid data requested by insurance applicants regarding the policy.

  • Physical Risk, Physical Hazard :

    Physical risk,Physical hazard. The characteristic of a risk in the form of a physically identifiable material, structure, or operation, separate from the person who owns or manages it.

  • Preference Share :

    Preference Share. Preferred shares among the shares on the Stock Exchange.

  • Preferred Stock :

    Preferred Stock. Shares that usually have a fixed dividend payment. This level of dividends and main shares is classified as one of the conditions for the issuance of main shares and is given as part of the identification of these shares. In general, these major shareholders do not have voting rights like ordinary shareholders.

  • Product Design Objectives :

    Product design Objectives. The types of benefits from the product that will be provided to customers and how these benefits will be provided.

  • Pre-Authorized Payment System :

    Pre-authorized payment system. Payment method where the policyholder signs a 2-part authorization to pay insurance premiums.

  • Premium Rate :

    Premium rates. Insurance price per unit. For example, per thousand of the sum assured.

  • Probability Theory :

    Probability theory. Possibility/chance theory.

  • Preferred Beneficiary :

    Preferred Beneficiary. The beneficiaries/appointees who may be specified in a life insurance policy consist of the wife/husband, children, parents and grandchildren of the insured. A policyholder can change the main designee to another main designee without the consent of the main designee being replaced. However, the policyholder must obtain prior approval from the main appointee who will be replaced if the replacement is not the main appointee.

  • Premium Deposit :

    Premium deposit. A deposit of money for future premium payments for a certain period.

  • Policy Anniversary :

    Policy Anniversary. Policy anniversary date, date the policy was issued.

  • Proposal, Quotation :

    Proposal. Proposed offers and insurance companies to potential insureds about insurance programs (usually through agents).
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The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

  • Quality assurance :

    Insurance quality assurance. It includes international and external services, products, corporate operations.

  • Quarterly Premium :

    Quarterly premium. Premiums paid 3 months.

  • Quota Share Reinsurance :

    Quota Share reinsurance. Automatic reinsurance that requires the insurer to transfer and the reinsurer to assume a certain percentage of each risk that falls within a business category determined by the insurer. Example: in the case of a 20% quota share, the insurer transfers 20% of the liabilities and premiums for each risk to the reinsurer, which must pay 20% of each loss incurred, whether total or partial. The percentage is fixed and applies to the same premiums and losses.
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  • Resident Agent :

    Fixed agent. Licensed agent who works permanently for a company.

  • Refund Annuity :

    Annuity which provides: 1. Lifetime benefits for the annuitant. 2. Guaranteeing that at least the purchase price and the annuity will be paid in the form of benefits.

  • Reversionary Annuity :

    Return annuity. The annuity paid to the annuitant in the period when the insured dies in a single contract.

  • Renewable Term Insurance :

    Renewable term insurance. Term insurance, usually five years, can be renewed at the end of its term for the same or longer period, and so on, up to a certain age without proof of insurability; the premium rate increases with each renewal in accordance with the increase in age.

  • Reinsurance On Original Term :

    Reinsurance On Original Term. Reinsurance is not only an abundance of risk of death but based on the distribution of liability money with proportional premiums according to the type of insurance.

  • Retention Limit :

    Retention limit. The maximum amount of risk that an insurance company will retain for each individual. Amounts above this limit must be ceded to reinsurance.

  • Risk Sharing :

    Risk sharing. Risks shared by insurance and reinsurance companies.

  • Readily Calculated Sum :

    Readily Calculated Sum. Example: rate.

  • Reversionary Bonus :

    Bonus change. Bonus money paid to policyholders is out of insurance because the company gains profits and is paid at the time of claim.

  • Renewal Bordereau :

    Renewal Bordereau. See : bordereau

  • Rensurance Broker :

    Broker/reinsurance broker. Individuals who represent the insurance company in providing business to reinsurers.

  • Reserve :

    Reserve. Funds set aside by insurance companies with the aim of fulfilling their obligations when the time comes.

  • Readjustment fund :

    Adjustment funds. Funds used for adjustment.

  • Right survivorship :

    Right survivorship. One regulation is sometimes included in life insurance policies that provide a problem that if a person is designated dead, then the designated person who is still alive is entitled to part of the benefit of the contract.

  • Reasonable and customary charge :

    Reasonable and customary charge. Applicable prices are set by surgeons with similar expertise for a similar procedure in a particular area.

  • Risk class :

    Risk class. A group of responsible individuals who demonstrate real risk. Among the usual risk classes used by insurance companies are standard, main, non-smoker, substandard, and non-insurable.

  • Risk classification :

    Risk classification. The process by which a company decides how life insurance premiums should be differentiated according to the risk characteristics of the individuals being insured (e.g., age, occupation, gender, health condition). Then the results (in regulations) are applied to the insurance application letter.

  • Reinsurance claim :

    Reinsurance claims. Claims for policy obligations to reinsurance companies received by reinsurance companies from insurance companies.

  • Renewal commission :

    Renewal commission. The commission paid in the second year of the policy and subsequent years.

  • Reinsurance commission :

    Reinsurance commission. Commission given by a reinsurer to an insurance company regarding the placement of business with the reinsurance company.

  • Recording method :

    Recording method. It's the process of changing the beneficiaries of a life insurance policy, where the policyholder informs the company of the changes in writing. Also referred to as the archiving method.

  • Retrospective rating :

    Retrospective rating. One of the methods for calculating premium reserves based on the accumulation of premiums minus the obligations that must be paid.

  • Rescission :

    Rescission. A reasonable way in which the insurer can cancel a policy or say the policy is invalid. Usually cancellation or revocation occurs because the applicant does not provide correct information when filling out an insurance request.

  • Retrocedant :

    Retrocedant. Reinsurance companies that transfer risks to other reinsurance companies.

  • Renewal Notice :

    Renewal Notice. A notification letter sent by the insurance company to the policyholder stating that the advanced premium is due and must be paid.

  • Renewal :

    Renewal, continued. Automatic restoration of an insurance policy to inforce status is usually done by paying the outstanding premium.

  • Rate Making :

    Rate Making. Determination of premium rates for insurance company products. Actuaries consider several factors when determining life insurance premium rates. The most important factors are mortality rates, interest rates, fees, lapse rates and taxes.

  • Rebating Rabat :

    Rebating Rabat. The premium discount made by the agent to the prospective insured is calculated from the agent's commission that he will get for getting the business.

  • Reinstatement :

    Reinstatement. Reviving a policy that has been canceled due to non-payment of premiums.

  • Revival :

    Revival. See : reinstatement.

  • Recovery Benefit :

    Recovery Benefit. Partial or remaining disability benefits paid after the insured provides proof.

  • Redating Of Policy :

    Redating Of Policy. Changes in the effective date of the policy.

  • Retrocessionaire :

    Retrocessionaire recipient. The party receiving the transfer of risk and the reinsurance company.

  • Reinsurance On Automatic Acceptance :

    Reinsurance On Automatic Acceptance. The transfer of risk must be accepted automatically by the reinsurer. See: automatic reinsurance.

  • Replacement :

    Replacement. The act of canceling an insurance policy or changing the sum assured of that policy to be able to buy another policy.

  • Reduction Of Sum Insured :

    Reduction of sum Insured. The reduced sum insured is, among other things, caused by the insured taking a premium-free policy or because there is an increase in the death rate, etc.

  • Rating :

    Rating. Risk assessment of individuals or organizations.

  • Rating Merit :

    Rating Merit. A charging system for an insured that fluctuates according to the insured's empirical losses. This is a form of empirical learning.

  • Rating Down :

    Rating Down. A reduction in the number of years and standard life insurance premium rate tables with the assumption that a certain group of women live longer than men and are expected to pay premiums longer. Example: a 38 year old woman will pay the same premium as a 35 year old man.

  • Rating Up In Age :

    Rating Up In Age. Calculation of premiums based on increased age in the event that the insured is substandard.

  • Recruiting Agent :

    Recruiting Agent. Searching, attracting, interviewing for insurance agents. This is the main function of the general agent / agency manager / branch manager.

  • Reinsurance Agreement :

    Reinsurance agreement. An agreement between insurance and reinsurance companies, to share the risk of loss proportionally so that it does not need to be borne by the insurance company alone.

  • Reinsurer :

    Reinsurer company. See: reinsurance.

  • Refund Life Income Option :

    Refund life income option. The option for a solution that guarantees that the company will pay at least the original benefit of the policy; payment is made for the recipient's lifetime, but if the recipient dies before the entire amount of benefits that must be paid is equal to the amount of original police benefits, then the company will pay the remainder to the successor recipient.

  • Reduced Paid-Up Insurance Option :

    Reduced Paid-Up Insurance Option. In the non-delete option, the cash value of the policy is used as a net premium at once to purchase a policy with a smaller sum assured and with the same period as the original policy.

  • Reduced Paid-Up Insurance :

    Reduced Paid-Up Insurance. A zero-loss option in which the net cash value of the policy is used as a net premium to purchase a premium-free policy from the same insurance program as the original policy.

  • Rated Policy :

    Rated policy. An insurance policy issued at a higher premium rate than the standard premium to cover extra risks, for example, an insured with poor health or a dangerous job.

  • Return Premium :

    Return premium. The amount of money owed to the policyholder following cancellation of part of the insurance, reduction in the amount insured, reduction in premium rates, or contract extension.

  • Renewal Premium :

    Renewal premium. Second and subsequent year premiums.

  • Restoration Premium :

    Restoration premium. An additional premium charged to the policyholder to return the insured amount to its original state after the insurance company has paid part of the benefits to the policyholder.

  • Reinsurance Premium :

    Reinsurance premium. The amount of money (premium) paid by an insurance company to a reinsurance company due to the transfer of risk.

  • Risk Premium :

    Risk premium. Premiums paid to guarantee death insurance only.

  • Reinsurance :

    Reinsurance. Risk spreading in which an insurance company transfers part of its risk to a reinsurance company.

  • Reinsurance On Quota Share Basis :

    Reinsurance On Quota Share Basis. See: quota share reinsurance.

  • Reinsurance On Surplus :

    Reinsurance on surplus. See: reinsurance surplus.

  • Reinsurance On Risk Premium Basis :

    Reinsurance on risk premium basis. Reinsurance on the basis of risk of death.

  • Retention :

    Retention. See: own retention.

  • Retrocession :

    Retrocession. Transfer of risk from a reinsurance company to another reinsurance company.

  • Risk :

    Risk. All possibilities that could cause losses.

  • Risk Appraisal :

    See: underwriting.

  • Reunderwrite :

    Reunderwrite. Repetition of risk selection for policies previously issued. For example, during policy reinstatement.

  • Reinsurance Certificate :

    Reinsurance certificate. Certificate as proof that the policy is reinsured.

  • Renewal Cession :

    Renewal cession. Further risks are delegated to the reinsurer.

  • Residued Disability :

    Residued Disabillity. An inability that prevents the insured from performing either some of the duties of his or her usual duties or involvement in full-time work.

  • Rate Of Interest :

    Rate Of Interest. The percentage and principal amount charged to the user of the money.

  • Rate Tarip :

    Insurance costs per unit are used as the basis for calculating premiums. The tariff consists of the elements: mortality, costs and interest.

  • Rate Manual :

    Rate Manual. Publication that contains a list of premium products sold by insurance companies. This manual also contains instructions for agents. A manual life insurance rate also contains a non-forfeiture value; and if this is a policy with profit sharing rights there is also a dividend rate.

  • Reassurance Premium Rate :

    Reinsurance premium rates. A number that states the magnitude of mortality risk used as a basis for calculating/determining reinsurance premiums.

  • Revocable Beneficiary :

    Revocable Beneficiary. The appointed beneficiary receives the benefits of the policy after the insured dies, whose appointment as the beneficiary can be canceled at any time by the policy holder before the insured dies.

  • Rate Of Dividend :

    Rate Of Dividend.

  • Rider :

    Rider. Proposed changes to the insurance policy that is part of the contract to increase or limit the benefits that will be paid. Usually called: endorsement.

  • Retirement Income :

    Retirement Income. The amount of money earned due to retirement.

  • Representation :

    Representation. The statement from the insurance applicant contains the facts that the insurance company uses to base its decision on whether to issue the requested policy or not.
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  • Special Agent :

    Special agent. Individual representing an insurance company tasked with supervising its agents in a specific area.

  • Superintendent Of Agents :

    Coordinator agent. Individual whose task involves coordinating and supervising.

  • Subsidiary Company :

    Subsidiary company. A company that is partially or wholly controlled by a parent company, because the majority or all of its capital is owned by another company.

  • Sales Expense Budget :

    Sales cost budget. The type of cost budget primarily based on insurance sales costs. For most companies, the largest cost is commissions.

  • Single Premium Annuity :

    Single premium annuity. An annuity purchased with a single premium payment.

  • Straight Life Annuity, Whole Life Annuity, Uncertain Annuity :

    Lifetime annuity. An annuity that provides periodic payments to the annuitant throughout their lifetime and ceases upon the annuitant's death.

  • Survivorship Annuity :

    Lifetime annuity. An agreement where the annuitant receives monthly benefit payments in a predetermined amount for life after the insured person dies. If the annuitant dies before the insured then no benefits are paid, the contract ends and benefits are never paid.

  • Substandard Life Insurance :

    Life insurance is substandard. Protection against risks deemed uninsurable by normal standards (those whose health history includes serious diseases such as heart disease or physical condition is such that they are classified below the standard). A policy may be specifically denied payment of a death certificate because it is caused by a specific disease or health condition or given only a part of it. Many risks will be denied because they are not eligible for insurance when viewed from standard underwriting, also possibly because of dangerous work or physical maturity, can now be insured even though the new applicant has recovered from his illness at an extra premium. The premium includes the same extra cost of a thousand dollars in liability. or who may be burdened with the same burden as an older person. Viewed: rated policy

  • Survivorship Insurance :

    Life insurance. See: contingent of survivorship assurance.

  • Saving Bank Life Insurance (Sbli) :

    Life insurance savings bank. Insurance coverage sold by a "mutual savings bank" to residents who live or work in the area where the insurance is sold.

  • Sickness Insurance :

    Health insurance. See: health insurance.

  • Survivor Income Benefit Insurance :

    Income benefit insurance for survivors. A type of group life insurance that provides income benefits for eligible survivors.

  • Stock Repurchase Insurance :

    Stock repurchase insurance. Life insurance to pay for the purchase of other shares of the same company and the property of the deceased shareholder. Especially in closed-ownership companies with few shareholders.

  • Social Insurance :

    Social insurance. Insurance that must be followed by the general public is organized by the government on the basis of legislation.

  • Segmentation Segmentasi :

    Segmentation/parts. The process by which insurance companies divide their general accounts into separate sections or segments related to insurance business sections.

  • Stamp Duty :

    Stamp duty. The element of cost to be paid as paid in full with the seal tax.

  • Service Fees :

    Service fees. Compensation paid to relatively small amounts of agents, usually two percent of the premiums paid after the follow-up commission ceases.

  • Surrender Charge :

    Surrender Charge. Administrative costs regarding termination of contract.

  • Simple Interest :

    Simple interest. Interest and the amount of money borrowed or invested.

  • Single Interest :

    Single interest. Interest calculated at once in the insurance contract period.

  • Surgical schedule :

    One provision in health insurance policies states the maximum benefit that can be paid for certain surgical procedures.

  • Schedules :

    The basis for determining specific benefits in health insurance. This list contains a specific amount of money that will be paid by the insurance company for particular procedures.

  • Supervisory authority :

    Supervision authority.

  • Social security :

    Social security.

  • Social security disability income :

    Social security of cash income. Income programs for long-term underprivileged children who provide care for disabled workers aged 65 and who have paid social security taxes for a fixed amount for a period of one year in a quarterly manner.

  • Sum at risk reinsured :

    Amount of reinsurance risk. Amount of risk attributed to the reinsurance company.

  • Simultaneous death :

    Simultaneous deaths. Deaths that occur simultaneously between the bear and the beneficiary.

  • Stop loss provision :

    Stop loss provisions. The health insurance policy stipulates that the person will pay 100% of the eligible medical expenses.

  • Surplus :

    Profit. Accumulated income (profit) from the operations of a company.

  • Surrender claim :

    Claim redemption. The amount of money paid to the person liable for terminating the contract before the liability expires.

  • Suicide clause :

    Suicide clause. The provision stated in the policy that regulates the rights and obligations of the insurer in the event the insured commits suicide. For example: policy benefits will not be paid if the insured commits suicide within a certain period.

  • Succession beneficiary clause :

    Contingent beneficiary clause. A section of an insurance policy that states the appointed beneficiary can be revoked and replaced with another beneficiary. The insurer typically requires a written statement to change the beneficiary, usually in the form of a designed form. Some companies may require the policy to be returned first to add the beneficiary change, see: preference beneficiary clause.

  • Stand alone computers :

    Standalone computers. A computer that doesn't need to be connected to a mainframe or mini-computer to process data. Mini-computers are standalone computers.

  • Standard condition of premium :

    Standard premium rate condition. See: standard premium rate, basic premium.

  • Supplementary insurance contract :

    Additional insurance contract. An additional contract as a supplement to an existing insurance contract.

  • Select life :

    "See: first class life, standard risk, normal risks."

  • Scope of insurance treaty :

    Scope of insurance treaty. The aspects covered in the agreement or insurance contract in relation to reinsurance. For example: about retention, premium rates, conditions, and others.

  • Superimposed major medical :

    See: supplement major medical.

  • Survivor benefit :

    Survivor benefits. A sum of money paid in insurance coverage of 2 million or more if one or both are still alive at the end of the coverage period.

  • Secondary benefits :

    Additional benefit. See: rider.

  • Shortening of term of insurance :

    Shortening of term insurance. The duration of the insurance contract is reduced.

  • Surrender value :

    Surrender value. See: cash surrender value.

  • Spin Off :

    Spin Off. Units or departments within a company that each operate as independent companies, even though the parent company is the main customer. Such companies can also offer their services to other individuals or organizations.

  • Subscriber Blue Cross, Blue Shield :

    Customer. Individuals or organizations who purchase blue cross or blue shields (blue cross and blue shields) health insurance programs.

  • Stockholders :

    Stockholders. Owner of shares in the company. Shareholders are entitled to benefit from company profits by receiving periodic payments, called dividends.

  • Successor Payee :

    Successor Payee. See: succession beneficiary clause

  • Superintendent Of Agencies :

    Superintendent Of Agencies . In the head office direct service distribution system, agency supervisors are the link between the head office and branch offices.

  • Settlement Of Claim :

    Settlement of Claim. The decision whether a claim is paid or not.

  • Settlement Agreement :

    Settlement agreement. An agreement made between the insurer and the policy holder, where the policy holder chooses a solution for the best interests. See: optional modes of settlement.

  • Statement Of Account :

    Statement Of Account. A statement stating the financial situation.

  • Stock Life Insurance Company :

    Stock Life Insurance Company. A life insurance company owned by shareholders who elect a board to manage the company. This limited liability company usually issues/issues insurance without profit rights, but can issue/issue insurance with profit rights.

  • State Company :

    State company. Companies whose shares are owned by the state.

  • Stock Company :

    Stock company. The company whose capital is obtained and the shareholders.

  • Straight Life Income Option :

    Straight Life Income Option. The choice regarding how to settle claims that regulates or determines payments to the beneficiary will continue until the person concerned dies and after that the payments stop.

  • Settlement Options :

    Settlement options. Several cash payment methods that can be chosen by the policyholder or designated in the policy payment method. See: Supplementary Contract.

  • Social Insurance Supplement Policy :

    Social insurance supplement policy. A medical expense policy that provides benefits to supplement the benefits of health insurance programs administered by the government.

  • Single Premium :

    Single premium. Premiums paid in advance / paid at once for the entire coverage period.

  • Semi-Annually Premium :

    Semi-annualy premium. Premiums paid semi-annually.

  • Saving Premium :

    Saving premium. Premiums collected to form premium reserves.

  • Split Dollar Insurance Plan :

    Split Dollar Insurance Plan. An insurance program in which the employer is the policyholder, while the employee is the insured and can appoint a designee. The employer and employee each pay a share of the premium. If the employee dies, the employer will receive a share and benefits equal to the cash value of the policy, while the nominee will receive the remainder and benefits.

  • Stop Loss Reinsurance :

    Stop loss reinsurance. Stop loss reinsurance does not cover individual claims within a certain period, exceeding a certain percentage of premium income. The reinsurer's liability is limited by a predetermined percentage of the loss or a maximum amount. This loss limit method protects the insurance company against the possibility that the aggregate value of accumulated small losses will exceed a certain percentage of premium income and a certain class.

  • Surplus Reinsurance :

    Surplus reinsurance. Automatic reinsurance involving the transfer of excess risk and pre-set limits. The reinsurer participates in premiums and losses in the same proportion as it participates in the amount of the policy risk limit. This surplus method allows the insurance company to handle small policies with its own policies, and to transfer excess risk from the risk limits of large policies. See: reinsurance on surplus.

  • Separated Account :

    Separated account. 1. An account created by a life insurance company to help manage funds used for insurance products that are not guaranteed. By creating separate accounts, insurance companies can modify their investment strategies without affecting the funds in them. 2. An account created by a life insurance company separate from other funds, used primarily for pension programs and various other life insurance products. This arrangement provides wider latitude for choosing investments, especially in their assets.

  • Special Class Risk :

    Special class risks. See: substandard risk.

  • Substandard Life, Substandard Risk, Unpaired Life, Abnormal Risk :

    People who have an above average risk should be burdened with an additional premium. See: substandard life.

  • Superstandard Risk :

    Superstandard risk. The risk is smaller than the standard risk. See: preferred risk class.

  • Stock Dividend :

    Stock Dividend. Dividends paid are not in cash, but are given additional shares and the company that issued the shares.

  • Solvent :

    Solvent. Can pay financial obligations when the time comes.

  • Second To Die Joint Life :

    Insurance coverage for 2 or more lives that promises benefits when the second insured person dies (see: first to die).

  • Selection Of Risk :

    Selection Of Risk . See anti-selection, adverse selection.

  • Selection Against The Insurer :

    Selection Against The Insurer. 1. In calculating mortality rates, the time period over which the effects of selection are considered to be observable and meaningful, is usually 5-15 years. 2. The period of the year during which there is a significant difference in mortality rates between people whose health was proven at the beginning of the year (selected group) and other people of the same age.

  • Salaried Sales Distribution System :

    Salaried sales distribution system. A distribution system that uses salaried employees of an insurance company to sell and maintain policies. Employees can work either with agents or independently and are often used for distribution of group insurance products.

  • Scale Of Premium :

    Scale Of Premium. List of premium rates based on age group.

  • Spendthrift Trust Clause :

    Spendthrift Trust Clause. Policy provisions that protect the benefits of the policy (with certain conditions) and the claims of the designated creditors (termaslahat) when the benefits have been paid to the designated siter, the designated siter loses the protection of the policy. Creditors can sue the designated site.

  • Standard Of Insurability :

    Standard of insurability. Standard conditions for insurability.

  • Sub Agent :

    Sub - agent. A person/individual who reports to an insurance company through another agent.

  • Substandard Health Insurance (Qualified Impairment Insurance), Substandard Life, Substandard Risk, Unpaired Life, Abnormal Risk :

    Substandard Health Insurance. People who have an above average risk should be burdened with an additional premium.

  • Sum At Risks :

    See: initial sum at risk.

  • Special Condition :

    Special Condition. Additional conditions that are an inseparable part and general conditions of the policy.

  • Supplement Major Medical :

    Supplement Major Medical. The main medical group police published in relation to (to complement) the reimbursement of hospital surgery. Also referred to as super-imposed major medical.

  • Substandard Premium Rate :

    Substandard Premium Rate. The premium rate applied to substandard risks (special class), this premium rate is higher than the standard premium rate.

  • Standard Premium Rate :

    Standard premium rates. The premium rate charged to someone who has standard risk.

  • Successor Beneficiary :

    Successor Beneficiary. See: contingency beneficiary.

  • Supplemental Benefit Rider :

    Supplemental Benefit Rider. A ride added to an insurance policy to provide additional benefits. Several types of additional benefits include coverage for accidental death, waiving premium payments and other guaranteed additional insurance options (waiver of premium).
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  • Trend Analysis :

    Trend analysis. A forecasting method in which a manager uses statistical techniques to analyze data from past periods to predict future direction trends.

  • Term Life Insurance :

    Short-term life insurance. Life insurance that provides coverage for a certain period of time (such as 5, 10, or 20 years) and provides a death benefit if the insured person dies during that period.

  • Term Assurance :

    Term insurance, duration. Life insurance with a specified term.

  • Termination Expenses :

    Termination expenses. The cost of processing death-related claims from police redemption.

  • Terminal Reserve :

    Terminal reserve. Reserves at the end of each year the police.

  • Technical / Premium Reserve :

    Technical reserve/premium reserve. Mathematically calculated premium reserves.

  • Tabular premium :

    The premium rates are arranged in the form of a table according to age and insurance period for each type of insurance.

  • Tontine fund :

    Funds prepared for the payment of tontine benefits.

  • Tontine dividend :

    Tontine dividend. The tontine dividend paid to the survivor until the end of a certain period.

  • The law of agency :

    Law of agency. Legal provisions governing the relationship between the company and the insurance agency.

  • Temporary workers agency :

    Temporary employment agencies. A labor-seeking institution that provides part-time workers, usually for regular administrative and secretarial positions.

  • Temporary partial disability :

    Temporary partial disability. Conditions that cause the bear to lose some of its ability to earn a living temporarily but are expected to recover again.

  • Total permanent disability :

    Total permanent disability. The flaw remains entirely that a person suffers so as to lose the ability to make a living.

  • Total disability :

    Total disability. Cownership that hinders being held accountable for his steady work. At the end of a certain period in which maturity begins, usually two years, it is considered to suffer from total maturity only if the defect prevents them from doing any work that is appropriate to their education, training or experience.

  • Total temporary disability :

    Total temporary disability. The total disability that causes the liability to be temporarily unable to perform its duties for a living, but is expected to recover in whole or in part.

  • Temporary disability :

    temporary disability. Temporary impairment of bodily functions.

  • Tax committee :

    Tax committee. A committee within the board of directors of an insurance company responsible for analyzing and evaluating the impact of taxes on the company's policies, programs, and regulations, and keeping abreast of information regarding corporate tax regulations.

  • Type / class of insurance :

    Types of insurance. See: plan of insurance.

  • Term of insurance :

    Term of insurance. The duration of the insurance contract. Expected lifespan minus age at present.

  • Total needs programming :

    Total needs programming. In total needs programming, agents need to carefully consider all the financial needs of prospects, calculate the amount of money required to meet all those needs, determine the amount of funds that must be available at the time of the prospect's death, and calculate the amount of insurance needed to provide the difference. Also referred to as financial planning.

  • To revive a policy :

    To revive a policy. Refer to "reinstatement".

  • To take up a policy :

    To take up a policy. See: surrender.

  • To issue a policy :

    To issue a policy. Issuing a policy to be handed over to the policyholder.

  • Twisting :

    Twisting. An unhealthy practice in insurance, where an agent or broker tries to force the policyholder to cancel a policy by purchasing a new policy at another life insurance company through misleading presentations.

  • Termination Of Agency :

    Termination of agency. Termination of the contract of an insurance agency with an insurance company.

  • Treaty :

    Treaty. Agreement between insurance companies and reinsurance agreements.

  • True Fractional Premium :

    True fractional premium. Annual premiums are paid several times, and if a death claim occurs, the unpaid premiums in the policy year concerned do not need to be deducted from the amount of the death claim.

  • Target Marketing :

    Target Marketing. Marketing efforts designed to attract certain levels of society.

  • Tontine :

    A type of life insurance (in the past) that provided benefits only to participants who were still alive until the end of a certain period.
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The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

  • Universal Life Insurance :

    Universal life insurance. Flexible life insurance premiums where policyholders may change the death penalty at any time and change the amount or time of premium payment. The premium is deposited in a policy account where the mortality calculation is reduced and interest is calculated in the rate that may change over time.

  • Underwriting Limits :

    Underwriting Limits. Requirements for risk selection that must be met by every insurance applicant.

  • Underwriting Expenses :

    Underwriting Expenses. Costs incurred for activities in screening insurance applications until issuing the policy. For example: health examination costs.

  • Underwriting Manual :

    Handbook of Risk Selection. A summary of the methods used by specific insurance companies to evaluate and set risk premiums. The risk selection guidelines provide supporting information and guidance/advice on the risk selection actions that need to be taken by risk selectors when adverse events occur.

  • Unearned Premium Reserves :

    Unearned premium reserves. Funds set aside that have not been entitled to provide for cancelled policies.

  • Utmost good faith :

    Principles in life insurance contracts where both parties (responsible and bearable) must have good faith.

  • Uninsurable risk class :

    Uninsurable risk class. Groups of people who have a high risk of early death, so insurance companies cannot offer insurance to them.

  • Unilateral contract :

    Unilateral contract. A contract in which only one party is bound to perform what has been promised, and the contracting party has the right to enforce it.

  • Unpaid premium receipt :

    Unpaid premium receipt. The premium receipt is unpaid by the policyholder.

  • Underwriting Impairments :

    Underwrtiting Impairments. Factors that tend to increase an applicant's risk above normal for his or her age.

  • Unlimited Premium Payment :

    Unlimited Premium Payments. Premiums are paid over the term of the contract.

  • Uniform Distribution Of Death :

    Uniform distribution of deaths is uniform. The distribution of deaths is uniform within one year.

  • Underwriter :

    Underwriter. A person who has the expertise to select risks from prospective insured persons and has the authority to accept/reject insurance applications.

  • Underwriting Requirement :

    Underwriting Requirement. Files/data required as a requirement to be able to carry out risk selection.

  • Unearned Premium :

    Unearned Premium. The portion of the premium relating to the policy term that has not yet expired.

  • Uninsurable Risk :

    Uninsurable Risk. A group of people at high risk who may die in the near future. Example: a person who is clearly suffering from cancer. See: insurance risk class.

  • Underwriting :

    Underwriting. Activities from risk selection start from receiving letters of request/application for insurance to issuing policies.
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The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

  • Varying Annuity :

    Variable annuities. Large payout annuities vary due to agreements.

  • Variable Annuity :

    Variable annuity. An annuity contract where the amount of income payments each period is not fixed (up and down). The rise and fall may have something to do with the value of shares in the market, the cost of living index or other variable factors.

  • Variable Life Insurance :

    Life insurance varies. Life insurance where the benefits depend on the asset value at the time of payment. The death benefit amount to be paid is never less than the initial death benefit.

  • Void :

    Void under the law. An agreement that is void under the law.

  • Variable Costs :

    Variable cost. Costs that will vary depending on the number of units of a product sold. For example: if sales increase, variable costs also increase.

  • Vertical marketing integration :

    A type/type of integration channel that occurs if a member of a level of a distribution channel obtains a member of another distribution channel ladder.

  • Vested interest :

    Fixed interests. Interest that cannot be simply revoked from a person or party without their permission.

  • Vertical conflict :

    "Vertical conflict / vertical dispute. A form of dispute arising from friction that occurs between two or more members of different levels originating from the same distribution source."

  • Valued contract :

    Valued contract. A contract in which the amount of benefit has been predetermined.

  • Voidable contract :

    Voidable contract. A contract that can be legally canceled by one of the parties who made the contract.

  • Value :

    Value. See: cash surrender value.

  • Validation Period :

    Validation period. Also known as break-even period. The period during which breakeven occurs.

  • Variable Life Insurance Policy :

    Variable Life Insurance Policy. A form of life insurance in which the sum assured and cash value of the policy change according to the investment performance of separate account funds.

  • Vanishing Premium :

    Vanishing premium. In this type of life insurance product, usually a par policy, premiums do not need to be paid until the end of the insurance period. Just pay until a certain year, for example only for 8 or 14 years. After that, the premium 'disappears' from the product proposal/illustration. Accumulated dividends/bonuses can be used to pay continued premiums until the insurance period ends.

  • Validity Of The Insurance :

    Validity Of The Insurance. - Conditions for valid insurance according to law.

  • Validation Point :

    Validation point. - The point at which a product finally achieves profit / increases surplus. - Also called break-even point.

  • Varying Sum Insured :

    Varying Sum Insured. The sum insured varies. For example: because it is linked to index / inflation.

  • Valuation Age :

    Valuation age. - Age used to calculate the premium amount.
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The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

  • Whole Life Insurance :

    Life insurance. Insurance programs that last a lifetime are covered, whose care is paid at any time when the responsible dies.

  • Warranty :

    Guarantee/statement of guarantee. A statement from a responsible candidate, in which the truth becomes a condition of the legitimacy of the police. Statements or conditions in a policy that indicate the facts or conditions of the insurance subject, which, if they are not true, cancel the policy.

  • Worksheet :

    Worksheet. Note, usually the computer printout and all information relating to the proposed responsible candidate from the agent submitting the application letter. Also called a data sheet.

  • War risk clause :

    War risk clause. A clause in the policy that regulates insurance companies' liability for war risks.

  • Worker’s compensation :

    Employee compensation. The government mandates insurance that provides benefits to employees and their dependents if the employees are injured on duty, become ill, or die, known as 'workmen’s compensation' until the 1970s.

  • Waiting period :

    Waiting period. The period during which no premium or insurance benefit payments are made. For example, scholarship insurance where the insured dies before the contract ends (waiting period: from the date of death until the end of the contract).

  • Waiver of premium disability benefit :

    Waiver of premium disability benefit. Provision in a term insurance or policy that includes the insurer's promise to waive its right to charge the premiums specified in the policy if the insured becomes incapacitated.

  • Waiver Of Premium :

    Waiver Of Premium. Provisions that regulate that an insurance policy with certain conditions remains in full force without premium collection.

  • War Exclusion :

    War Exclusion. A provision that states that policy benefits will not be paid if the insured dies as a result of war.

  • Widow’S Pension :

    Widow's Pension. Pension received by the insured's widow if the insured dies.

  • Work Sample Test : Test Contoh Kerja :

    A type of performance test in which candidates provide examples of work they have done or tasks they have performed, such as typing letters, that are required as part of the job they are applying for.
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  • Yearly Renewable Term Insurance :

    Insurance with a term or duration that can be renewed every year. See: renewable term insurance.

  • Year Of Insurance To Run :

    Year Of Insurance to run. The insurance period is reduced by the age of the policy.
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The definitions provided above are intended to offer our website users general and courteous explanations. These definitions are not intended for use in contractual or legal contexts.

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PT Asuransi Jiwa Generali Indonesia

is a licensed insurance company regulated by the Financial Services Authority

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Jakarta 12940, Indonesia

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