There are many term insurance, maybe some you already know but many were not. Indeed it is sometimes confusing, but hopefully this article can answer your questions about the terms of insurance.
1. Actuarial (actuarial)
Function at an insurance company that is applying the principles of mathematics, including calculating insurance/premium price list taking into account as well as ensuring the financial health of the company.
2. Annuities (annuity)
Annuities provide a fixed annual income for life. Typically, a number of cash money invested so that at a later date can generate funds to earn a steady income for life.
3. Assignment (transfer of rights)
Transfer of part or all of the rights to receive income earned from an insurance policy from a person or unity, to another person or entity.
4. Automatic Premium Loan/Non-Forfeiture of Loan (loans/auto loan premiums without redemption)
If premiums are not paid in the period of the grace period and the policy has sufficient cash value, there is a provision which sets so that the amount of the corresponding premium paid in advance automatically. As for the loan amount premiums are still indebted may incur interest.
5. Cash Value/Surrrender Value (cash value/value of ransom)
The amount of money that will be received by policyholders when he poured his soul which has the insurance policy benefits the value of savings.
6. Endowment Plan (grant program)
This type of insurance program combines good protection benefits or savings. This insurance program paid benefits a number of cash money to the insured when the policy matures. The program also pay this amount at the time the insured dies, or when applicable, when the insured underwent a thorough and disability is permanent, and if this occurs during the validity period of the policy.
7. Grace Period (grace period)
Period of time after the expiration of the premium payment date falls in which the premium payment still can be done without incurring interest. During this time period, the policy is still in effect.
8. Investment-linked Plan (insurance program that is associated with the investment)
Premium-premium paid are used either to purchase life insurance protection as well as benefit units in an investment fund portfolio. The price of units will depend on the investment performance of the Fund.
9. the Maturity Date (due date)
The date was agreed upon which an insurance company paid an amount of cash money.
10. Non-participating policy (a policy not included)
An insurance policy where the policy holder is not included in the profits of the company.
11. Paid-up Value (the value of the payment in advance)
This provision entitles policyholders to stop payment premium – premium at a later date after the policy earns cash value. The policy remains in force in accordance with the amount of sum assured that has diminished in value.
12. Participating Policy (a policy which included)
An insurance policy where the policy holder included in the profits of the company.
13. Policy Lapse (polis through time)
Termination of insurance as a result of this bearing does not give premium – premium.
14. the Policy Loan (a loan insurance policy)
A policyholder who need cash for a temporary period of time can apply to obtain a loan insurance policy against the value of the policy coverage. The imposition of flowers began to count on the validity of the loan policy.
15. Premium (premium)
The amount to be paid to acquire the desired insurance coverage.
16. Regular Premium Policy (regular premium policies)
A policy that requires premium payments at regular intervals, for example, monthly, every four months, every six months or yearly.
17. Reinstatement (enforcement of return)
The process in which a asuradur re-enact a polis which has elapsed time that result because it doesn't give a premium-premium updates.
18. the Rider (additional benefits)
Rider is an added benefit that can be included in a basic insurance programs, such as comprehensive insurance program (whole life plan) or program grant (endowment). This benefit is designed to provide additional financial protection and costs cheaper.
19. Single Premium Policy (policy with premium pay once)
A policy that only requires all premium payment made in advance.
20. Sum Assured (insured amount)
The amount of the security deposit that is dipertanggungkan to the policyholders.
21. Term Plan (unlimited futures program)
Program type this kind of insurance offers protection/life insurance protection for a limited period. The amount of the sum assured is payable only if the insured dies, or where can
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