Insurance Policy

What is the meaning of Claim Amount?

January 13, 2018

Claim amount is the amount of money which is to be paid at the maturity of an insurance policy or in event of the death of the insured person. In latter case, the claim amount is given to the beneficiary or the nominee or even the legal heir of...

What is Brokerage/Commission?

December 17, 2017

Brokerage or Commission is the incentive in terms of cash or other perks which an insurance agent earns for every sale or sales made in a particular period. The commission is received by a person acting on part of another person for rendering various services to make the transaction...

Who is an Assignee?

December 6, 2017

An Assignee refers to any person, any firm, a trust or an entity who is the ultimate recipient of the rights, benefits and ownership of an insurance policy or a contract. The one who transfers the latter to the assignee is known as the assignor. Usually, the assignment contracts...

What is the meaning of Annualized Premium?

December 4, 2017

The premium which is paid annually is called the annualised premium. Insurance policies come up with many options to pay a premium which can be paid monthly, quarterly, bi-annually or even annually. It is the choice of the insured person to pick any one option for the premium. E.g....

Who is an Annuitant?

November 29, 2017

An Annuitant is a person as per the contract that is entitled to collect the benefits of an annuity or pension. The annuitant can be the actual contract holder or another person.  The Annuitant cannot be a company or a trust but has to mandatorily be a natural person....

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