Basic terms used in insurance

Terms are used in a variety of insurance. Among them is important below-

Insured 
Groups or individuals who want to protect against a specific job and is entitled to receive payment from the insurer as stated in the event the insured is happening. Normally in an insurance policy holder.

Insurance
Indemnity contingency insured on the happening of the party who is known as the insurer promises to pay. Insurance is an insurance company.

Beneficiaries 
The policy will be given to those individuals or income or any other accidental deaths occurring in the party is called the beneficiary.

Agreement 
This is a binding legal agreement between two or more parties to the agreement.

Premium 
Which is the amount of insurance premiums paid to the insurer by the insured in terms of agreement is known as. It's monthly, quarterly, half-yearly may be offered, such as an annual or agreed price for an insurance policy.

The sum insured
The sum of the sum insured for the risk isinsured is called, or the money or the principles of the policy face value. The maximum liability of the insured to the insurer.

Peril 
A further event of a fire, storms, explosions, violence and premature death, illness, floods, etc. A personal or property damage dishonesty causes.

Hazard 
Hazard is a condition that can cause or increase the risk of a specific danger is reduced.

Revealed
The risk of exposure is a measure of physical quantities. A person who owns a business building his business and personal exposure and individual losers because of the economic damage could be employed.

Cover note
Or by the insurance policy issued on behalf of the insurer as evidence pending the issue of an unstamped document.

Damages 
A civil wrong or breach of contract in law for the award of financial compensation. Compensation Call compensation is compensation for actual damages.

Reinsurance
It is the individual facultative reinsurance transactions known as risk offer and acceptance was limited.

Double Insurance 
Double insurance is understood that two or more insurance companies (insurance), and the total sum insured exceeds the insured value of the subject matter. In other words, more of the same subject matter insured is insured.

No Claim Bonus 
As a bonus, under the policy, if the policy is reported that during the renewal period and later (time), then no claims bonus for the term of the policy benefits and bonus rates for car insurance policies that are common in a variety of different insurance companies, and up to a maximum rate of 50%, according to the rules must be.