There are many insurance terms, maybe some you already know but many do not. It is sometimes confusing, but hopefully this article can answer your questions about term insurance.
2. Annuity (annuity)Annuity provides a fixed annual income for life. Typically, the cash amount of money invested in order to later be able to generate funds to acquire the fixed income for life.
3. Assignment (transfer of rights)The transfer of some or all of your rights to receive income derived from an insurance policy from a person or entity, to the person or entity to another.
4. Automatic Premium Loan / Non-forfeiture Loan (automatic premium loans / loans without redemption)If premiums are not paid on time period of grace period and the policy has sufficient cash value, there is a provision which stipulates that the amount of premiums paid in advance in question automatically. The number of loans outstanding premiums can be charged interest.
5. Cash Value / Surrrender value (cash value / redemption value)The amount of money to be received by the policyholder when he poured his life insurance policy that has benefited the savings.
6. Endowment Plan (aid programs)Type of insurance program combines both protection and savings benefits. This insurance program pays cash benefits amount of money to the insured when the policy matures. The program also pays this amount when the insured dies, or, where applicable, while the insured disability thorough and permanent, and if it happens during the implementation of the policy.
7. Grace Period (the grace period)Period of time after the expiration of the maturity date of payment of premium where the premium payments can still be made without interest. During this period, the policy is still considered valid.
8. Investment-Linked Plan (insurance programs combined with investments)Premiums paid are used either to purchase life insurance benefits as well as units in a portfolio of investment funds. The price of the units will depend on the investment performance of the fund.
9. Maturity Date (the maturity date)The date that has been agreed upon which an insurance company paying some cash money.
10. Non-participating policy (a policy that does not include)An insurance policy where the policyholder is not included in the company's profits.
11. Paid-up Value (the value of the payment in advance)This provision entitles the policyholder to stop payment of premiums in later after obtaining the cash value of the policy. The policy remains in force in accordance with the amount of insurance money that has been reduced in value.
12. Participating Policy (a policy that involves)An insurance policy where the policyholder participate in the company's profits.
13. Policy Lapse (policy expiration)Termination of insurance underwriting as a result of non-payment of premiums.
14. Policy Loan (loan policy)A policyholder who need cash for a temporary period may apply for a policy loan against the insured amount of the policy. Imposition of interest is calculated on the date of enactment of policy loans.
15. Premium (premium)Amount to be paid to obtain the desired insurance coverage.
16. Regular Premium Policy (regular premium policy)A policy that requires regular premium payments, for example, monthly, every four months, every six months or yearly.
17. Reinstatement (reimposition)The process by which a asuradur reinstate a policy that has over time caused by non-payment of renewal premiums.
18. Rider (additional benefits)Rider is an additional benefit that can be included in a basic insurance program, such as whole life insurance program (whole life plan) or aid programs (endowment). These benefits are designed to provide additional financial protection at a lower cost.
19. Single Premium Policy (a policy with a premium paid)A policy that requires only one premium payment made in advance.
20. Sum Assured (insured amounts)The amount of money insured guarantees to policyholders.
21. Term Plan (limited term program)Such type of insurance program offers protection / life insurance protection for a limited period. Amount of insurance money can only be paid if the insured dies, or where applicable, have disabilities that is comprehensive and permanent during the implementation of the program .
22. Underwriting (underwriting)The process of assessment / valuation and classification of the degree of risk related to potential tertaggung, and making the decision to accept or reject the risk.
23. Whole Life Plan (comprehensive insurance program)This type of life insurance program offers protection / life-long protection against death or, where applicable, the defect that is comprehensive and permanent, to the insured.Thus the term insurance in this brief article, hopefully useful to fellow readers.
source:http://www.prudent.web.id/asuransi-prudential/artikel/kamus-asuransi-pengertian-istilah-istilah-dalam-asuransi.html
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