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Insurance

Life Assured

It is the basic concept of life insurance. Life assured is a term that refers to the individual whose life is being insured through a life insurance policy. This fundamental concept lies at the core of understanding life insurance. It is crucial to recognize that the life assured is the person whose life is being financially protected in the event of their death. In simpler terms, they are the beneficiary of the life insurance policy. This understanding is essential in comprehending the various aspects of life insurance and its significance in financial planning.

Joint and x percent survivor annuity

A joint and survivor annuity is a financial tool that provides a steady stream of income to two individuals, typically a married couple. In this arrangement, after the first...

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Vesting Bonus

One important term in the field of finance is bonus. This is a term used by insurers to refer to the additional amount that is given to the policyholder. It is calculated af...

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Risk mapping (risk profiling)

Risk identification and assessment involves organizing all potential risks into a matrix that considers their frequency, severity, and current insurance coverage. This metho...

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Treaties

Reinsurance contracts are agreements between insurance companies where one insurer transfers part of its risk to another insurer. This is done to protect against losses that...

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