explain all these below
insured
insure
premium
policy
claim
proposal
subject matter
Answers
All these above are the basic terms in insurance/policy.
Insured : the person who is protected against certain losses. Insured is known as assured in the case of life insurance contracts. he'd be policy holder.
Insurer : the firm or person who agree to compensate the insured against losses for a consideration. Insurer is known as assured in case of life insurance contracts.
Premium : the consideration for which the insurer agrees to insured. it's paid by the insured to the insurer.
Policy : the statement of contract between the insured and insurer which contains terms and conditions.
Claim : it's demand made by the insured to the insurer to compensate for the loss occurred due to any mishaps.
Proposal : it's a written request by the insured to the insurance company to issue an insurance policy.
Subject Matter : it refers to the subject or entity that is life, property, cargo or ship etc. which is insured against which the policy is taken.
Even, there are three major types of insurance policies :
1) Life Insurance
2) Marine Insurance, and
3) Fire insurance.
:)
Answer:
these all are the structures of insurance policy
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