Insurance Terminology Term life insurance
1. The ordinary life insurance (Ordinary Insurance) * refers to insurance.One of the sum insured exceeds the premium is paid by the industrial sector.
Yearly, half-yearly or monthly by three months, subject to a medical examination or not.
2. The life insurance industry (Industrial Insurance) * refers to insurance.
One type has a relatively low sum insured. By paying a monthly premium or.
Weekly without any medical examination. Subject to the conditions set waiting period start date or coverage.
Optional
3. The life insurance group (Group Life Insurance) * refers to insurance.
One type, which protect individuals who have the same interests as customers of its member associations.
The insurer will issue a policy or condition of the main employers association. Or as a take down.
Insurance by the customer or member association or a condition insureds.
4. premiums written (Written Premium) * refers to all types of insurance companies.
Life has been
5. premiums for the first year (First Year Premium) * represents the total premium for the taking.
Insurance settlement in the first year of life insurance.
6. The premium for the following year (Renewal Premium) * represents the total premium for the taking.
Insurance paid for the renewal of life insurance.
7. total premium (Total Premium) * represents the total premium written by all.
8. insured amount (sum Insured) * refers to the amount specified in the policy which.
Reinsurance contracts will compensate the insured. Or beneficiary under the terms of the insurance policy
9. The amount paid by the policyholder (Proceeds) * represents the net amount that the insurer.
Paid to the insured When the contract expired Or paid to the beneficiary upon the insured's death.
10. sustainable rate of policyholders (Persistency Rate) * denotes persistence.
Of policyholders popular method used to calculate the number of cases sold in the first year compared to last year, the Company renewed.
Any sustainable rate of high policy. Show that continues to deliver a premium customer.
ROM and intermittent streaks Abandon the policy with less
11. Capital (Capital Funds) * means the property at a price higher than the company's liabilities.
Life insurance and then assess which according to the law. Life insurance companies must maintain capital funds are not.
Less than 2 percent of its reserves, and not less than 50 million baht.
12. Reserve (Reserve) *, which represents the amount set aside for the benefit statements.
Or for general use For Life Insurance In calculating premiums steady. Be part of the premiums
The first term of the insurance contract, the Company will accumulate along. The interest amount is sufficient.
Atonement for the insured in the future. According to the contract specified in the policy. This money is called "money.
Reserve"
13. The sustainability of the insurance premium (Premium Persistency) *.
Sustainability means of premiums (Premium Persistency) means the ratio of "premiums.
Insurance next year Or premium renewal "(Renewal Premium) collected the premiums.
Disaster Due store This is equal to "Premiums Total" (Total Premium) in the same period.
Of the previous year
14. Policy (POLICY) * is a document that shows the agreement. Terms & Conditions The contract, which
Issued by the Insurer The text corresponded to the wishes of the application. For use as evidence which indicates.
The essence of the agreement terms And covered by a contract between the insured and people.
Insurance
15. Request insured (Application Form) * Application form is an important document.
Expressed the wish to do so. Insured with one insurer to take.
Insurance has a duty to reveal the truth (Disclosure) without waiting for the insurer to ask.
If you have any inquiry, the insured must answer truthfully all.
(Representation), otherwise the drug insurance contracts may become void. The insurer can not terminate
16. Insured (The Insured) * the parties agreed to submit the premium amount.
Insurance is required to disclose the actual text. And premium payment And when the damage occurred in.
The Insured The insured was entitled to claim the damages.
Actual
17. Insurer (The Insurer) * is a party (typically an insurance company) to obtain.
Legal Department of Insurance Ministry of Commerce Which agreed to compensation or
Reimbursement of a certain number The insured or beneficiaries
The insurer has the right to receive the premium and are responsible for the guarantee. Disaster compensation
When glancing up as specified in the contract to pay it. May pay in cash Repairs to the
Original condition or to replace a piece of it has been damaged.
18. The parties beneficiary (The Beneficiary) * is a third party contract eligible.
Compensation benefits under the policy that has done it. When a beneficiary under the policy then.
The insured is not entitled The longer receive compensation The beneficiary may be the same person who.
Any insurance
19. Claim (Claim Amount) * is the damage to the insured's claim.
Insurance reimbursements by damage resulting from disasters such as stated in the policy and there.
The number of actual damages
20. Premium (Premium) * is the amount the insured must pay the insurer.
By contract The pay may be paid on a yearly, monthly, three monthly, six months ago.
It is stated in the insurance policy because of a reciprocal agreement. If insured
Victims do not pay and damages. The insurer may refuse to pay compensation ratios.
Unless the insured to pay premiums according to their functions.
21. The first part was missing (Deductible) * are the costs that the insured must own.
The damage occurred at a time such as car insurance is to determine the damage.
Home to 1,000 Baht / times in case of an accident if the damage in each of 1000.
Baht or less, you will not receive compensation from insurance companies. If, however, you will be responsible.
If you own more damage than 1000 baht to 1000 baht only just paid the company.
Insurance is responsible for the increase itself. Excess will have to make it worth the premium.
Your insurance reduced the amount specified.
In addition, it also makes the insured are more cautious. (Because of the damage
Up for the loss with excess).
22. Capital insured or the insured amount (Sum Insured) * is the amount agreed upon.
The insurer will pay the insured or beneficiaries. As stated in the insurance policy.
When disasters or disasters caused damage to the insured under the terms of the contract or policy.
The amount of insurer Would be repaid when the damage was caused by the casualty is broken.
Missing any of the money, which will also include the loss of the rights, benefits or income.
Is void of defects in the contract, for example. Not true, which will result in a contract that did not happen.
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