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Accidental Death Benefit

In a Life insurance policy, this is the benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. There can be certain exclusions as well as time and age limits.

Actuary

A specialist in the mathematics of insurance who calculates rates, reserves, dividends and other statistics.

Adjuster

An interest rate that changes, based on changes in a published market-rate index. This term is also applied, in General Insurance, to a person whose services are used by an insurance company to adjust a loss at the time of a claim.

Age Admittance

Process of providing the proof of age of a client, usually by providing a copy of their birth certificate or passport copy.

Aggregate Limit

Usually refers to liability insurance and indicates the maximum amount of coverage that the Insured has under the policy for a specific period of insurance, usually the contract period, no matter how many separate accidents might occur.

AML

These initials stand for Anti Money Laundering and refer to a set of procedures or regulations designed to stop the practice of generating income through illegal actions. This is an aspect of business we pay great stress on.

Annuity

Usually refers to liability insurance and indicates the maximum amount of coverage that the Insured has under the policy for a specific period of insurance, usually the contract period, no matter how many separate accidents might occur.

Assignment

This takes place when a customer buys an insurance policy which is to be used as collateral for credit line or loan from a financial institution. The client agrees by way of a letter (ratified by the lending institution) that in the event of his death the life cover or any other benefits applicable on the policy are to be paid to the lending institution.

Beneficiary

The person designated in the Schedule who will receive the benefits from a policy.

Benefits

The amount(s) to be paid to a customer from a policy as a result of specified events e.g. in the case of a Life policy the death benefit, an accidental death benefit, maturity of the term etc.

Bid Offer Spread

It refers to the difference in the two prices quoted by the fund house i.e. Selling Price and Buying Price.

Casualty Insurance

That type of insurance that is primarily concerned with losses caused by injuries to persons and legal liability imposed upon the Insured for such injury or for damage to property of others. This refers to a broad category of coverage spanning loss of property, damage or other liabilities and includes vehicle insurance, liability, theft, elevator, workmens’ compensation, home contents, plate glass, forgery, crime, burglary etc.

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