We are often familiar with terms with regard to business and general banking terms, however insurance tends to bring about a more serious connotation and may be somewhat unfamiliar to you, if you have no previous experience with regard to taking out insurance schemes.
While these words used are overly difficult, a few of them are very understandable. The list below will be a useful guide for you when you’re reading through our company’s documentation and if there any further clarifications needed; you could always consult one of our experts and have a detailed discussion to have all your doubts resolved.
Accidental Death Benefit- This is a special life insurance policy in Dubai, designed for those who wish to protect their loved ones from any unnecessary financial burdens. This is one of the most highly sought after services as it covers a wide range of accidents and is an assured and non taxable way of securing funds for those who depend on you financially.
Actuary- Actuaries are professional insurance experts who are in charge of the mathematical calculation aspect of insurance policies. They aid with the process of calculating rates, reserves, dividends and other statistics.
Age admittance- This is a very basic term used to describe a person’s need to submit a copy of their birth certificate or passport copy to proceed with the rest of the documentation.
AML- This is an acronym for Anti Money Laundering, which is a set of regulations we have specifically designed to prevent any illegal transactions from occurring.
Beneficiary- Beneficiaries are the persons who are designated in the schedule to benefit from the money invested in the insurance policy in case of damage or injury.
CFI- where a customer changes their mind about the insurance plan, and wish to cancel it, under CFI which stands for Cancelled From Inception, the plan will cease to exist from the day it came into existence.
Claims- this is one of the most common words associated with insurance as this is where you are able to receive the amount you are entitled to, after the specific events as specified in your insurance policy have taken place. For example, if you have met with a motor traffic accident, you can now claim your car insurance and if you have suffered any bodily damages, you could also seek reimbursement for your medical expenses from your health insurance.
Insurable interest- an interest should be capable of being insured either in the eyes of the law or financially. If this is not possible, it is unlikely that an insurance policy could be taken out on the interest at all. For your assistance, you could look through our already set up insurance schemes as these have been thoroughly planned out to maximize effectiveness and you’re sure to enjoy its highly successful services.
Maturity- this is the date upon which the insurance policy comes to end. This is usually a date set out in your insurance contract and has been pre-agreed.
Premium- this is the price that one has to pay over a period of time for the service of taking out an insurance cover