Agent

Agents act as intermediaries to help customers purchase insurance.

Accrue

Refers to something that gradually accumulates over time such as benefits or coverage in your insurance policy.

Beneficiary

A beneficiary is a designated individual who will inherit funds or assets stated in wills, or insurance policy in the event of a person’s death. 

Claim

It is a notice given by an individual to receive compensation to either make repairs, or pay for whatever the insurance cover.

Commission

An extra sum of money is given to agents who bring new customers or sell their services for the company.

Deductible 

In order for an insurance company to pay for a claim, an individual should pay the agreed amount. 

Exclusion

It refers to risks that are not covered by the insurance company.

Endorsement

It is a clause inserted in a contract that removes or adds terms and conditions.

Escalating

A policyholder can ask for an escalation which means that each year the amount of money he agreed to pay will increase and in exchange gain benefit.

Inflation

An increase in the price of goods and services.

Premium

Premium refers to the amount of money you pay to receive coverage. 

Policy

It is a written contract where the terms and condition of your insurance are laid down. 

Policyholder

A policyholder is the individual who took the insurance.

Pre-existing medical conditions

A health issue that has been treated before the start date of the insurance.

Maturity

The date at which the insurance contract is ending.

Negligence

Lack of attention regarding important issues or problems.

Rider

It is an additional feature that individuals with insurance can add to meet their specific needs. For example: If you have health insurance you may wish to upgrade your coverage for particular medical costs. 

Reimbursement 

Return of money for an expense that the insurance covers.

Renewal notice

A letter is sent to the insurance holder to extend their contract.

Lapse

Cancellation of an insurance policy due to nonpayment of a renewal.