1.

INSURANCE: A contract between an individual or entity (the insured) and an insurance company
(the insurer) to provide financial protection or reimbursement against specified risks in
exchange for a premium payment.
2. PREMIUM: The amount paid by the insured to the insurer for insurance coverage.
3. POLICY: A written contract outlining the terms, conditions, and coverage details of an insurance
agreement.
4. INSURED: The individual or entity covered by an insurance policy.
5. INSURER: The insurance company that provides coverage and assumes the risk in an insurance
contract.
6. POLICYHOLDER: The person or entity that owns an insurance policy and is entitled to its
benefits.
7. LIFE INSURANCE: Insurance coverage that provides financial protection to beneficiaries in the
event of the insured's death.
8. TERM LIFE INSURANCE: Life insurance coverage for a specified term or period, providing a death
benefit to beneficiaries if the insured dies within the term.
9. WHOLE LIFE INSURANCE: Life insurance coverage that remains in force for the insured's entire
life, providing a death benefit to beneficiaries and accumulating cash value over time.
10. ENDOWMENT POLICY: A life insurance policy that pays out a lump sum amount to the insured
or beneficiaries either upon maturity or upon the insured's death, whichever occurs earlier.
11. ULIP (UNIT LINKED INSURANCE PLAN): A type of life insurance policy that combines insurance
coverage with investment options, allowing policyholders to invest in various asset classes such
as stocks and bonds.
12. HEALTH INSURANCE: Insurance coverage that provides financial protection against medical
expenses incurred due to illness, injury, or hospitalization.
13. MEDICLAIM: A type of health insurance policy that reimburses policyholders for medical
expenses incurred due to hospitalization or specified illnesses.
14. MEDICLAIM POLICY: A health insurance policy that covers hospitalization expenses, including
room charges, doctor fees, and medical tests, subject to policy terms and conditions.
15. FAMILY FLOATER POLICY: A type of health insurance policy that covers the entire family under a
single sum insured, allowing members to avail of medical treatment up to the specified limit.
16. CRITICAL ILLNESS INSURANCE: Insurance coverage that provides a lump sum payout to the
insured upon diagnosis of specified critical illnesses such as cancer, heart attack, or stroke.
17. PERSONAL ACCIDENT INSURANCE: Insurance coverage that provides compensation to the
insured or their beneficiaries in the event of accidental death, disability, or injury.
18. MOTOR INSURANCE: Insurance coverage that provides financial protection against losses or
damages to vehicles, including cars, bikes, and commercial vehicles.
19. THIRD-PARTY LIABILITY INSURANCE: Motor insurance coverage that protects the insured
against legal liabilities arising from third-party injuries or property damage caused by the
insured vehicle.
20. COMPREHENSIVE INSURANCE: Motor insurance coverage that provides protection against
damages to the insured vehicle as well as third-party liabilities.
21. NO CLAIM BONUS (NCB): A discount offered by insurance companies on renewal premiums for
policyholders who have not made any claims during the policy period.
22. FIRE INSURANCE: Insurance coverage that provides financial protection against losses or
damages caused by fire, lightning, explosion, or other perils.
23. PROPERTY INSURANCE: Insurance coverage that protects against losses or damages to property,
including buildings, contents, and valuables.
24. MARINE INSURANCE: Insurance coverage that provides protection against losses or damages to
ships, cargo, and marine-related liabilities during transit.
25. TRAVEL INSURANCE: Insurance coverage that provides financial protection against travel-
related risks such as trip cancellation, medical emergencies, lost baggage, and flight delays.
26. HOME INSURANCE: Insurance coverage that protects homeowners against losses or damages to
their property and belongings, including structures, contents, and personal possessions.
27. PUBLIC LIABILITY INSURANCE: Insurance coverage that protects businesses and individuals
against legal liabilities arising from third-party bodily injury or property damage.
28. PROFESSIONAL INDEMNITY INSURANCE: Insurance coverage that protects professionals against
legal liabilities arising from errors, omissions, or negligence in the performance of their
professional duties.
29. DIRECTORS AND OFFICERS INSURANCE (D&O): Insurance coverage that protects directors and
officers of a company against legal liabilities arising from their actions or decisions while serving
in their official capacity.
30. CYBER INSURANCE: Insurance coverage that protects businesses and individuals against losses
or damages resulting from cyber-related risks such as data breaches, hacking, and cyber
extortion.
31. REINSURANCE: Insurance purchased by insurance companies to transfer or share risks with
other insurers, reducing their exposure to large losses.
32. UNDERWRITING: The process of evaluating risks, determining premiums, and issuing insurance
policies by insurance companies.
33. CLAIM: A request made by the insured to the insurer for payment of benefits under an
insurance policy, typically due to a covered loss or event.
34. CLAIM SETTLEMENT: The process of evaluating, processing, and paying claims by insurance
companies to policyholders or beneficiaries.
35. CLAIM RATIO: The ratio of claims paid by an insurance company to the total premiums
collected, indicating its ability to manage risks and meet obligations.
36. SUM INSURED: The maximum amount payable by an insurance company under an insurance
policy, representing the coverage limit.
37. EXCLUSIONS: Specific risks or conditions not covered by an insurance policy, as outlined in the
policy document.
38. DEDUCTIBLE: The portion of a claim amount that the insured must pay out of pocket before the
insurance company covers the remaining expenses.
39. CO-PAYMENT: The portion of a claim amount that the insured is required to contribute toward
covered expenses, in addition to the deductible.
40. INSURANCE AGENT: A licensed representative of an insurance company who sells insurance
policies to individuals or businesses.
41. INSURANCE BROKER: An intermediary who represents insurance buyers and helps them find
suitable insurance coverage from various insurance companies.
42. INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDAI): The regulatory
authority responsible for overseeing and regulating the insurance industry in India.
43. INSURANCE OMBUDSMAN: An independent authority appointed by the government to resolve
disputes between policyholders and insurance companies through mediation and arbitration.
44. INSURANCE AWARENESS CAMPAIGNS: Initiatives launched by insurance companies, regulators,
and government agencies to promote awareness and understanding of insurance products and
services among the public.
45. MICROINSURANCE: Insurance coverage designed to meet the needs of low-income individuals
and households, providing affordable protection against specific risks.
46. RURAL INSURANCE: Insurance coverage tailored to the needs of rural communities, providing
protection against agricultural, livestock, and property-related risks.
47. GROUP INSURANCE: Insurance coverage provided to a group of individuals, typically employees
of a company or members of an organization, under a single master policy.
48. INSURANCE FRAUD: The intentional misrepresentation or concealment of information by
policyholders or third parties to obtain undue benefits from insurance companies.
49. INSURANCE PENETRATION: The percentage of the population covered by insurance policies,
reflecting the level of insurance awareness and adoption in a country.
50. INSURANCE INNOVATION: The development and adoption of new technologies, products, and
distribution channels by insurance companies to enhance customer experience, improve
efficiency, and address emerging risks and opportunities.