Insurance Glossary

Indemnity is a fundamental principle of insurance that aims to restore the insured to the same financial position they were in before a covered loss occurred.

Insurable interest is a fundamental concept in insurance that refers to the financial interest a person or entity has in the insured item or person.

Insurance is a contract between a policyholder (individual or business) and an insurance company.

In the insurance industry, a broker is an independent insurance professional who acts as an intermediary between insurance buyers and insurance companies.

An insurance policy is a formal contract between an insurance company (the insurer) and a policyholder (the insured).

In insurance, the insured refers to the person, group of people, or entity that is protected by an insurance policy.

An insurer, also known as an insurance company or insurance carrier, is a company that provides insurance policies and pays claims to policyholders in the event of covered losses.

IRDA stands for the Insurance Regulatory and Development Authority of India.

A lapsed policy is an insurance policy that has been terminated due to non-payment of premiums.

The law of large numbers is a fundamental principle of statistics and probability that plays a crucial role in insurance.

Life insurance is a contract between an insurance company and a policyholder where the insurer promises to pay a sum of money (death benefit) to named beneficiaries upon the death of the insured person.