Insurer
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.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Intermediary
In the insurance industry, an intermediary is a person or organization that acts as a middleman between an insurance company and a customer.
IRDA
IRDA stands for the Insurance Regulatory and Development Authority of India.
Key Man Insurance
Key man insurance, also known as key person insurance, is a type of life insurance policy that a business purchases on the life of a key employee.
Knock for Knock Agreement
When two vehicles insured by different insurers collide, a knock-for-knock agreement is a practice where each insurer pays for the Own Damage (OD) of its own policyholder, regardless of which party was at fault.
Lapsed Policy
A lapsed policy is an insurance policy that has been terminated due to non-payment of premiums.
Law of large numbers
The law of large numbers is a fundamental principle of statistics and probability that plays a crucial role in insurance.
Legal Liability
Legal liability refers to the legal responsibility of a person or entity to pay for damages or losses caused to another person or their property.
Level Premiums
Level premiums are insurance premiums that remain the same throughout the policy period, regardless of any changes in the insured’s risk profile or other factors.
Liability Insurance
Liability insurance is a type of insurance that protects individuals and businesses from financial losses if they are held legally responsible (liable) for causing harm or injury to others.
Life 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.
Life Time Maximum Benefit
A lifetime maximum benefit is the total amount of money a health insurance plan will pay for covered healthcare expenses during the entire time an individual is enrolled in that plan.