Supplemental Medical Insurance
Supplemental medical insurance, also known as supplemental health insurance, is a type of insurance that provides additional coverage beyond what is offered by a primary health insurance plan.
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.
Surety Bond
A surety bond is a three-party agreement that provides a financial guarantee that a specific obligation will be fulfilled.
Surrender Charges
Surrender charges are fees that may be assessed by an insurance company when a policyholder surrenders or terminates a life insurance policy with a cash value component, such as a whole life insurance or universal life insurance policy, before a specified period.
Surrender Value
Surrender value is the amount of money a policyholder receives when they surrender or terminate a life insurance policy with a cash value component, such as a whole life insurance or universal life insurance policy.
Survivorship Clause
A survivorship clause, also known as a survival clause, is a provision in a life insurance policy or annuity contract that requires the beneficiary or annuitant to survive the insured or annuitant for a specific period of time in order to receive the death benefit or annuity payments.
Tabarru in Insurance
“Tabarru” is a core principle in Takaful insurance, where participants agree to donate a portion of their contributions to a common pool to help anyone in the group who suffers a covered loss.
Takaful Insurance
Takaful insurance is a type of Islamic insurance that adheres to Islamic law (Sharia) principles. It’s a cooperative system of insurance where participants contribute to a common fund that is used to cover losses suffered by members of the group.
Tenant Insurance (Renter’s Insurance)
Tenant insurance, also known as renter’s insurance, is a type of insurance policy that protects renters’ personal belongings and provides liability coverage within a rented property.
Term Life Insurance
A type of life insurance that provides coverage for a specific period of time (the “term”).
Territory Factor
A territory factor, also known as a location factor or territorial rating, is a component of insurance pricing that adjusts premiums based on the geographic location of the insured risk.
Third Party Administrator
A person or organization that processes insurance claims or performs other administrative services on behalf of an insurance company.
Third-Party
In insurance, a third party refers to any person or entity that is not the insured (the policyholder) or the insurer (the insurance company) but is involved in an insurance claim.