a benefit plan for employees that allows them to choose benefits according to their individual needs; be it taxable and nontaxable, or qualified, benefit options for employees.
A quality of an insurance policy which makes it possible for it to be voided during the policy term, by the insured, for a list of pre-approved reasons.
The termination of an insurance policy before its normal date of expiry either by the insurer or the insured individual.
the profit made when the sale price of an asset such as property or an investment, is more than its purchase price.
the loss incurred when the sale price of an asset such as property or an investment, is lesser than its purchase price.
the total amount of capital losses that cannot be deducted from the current tax year but can be carried over into future tax years.
An insurance agent who exclusively works for a single insurance company and loyally sources clients only for that company.
The total amount of money transferred in and out of a business, during a specific time period is known as cashflow.
This is a facility provided by select insurers whereby policy holders can get themselves admitted to a network hospital and receive required treatment without paying any cash to the hospital. Instead, the insurer will settle payment with the hospital directly.
It is a request made by the policy holder or beneficiary to an insurance company, to alert them that the payment of an amount is due, in keeping with the conditions of their insurance policy.
The amount paid by an insurance company for processing and administration of insurance claims.
Claims Settlement Ratio on a given day is defined as the ratio of claims paid to nominees by an insurance company and the total claims received from policy holders. For instance, a CSR of 90% would mean that 9 out of 10 claims were settled.
a collective investment model in which a fixed number of shares are issued at the time of initial public offer after which no shares are further issued even if there is high investor demand for the same. The total capital accumulated through such funds remains fixed.
An addition to an existing will that explains, alters or explains some or all of the the provisions in a will.
An asset that an individual uses to guarantee a loan and agrees to let go of in the event of failure to repay the loan is known as collateral.
Collectible refers to an asset available in limited quantity but perceived to be of high value. These assets are not easily convertible into cash. Most common types of collectibles are fine art, antique furniture, toys, coins etc.
Fee paid by insurers to insurance agents for the sale of insurance policies.
Living expenses one needs to afford facilities required to maintain a such as housing, food clothing, transportation, education and insurance.
The withholding of relevant/material information which impacts how risky of an investment a policy holder is. This can be a cause for rejection of insurance claim.
A sudden, temporary decline in the prices of stocks while the stock market is exhibiting a general upward trend is known as correction.
The rupee amount of risk and/or liability that an insurance company promises to pay to a policy holder or his/her beneficiary, in case the event that is covered by the insurance policy, should occur.
The right to delay the paying back of something which is bought or borrowed in the present.
The upper limit on the amount of money that an individual can borrow using a single credit card from a bank or a financial institution is known as the credit limit.
It is a type of bank account specifically tailored to meet the needs of businessmen and professionals who indulge in multiple financial transactions in a single day (non
An account created with a financial institution by an adult on behalf of a minor. The adult alone has control of the account until the minor reaches maturity and turns 18 years of age.
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