Glossary | Tomorrowmakers

A B C D E F G H I J K L M N O P Q R S T U V W

Pension Fund
A type of fund wherein an employee,employer or both make consistent contributions that are further invested in order to reap future benefits upon retirement of the employee.

Peril
An event which exposes an individual or property to the risk of loss or damage is known as a peril. It may or may not be included and covered by an insurance policy. Example Fire, Earthquake, Hailstorm etc.

Policy Holder
An individual who pays regular premiums to an insurance company in exchange for protection offered to him/her as part of the insurance policy he/she has purchased.

Policy Revival
If a policy holder has not made premium payments even after the due date has past and the grace period is over, an insurance policy would usually lapse. In such a case, a policy holder has the right to re-instate this policy. This is called Policy Revival.

Premium
The amount that a policy holder must periodically pay the insurance company to receive coverage as per the policy's terms and for a specific period of time.

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