Glossary - Conditions In Insurance plan - Insurance plan Information is very important to give to the community , because Insurance plan has a lot of terms , so often we are still unfamiliar with the difficulty to understand the meaning of the phrase - a phrase contained in such insurance . Definition that the authors have to say here is only a free explanations , definitions and interpretations can vary between insurance organizations and products .
Here are some terms in insurance :
Application : The document that contains the declaration of facts made ??by a personal who presented a request for insurance plan used by insurance organizations as the basis for decision making in plans .
Term Insurance plan ( Term Insurance plan ) : Insurance plan protection with specific protection interval ( not lifetime )
Life Insurance plan ( Whole Lifestyle Insurance plan ) : life plans that provide protection forever . Also known as permanent insurance .
Dana : A number of wealth managed by insurance organizations which can be separately identified as belonging to customers invested depending on the conditions of the plan.
Endorsement / Amendment Policy : Letters ( documents ) of the changes to some of the data that has been published in the plan , such changes can be heirs , rates , or the efficient time frame of the plan , or other changes .
Excess Claim : A number of the unwanted money on health care expenses of a great deal of advantages that apply to a individual / dependents or a number of health care expenses including those which are not assured by the organization depending on the plan conditions .
Group Benefits Plan : pension insurance program to delay the transaction of advantages after retirement provided by the organization to the members but to pay rates borne by the employer .
In force : Status where protection plan " active " and legally executed .
Claim : A request or demand transaction of advantages depending on the conditions stipulated in the plan .
Coordination of Benefits ( Sychronisation of Benefits / COB ) : Provisions or procedures used for the organization to avoid duplicate payments when a personal is covered by more than one plan .
Report of Healthcare Examination (medical report) : review on the disease of the potential covered is filled by a general practitioner or specialist based on physical examination and an interview with the potential covered .
Lapse : Termination or termination of the efficient interval of the plan because the top quality is not compensated after a elegance interval .
Policy Benefits : The quantity to be compensated by the insurance provider to the claimant / named beneficiary / representative or a party providing wellness services (providers ) , depending on the kind of protection .
Death Benefit : The quantity compensated after the loss of life of the covered .
Grace Period ( Grace Period ) : The timeframe after the top quality due time frame continued where rates can still be compensated without any transaction of attention and the protection is still in force . The elegance interval varies depending on the kind of plan and the transaction stage .
Wait Period ( Patiently waiting Period ) : The timeframe after the plan was published in which wellness expenses covered nor assured by the plan. Long waiting interval is generally six months to 2 years and only applies to health care expenses due to illness , not because of an accident .
Customer ( client ) : Clients are people or groups who established a business relationship with protection organization . Customer may be potential insurance policy holder ( prospects ) , the insurance policy holder , and former customers or family / representative .
Cash Value / Redeem ( Cash / Give up Value ) : Components of " savings " in the conventional life insurance , the unwanted money set aside from the top quality after deducting the expenses of the follows the accumulated financial commitment results ( attention ) .
Policyholder : the person or people who perform engagements insurance agreement ( plan ) to the organization . Client (policy holder) which is also known as the plan owner (policy owner ) are parties to a top quality transaction .
Recovery Policy ( Restoration ) : Restoration of the effectiveness of protection for customers who already slip up .
Redemption plan ( Give up ) : Termination before the expiration of the plan by the insurance policy holder .
Policy expansion ( Renewal ) : Extension of the protection interval beyond the deadline initially by the insurance policy holder and the organization accepted by the continued transaction of a top quality .
Recovery interval ( Restoration Period ) : The interval in which the plan has been slip up can still be recovered . Restoration interval usually is one year after the final maturity time frame , in which the insurance policy holder must pay the unpaid rates with attention so that the plan can be restored .
Beneficiary ( Beneficiary ) : The personal or organization who received transaction of plan advantages .
Participants : Employees are eligible for the covered , was registered by the Policyholder and accepted by the organization based on the results of threat selection ( underwriting ) .
Policy Loan : A loan granted to customers of insurance organizations are secured by the money value of the plan . Reduce the quantity of the outstanding loan plan advantages .
Polis : insurance agreement between the insurance provider and the insurance policy holder as well as other documents which are the inseparable unity with the agreement , including certificates for members in team insurance . Insurance plan protection is also often known as the plan agreement or the agreement .
- Device Link Insurance plan Policy : Insurance plan protection that meets the following criteria : a. value of promised advantages is determined by the financial commitment performance of subdana formed for the link unit , b . value of the advantages derived from the financial commitment subdana indicated in units , and c . containing covered chance of natural loss of life .
Traditional Insurance plan Policy : The insurance plan that does not have a separate component such as investments in unit -linked plans . Traditional life insurance plan may contain a savings component or not ( pure insurance ) .
Annuity plan : Policy that accommodate and develop a number of resources that can be used after passing the age of retirement . After a specified age , the organization will pay a monthly annuity advantages in the form of a sum of money and at the same time when the covered ( anuitan ) reaches a certain age or loss of life .
Individual Policy : The insurance plan that provides insurance plan to an personal / people and , in some cases , close relatives .
Set plan : An insurance plan that provides protection to an employer or other party to insurance threat people formally employed or have other business ties with him .
Pre -existing Situation : A wellness that existed before the efficient time frame of insurance plan ( six months to 2 years ) . Insurance plan agencies generally do not bear a pre - existing condition , or just a bear after having to wait ( waiting interval ) .
Premiums : A sum of money set forth in the plan accepted by the insurance policy holder , to be compensated to the appropriate insurance organization agreed that the plan remains active . Are included in the top quality is the First Premium , Premium Advanced , Premium and Premium Extension Policy Change .
Reinsurance : The transfer of protection by other insurance organizations , the so-called reinsurers , of a portion of the threat that is accepted by the organization issuing the plan. Reinsurance treaty can be done through ( automatic ) or facultative ( case by case ) .
Partner ( Provider ) : Hospitals , medical laboratories or clinics / medical centers cooperating with insurance organizations to provide wellness services to the customers-customers at the expense of the organization is limited to the assured quantity ( indicated in a correspondence of guarantee ) .
Rider : provision attached to a plan that provides additional advantages or restrictions .
Policy Summary : The document that contains the essence of
the plan .
Risk : Failures that may occur or personal insured
Certificate of Insurance plan : A declaration of the protection given to someone who is a individual in living insurance / wellness collection , which contains plan advantages and basic conditions are executed following the efficient time frame of protection .
Letter of Guarantee Inpatient : Letter presented by the organization to the hospital provider that provides transaction assurance hospitalization expenses by a certain maximum quantity protection organization for wellness insurance protection members named in the correspondence .
Switching : Transfer of unit -linked financial commitment resources from one kind of fund to another fund .
Mortality Table : The table shows the death rate rate for the quantity of people who are divided by age .
Insured ( Insured ) : a personal or people who threat covered under the agreement .
Top - Up : The addition of unit-linked financial commitment resources outside the regular top quality transaction / well .
Sum Assured : A sum of money into the organization's obligation to replace all or part of the financial losses that occur on the covered as stated in the plan . Sum assured in wellness insurance protection plan advantages is commonly known as .
Underwriting : The process of evaluating , selecting and approving insurance risks and determine how much threat and what the terms are acceptable by the organization . Employees who perform undewriting process known as underwriters .
Here are some terms in insurance :
Application : The document that contains the declaration of facts made ??by a personal who presented a request for insurance plan used by insurance organizations as the basis for decision making in plans .Term Insurance plan ( Term Insurance plan ) : Insurance plan protection with specific protection interval ( not lifetime )
Life Insurance plan ( Whole Lifestyle Insurance plan ) : life plans that provide protection forever . Also known as permanent insurance .
Dana : A number of wealth managed by insurance organizations which can be separately identified as belonging to customers invested depending on the conditions of the plan.
Endorsement / Amendment Policy : Letters ( documents ) of the changes to some of the data that has been published in the plan , such changes can be heirs , rates , or the efficient time frame of the plan , or other changes .
Excess Claim : A number of the unwanted money on health care expenses of a great deal of advantages that apply to a individual / dependents or a number of health care expenses including those which are not assured by the organization depending on the plan conditions .
Group Benefits Plan : pension insurance program to delay the transaction of advantages after retirement provided by the organization to the members but to pay rates borne by the employer .
In force : Status where protection plan " active " and legally executed .
Claim : A request or demand transaction of advantages depending on the conditions stipulated in the plan .
Coordination of Benefits ( Sychronisation of Benefits / COB ) : Provisions or procedures used for the organization to avoid duplicate payments when a personal is covered by more than one plan .
Report of Healthcare Examination (medical report) : review on the disease of the potential covered is filled by a general practitioner or specialist based on physical examination and an interview with the potential covered .
Lapse : Termination or termination of the efficient interval of the plan because the top quality is not compensated after a elegance interval .
Policy Benefits : The quantity to be compensated by the insurance provider to the claimant / named beneficiary / representative or a party providing wellness services (providers ) , depending on the kind of protection .
Death Benefit : The quantity compensated after the loss of life of the covered .
Grace Period ( Grace Period ) : The timeframe after the top quality due time frame continued where rates can still be compensated without any transaction of attention and the protection is still in force . The elegance interval varies depending on the kind of plan and the transaction stage .
Wait Period ( Patiently waiting Period ) : The timeframe after the plan was published in which wellness expenses covered nor assured by the plan. Long waiting interval is generally six months to 2 years and only applies to health care expenses due to illness , not because of an accident .
Customer ( client ) : Clients are people or groups who established a business relationship with protection organization . Customer may be potential insurance policy holder ( prospects ) , the insurance policy holder , and former customers or family / representative .
Cash Value / Redeem ( Cash / Give up Value ) : Components of " savings " in the conventional life insurance , the unwanted money set aside from the top quality after deducting the expenses of the follows the accumulated financial commitment results ( attention ) .
Policyholder : the person or people who perform engagements insurance agreement ( plan ) to the organization . Client (policy holder) which is also known as the plan owner (policy owner ) are parties to a top quality transaction .
Recovery Policy ( Restoration ) : Restoration of the effectiveness of protection for customers who already slip up .
Redemption plan ( Give up ) : Termination before the expiration of the plan by the insurance policy holder .
Policy expansion ( Renewal ) : Extension of the protection interval beyond the deadline initially by the insurance policy holder and the organization accepted by the continued transaction of a top quality .
Recovery interval ( Restoration Period ) : The interval in which the plan has been slip up can still be recovered . Restoration interval usually is one year after the final maturity time frame , in which the insurance policy holder must pay the unpaid rates with attention so that the plan can be restored .
Beneficiary ( Beneficiary ) : The personal or organization who received transaction of plan advantages .
Participants : Employees are eligible for the covered , was registered by the Policyholder and accepted by the organization based on the results of threat selection ( underwriting ) .
Policy Loan : A loan granted to customers of insurance organizations are secured by the money value of the plan . Reduce the quantity of the outstanding loan plan advantages .
Polis : insurance agreement between the insurance provider and the insurance policy holder as well as other documents which are the inseparable unity with the agreement , including certificates for members in team insurance . Insurance plan protection is also often known as the plan agreement or the agreement .
- Device Link Insurance plan Policy : Insurance plan protection that meets the following criteria : a. value of promised advantages is determined by the financial commitment performance of subdana formed for the link unit , b . value of the advantages derived from the financial commitment subdana indicated in units , and c . containing covered chance of natural loss of life .
Traditional Insurance plan Policy : The insurance plan that does not have a separate component such as investments in unit -linked plans . Traditional life insurance plan may contain a savings component or not ( pure insurance ) .
Annuity plan : Policy that accommodate and develop a number of resources that can be used after passing the age of retirement . After a specified age , the organization will pay a monthly annuity advantages in the form of a sum of money and at the same time when the covered ( anuitan ) reaches a certain age or loss of life .
Individual Policy : The insurance plan that provides insurance plan to an personal / people and , in some cases , close relatives .Set plan : An insurance plan that provides protection to an employer or other party to insurance threat people formally employed or have other business ties with him .
Pre -existing Situation : A wellness that existed before the efficient time frame of insurance plan ( six months to 2 years ) . Insurance plan agencies generally do not bear a pre - existing condition , or just a bear after having to wait ( waiting interval ) .
Premiums : A sum of money set forth in the plan accepted by the insurance policy holder , to be compensated to the appropriate insurance organization agreed that the plan remains active . Are included in the top quality is the First Premium , Premium Advanced , Premium and Premium Extension Policy Change .
Reinsurance : The transfer of protection by other insurance organizations , the so-called reinsurers , of a portion of the threat that is accepted by the organization issuing the plan. Reinsurance treaty can be done through ( automatic ) or facultative ( case by case ) .
Partner ( Provider ) : Hospitals , medical laboratories or clinics / medical centers cooperating with insurance organizations to provide wellness services to the customers-customers at the expense of the organization is limited to the assured quantity ( indicated in a correspondence of guarantee ) .
Rider : provision attached to a plan that provides additional advantages or restrictions .
Policy Summary : The document that contains the essence of
the plan .
Risk : Failures that may occur or personal insured
Certificate of Insurance plan : A declaration of the protection given to someone who is a individual in living insurance / wellness collection , which contains plan advantages and basic conditions are executed following the efficient time frame of protection .
Letter of Guarantee Inpatient : Letter presented by the organization to the hospital provider that provides transaction assurance hospitalization expenses by a certain maximum quantity protection organization for wellness insurance protection members named in the correspondence .
Switching : Transfer of unit -linked financial commitment resources from one kind of fund to another fund .
Mortality Table : The table shows the death rate rate for the quantity of people who are divided by age .
Insured ( Insured ) : a personal or people who threat covered under the agreement .
Top - Up : The addition of unit-linked financial commitment resources outside the regular top quality transaction / well .
Sum Assured : A sum of money into the organization's obligation to replace all or part of the financial losses that occur on the covered as stated in the plan . Sum assured in wellness insurance protection plan advantages is commonly known as .
Underwriting : The process of evaluating , selecting and approving insurance risks and determine how much threat and what the terms are acceptable by the organization . Employees who perform undewriting process known as underwriters .