Quick Answer: Who Is Called Insurer?

Who is Insurer Class 11?

The insurer and the insured enter a legal contract for the insurance called the insurance policy that provides financial security from the future uncertainties.

In simple words, insurance is a contract, a legal agreement between two parties, i.e., the individual named insured and the insurance company called insurer..

Who is an insured employee?

An employer-employee insurance policy is one in which the employer or company purchases insurance policy and the beneficiary is its employees. It is a benefit provided by an organization to its employees.

What is another word for insured?

What is another word for insured?protectedwarrantedguaranteedcoveredsecuredcertifiedpledgedbondedassuredbound7 more rows

Whats is a premium?

Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. … For taking this risk, the insurer charges an amount called the premium. The premium is a function of a number of variables like age, type of employment, medical conditions, etc.

What is your relationship to the insured?

You may be related to the insured person in one of several ways and be entitled to benefits as his or her child, i.e., as a natural child, legally adopted child, stepchild, grandchild, stepgrandchild, or equitably adopted child.

What are the 4 types of insurance?

Different Types of General InsuranceHome Insurance. As the home is a valuable possession, it is important to secure your home with a proper home insurance policy. … Motor Insurance. Motor insurance provides coverage for your vehicle against damage, accidents, vandalism, theft, etc. … Travel Insurance. … Health Insurance.

How many types of insurance are there?

7 Types7 Types of Insurance are; Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Guarantee Insurance. Insurance is categorized based on risk, type, and hazards.

Who is the policyholder?

A policyholder is the person who owns the insurance policy. So, if you buy an insurance policy under your own name, you’re the policyholder, and you’re protected by all of the details inside. As the policyholder, you can also add more people to your policy, depending on your relationship.

Is Insuree a word?

Noun. The person or entity protected by or receiving insurance provided by the insurer.

What is a policyholder example?

A policyholder can buy life insurance to insure someone else. For example, a wife can purchase a term life insurance policy with her husband as the insured and name her adult son and herself as the beneficiaries. As policyholder, she controls the life insurance policy.

Can a child be a policyholder?

So-called “child-only” plans are health insurance policies in which no parent or guardian is covered and the policyholder is age 18 or younger. … Availability of child-only plans varies by insurance company, but some insurers offer child-only coverage year-round.

Who owns an insurance policy?

The owner could be the insured, the beneficiary, or some other party. Usually, the owner is the person whose life is insured. The owner could also be the in- sured’s spouse or children. In other cases, none of these parties is the owner.

Who is an insurer?

The insurer is the company that pays out that compensation. … The word “insurer” is usually interchangeable with “underwriter.” An insurance policy is a promise to reimburse the policyholder for a loss; insurers are responsible for fulfilling that promise. Often, you buy your insurance policy directly from an insurer.

What does insured mean?

noun. the person, group, or organization whose life or property is covered by an insurance policy.

What is the difference between policyholder and insured?

The policyholder: Person who owns the policy. The insured: Person whose life is insured.

Can a life insurance policy have two owners?

Owning a Policy on Another Many people never think about life insurance in any way other than owning a policy on themselves. However, any person or legal entity can own life insurance on another person as long as the owner has an insurable interest in that person.

What are the types of insurance policies Class 11?

CBSE Class 11 Business Studies Types Of Insurance WorksheetWhole Life Policy:-The amount payable will not be paid before the death of the assured. … Endowment Life Assurance Policy:-The insurance company undertakes to pay the policy money when the assured attains a particular age or on his death,whichever is earlier.More items…

What endure means?

2 : to remain firm under suffering or misfortune without yielding though it is difficult, we must endure. transitive verb. 1 : to undergo especially without giving in : suffer endure hardships endured great pain. 2 : to regard with acceptance or tolerance could not endure noisy children.

What is another term for policyholder?

ˈpɑːləsiːˌhoʊldɝ) A person who holds an insurance policy; usually, the client in whose name an insurance policy is written. Synonyms. holder client customer. Featured Games.

What is a policyowner in insurance?

The insured might be the owner of the policy or might not. The policyowner is the person who has control over the policy. They are responsible for making sure the premiums are paid. They also choose who the beneficiaries are and can change them at any time. A policyowner can also transfer ownership if they want.

What is the verb for insurance?

transitive verb. 1 : to provide or obtain insurance on or for. 2 : to make certain especially by taking necessary measures and precautions.