Important words in Insurance

S.No	Important Words	SUMMARY
1	proposer	A person who requests to buy a policy for self, spouse or child.
2	Proposal form	This is a form to be filled by person who wishes to take a policy. (all a person in whose name policy is taken.
3	Policy holder	A person in whose name policy is taken.
4	Premium	Amount to buy a policy or installment. (Annually, semi annually, quarterly, monthly (ECS-electronic clearing system)
5	agent	Intermediate between company & policy holder. (one who sells policies on commission basis)
6	insurer	Insurance company who sells policy & also gives money (SA/maturity) at the end of the period.
7	contract	Agreement between company& policy holder. (one giving & one taking)
8	nominee	A person who receives the money on death of the life insured
9	rider	It can be taken along with normal policy for extra benefits (WOP, CI AD &D, SC, HC)
10	Sum assured	The limit of the policy amount. (risk amount- sum at risk)
11	claim	Payment of sum assured on death or maturity.
12	Risk/peril/hazard	Risk- chance of damage of loss, peril- event which might cause a loss, hazard- conditions that a peril would happen.
13	Coroner (investigator)	A person who investigates in case of death cases.
14	Medical referee	Panel of doctors who are appointed for medical checkups. (not company employee)
15	underwriter	He is a company employee who decides to give the policy or not