Meaning of insurance terms

Meaning of insurance terms

1. Surrender value

   Amount of money that is refundable to the insured by insurer incase the insured has terminated the contract before maturity.

2. Beneficiaries

   People named named in a life assurance policy to be paid in event of death of the assured.

3. Re – insurance

   An insurance company insuring the same property it has covered with another insurance company called the  re – insurer.

4. Cover note

   a document issued by an insurance company to insured when the insured has paid the first premium while awaiting the policy to be processed.

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