What is Risk ?
The possibility of financial and physical loss.
What is proposal form ?
Proposal form is the most important and basic document required for insurance contract between the insured and insurance company (Insurer). It includes the insured fundament information.
Who is Insurer ?
The party to an insurance arrangement who undertakes to indemnity for losses.
Who is insured ?
A person whose interests are protected by an insurance policy.
What is Sum insured ?
Declared value of assets or property.
What is Premium ?
Financial cost of obtaining an insurance cover, paid as a lump sum during the duration of the policy.
What is Policy ?
Written contract or certificate of insurance.