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People Involved in the Insurance Policy:
Applicant is the person or business that applies for an insurance policy.
Policy Owner is the person or business that owns the insurance policy.
Insured is the person whose life or health is insured under the policy.
Life insured is the person who is insured by a life insurance policy.
Third-Party Policy is a policy, when one person purchases insurance on the life of another
person.
Beneficiary is the person or party, the policy owner named to receive the policy benefit.
Assessing the Degree of Risk:
When an insurance company receives an application for insurance, the company must assess the
degree of risk it will take on if it agrees to issue the policy.
The individual who believes an greater-than-average likelihood of loss tend to seek insurance
protection to a greater extent than do those believes an average or less-than-average likelihood
of loss. This tendency is called antiselection, adverse selection, or selection against the insurer.
The process of identifying and classifying the degree of risk represented by a proposed insured
is called underwriting, or selection of risks.
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