Hello and welcome to ExamPundit. Here are some important Insurance Terms and Definitions for National Insurance Co. Ltd AO or NICL AO exam.
A policy designed to provide coverage under a single limit
for two or more items (e.g. building and/or contents), two or more locations,
or a combination of items and/or locations. – Blanket Insurance
for two or more items (e.g. building and/or contents), two or more locations,
or a combination of items and/or locations. – Blanket Insurance
Period between the subscription date of an insurance–cum–pension
policy and the time at which the first installment of pension is received is
called as deferment period. – Deferment
Period
policy and the time at which the first installment of pension is received is
called as deferment period. – Deferment
Period
An insurance contract that provides an annuity for a certain
number of years, irrespective of whether the insured is alive or dead. – Annuity Certain
number of years, irrespective of whether the insured is alive or dead. – Annuity Certain
The premiums on all policies which a company has issued in
some period of time. – Written Premiums
some period of time. – Written Premiums
Insurers that are created and wholly–owned by one or more
non–insurers, to provide owners with coverage. A form of self-insurance. – Captives
non–insurers, to provide owners with coverage. A form of self-insurance. – Captives
A broad commercial policy that covers all liability
exposures of a business that are not specifically excluded. Coverage includes
product liability, completed operations, premises and operations, and
independent contractors. – Commercial
general liability (CGL)
exposures of a business that are not specifically excluded. Coverage includes
product liability, completed operations, premises and operations, and
independent contractors. – Commercial
general liability (CGL)
Assessed when it is deemed that the defendant acted in a
grossly negligent manner and deserves to have an example made of his or her
behaviour so as to discourage others from acting that way. Usually imposed in
addition to other damages. – Punitive
damages
grossly negligent manner and deserves to have an example made of his or her
behaviour so as to discourage others from acting that way. Usually imposed in
addition to other damages. – Punitive
damages
Insurance that covers liability for errors and omissions,
such as incorrect records or accounting. – Errors
and Omissions Insurance (E & O insurance)
such as incorrect records or accounting. – Errors
and Omissions Insurance (E & O insurance)
Method of sharing insurance risk between several insurers.
The policyholder will deal as a lead insurer who issues documents and collects
premiums. The policy will detail the shares held by each company. – Co–insurance
The policyholder will deal as a lead insurer who issues documents and collects
premiums. The policy will detail the shares held by each company. – Co–insurance
“Utmost Good Faith’. The basis of all insurance
contracts – both parties to the contract are bound to exercise good faith and
do so by a full disclosure of all information material to the proposed
contract. – Uberrimae Fidei
contracts – both parties to the contract are bound to exercise good faith and
do so by a full disclosure of all information material to the proposed
contract. – Uberrimae Fidei
It is defined as the transfer of rights and remedies of the
insured to insurers who have indemnified the insured in respect of the loss – Subrogation
insured to insurers who have indemnified the insured in respect of the loss – Subrogation
A form of protection which reimburses an employer for losses
caused by dishonest or fraudulent, acts of employees. – Fidelity Bond
caused by dishonest or fraudulent, acts of employees. – Fidelity Bond
A lot of materials for NICL AO 2015 including A free mock test coming your way. Stay tuned!
We never charge a single paisa(penny is too mainstream) from our followers and if GOD is gracious, we are planning for something HUGE!! Love you all Stay tuned!! Stay Blessed!
Regards
Team ExamPundit
Books For 2015 Banking/Insurance Exams
