protection firms holds, decides rates and rating techniques, and decides

different business and related risks.

v Accidental Death Benefits:-A support that pays the recipient an extra
advantage if the policyholder dies in an accident.
v Authority- The Insurance Regulatory and Development, IRDA built up under
Section3 (1) of the Insurance Regulatory and Development Authority Act,
1999.
v Bonus: - The extra amount that the policyholder will get amid the term of the
policy or on the maturity if he has paid every top notch sum due (i.e.preimum)
for a predetermined least number of years. A bonus is a sum added to the
fundamental whole guaranteed under a with-benefit insurance policy.
v Beneficiary: Beneficiary is the individual who gets the advantage of a product
if there should arise an occurrence of death amid the term or the policyholder
who gets maturity benefits
v Benefit Period: - The ideal opportunity for which an insurer covers the
policyholders for benefits.
v Claim: - A claim is a request that the backup plan ought to reclaim the
guarantee made in the agreement. The insurer has then to play out his piece
of the agreement i.e. settle the cases, subsequent to fulfilling himself that
every one of the conditions and prerequisites for settlement of claim has been
consented to.
v Contingent Liability:- Obligation of people, organizations, or associations for
mishaps created by individuals other than workers for whose demonstrations
or oversights the enterprises or associations are mindful.
v Conditions: -Conditions under which a protection contract is in compel. Break
of the conditions is a reason for refusal to pay the misfortune.
v Contract:- Any agreement forming a set of promises and which are
enforceable by law is known as contract.
v Chance of loss: -The long haul shot of event or relative recurrence of
misfortune. Communicated by the proportion of the quantity of misfortunes
prone to happen contrasted with the bigger number of conceivable
misfortunes in a given gathering.
v Death Benefits: - The sum payable, as expressed in a life insurance, to the
assigned beneficiary/ies upon the passing away of the policyholder
(xii) Marketing through the postal channel: The country has quite 1.5 lakhs
post offices that are quite double the quantity of bank branches. The
communication channel will very be a channel with terribly nice potential to
plug insurance product. Recently the communication department has
introduced the construct of ‘Shop @ Post’ whereby customers can purchase
gift wrappers, CD’s, pen drives and calculators. It’s additionally getting to
supply variety of e-enabled services as well as e-post, instant order of
payment and cash transfer facilities. Such facilities are gainfully utilized to
plug insurance schemes in keeping with customers’ needs. The postmen are
trained in selling of insurance policies and may be remunerated for his or her
efforts. They will be used for selling of policies, assortment of premiums in
addition as settlement of claims.
(xiii) Mallassurance – a rising channel: The number of malls across the
country is increasing at a quick pace. With malls being a favourite stamping
ground of the young crowd, fixing insurance kiosks in malls is a perfect
approach of targeting the youth. With the income within the hands of the youth
increasing, mallassurance is a certain place to kick-start growth.
(xiv) E-marketing: The internet penetration in India is growing by leaps and
bounds. Insurance firms ought to employ this rising medium to succeed in an
enormous phase of the population at a low cost. Their websites ought to have
simple navigation facility and secure payment choices to investors. They
ought to move into banner advertisements to draw in traffic to their website
and convert prospects into customers.
1.1.12. Important G