Today We are Going to Talk About IC38 Exam?
Some essential words for the IRDA exam, which are very difficult to understand, so here we traying to explain in detail so do not get confused:
Insurer: In whose name the insured is insured.
Proponent: who proposes to insure someone, such as if a father brings his child insured, the proposer will be called.
Yield: The amount that is deposited every year for insurance is called
Yield or Premium.
Insured interest: When a person proposes insurance for someone, then an insurable interest is seen at that time, that is, what can be the loss of that person is no longer there, if it is a financial loss, then only this insurable interest is in mind goes.
Such as: – A father for his son or daughter, a business partner for another business partner, a finance company for his client to whom he has given a loan, a company owner for his employees, etc.
Insurance is given only if an insurable interest is proved.
Nominee: it can also be called a successor; it simply means that the insurance holder nominates the nominee on the form while taking the insurance, if an insured person is not there, to whom the insurance company benefits.
Param Harmony: When the insurance company and customer tell everything about themselves, it is called Param Sadbhav, give detailed information about the company’s agent plan and its term and condition, and tell the customer all the truth about themselves. Important such as his habits, occupation, family history, personal history, age, etc.
Rider: When a customer is given a small installment in a life insurance policy and additional benefits such as accident insurance, cancer treatment, heat treatment, etc. So, if the customer has taken any rider while taking the policy, then the insurance company treats the customer; the rider can only be taken while taking the policy and not later.
Appointed Person (Appointment): When the customer insures in the name of his child who has not attained the age of 18 years, then in such case, the customer has to keep an appointed person.