Page 377 - Ebook health insurance IC27

Sashi Publications

Glossary

Agent/Advisor :
A person licensed on behalf of the insurance company to sell the insurance policy.

Accident :
Unplanned injuriousordamaging event whichinterrupts thenormal progressof an activity.
An accident may be seen as resulting from a failure to identify a hazard or from some
inadequacy in an existing system of hazard controls. Refer "Disease", "Incident", and
"Occurrence".

Actuary:
A person trained in mathematics whose job is to apply the theory of probability to the
business ofinsuranceandto adviseinsituations involving probability. Theyhelp in deciding
the health insurance premium based on various factors.

Adverse Selection:
Selection against the insurer that would result follow if the Insurer were to accept every
applicant, because the persons who would be most likely to seek insurance would be
those for whom the insurer's premium would understate their loss potential.

Beneficiary:
The person designed to receive the benefits of some transaction as the proceeds of
a accident insurance policy. The person named in the policy, to whom the insurance
company offer evidence in support of the claim that has been submitted to the
company.

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