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Insurance

Life Assured

It is the basic concept of life insurance. Life assured is a term that refers to the individual whose life is being insured through a life insurance policy. This fundamental concept lies at the core of understanding life insurance. It is crucial to recognize that the life assured is the person whose life is being financially protected in the event of their death. In simpler terms, they are the beneficiary of the life insurance policy. This understanding is essential in comprehending the various aspects of life insurance and its significance in financial planning.

Maximum possible loss

In finance, we often use the term "maximum potential loss" to refer to the most extreme outcome that could arise from a particular event. This could be a financial loss, suc...

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Authority

The IRDA, created under the Insurance Regulatory and Development Authority Act of 1999, serves as the governing body for the insurance industry. Its main responsibility is t...

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Contingent liability

The concept of vicarious liability refers to the legal responsibility of individuals, corporations, or partnerships for accidents caused by individuals who are not their emp...

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Increasing term insurance

Life insurance is a crucial aspect of financial planning, providing financial security to loved ones in the event of the policyholder's death. One type of life insurance is c...

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