11. Glossary: 20 terms you should know

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Claim: In the insurance world, the claim is a formal request by a policyholder to an insurance company for compensation or coverage for a covered loss or policy event.
Claim-settlement ratio: This ratio tells about the number of claims settled, out of the total number of claims received by the insurance company.
Company credentials: demonstrates the capabilities of the business, the services provided, the impact and why the audience should choose to work with the company.
Endowment Policy: Life insurance designed to pay a lump sum after death or specific term
Fintech: a portmanteau of the terms “finance” and “technology”. It refers to any business that uses technology to automate financial services.
Insurance: is a contract, in which an individual or entity receives financial reimbursement or protection against losses from an insurance company in case anything bad happens.
Insurtech: technology-led companies that enter the insurance market.
IRDAI: The Insurance Regulatory and Development Authority of India.
Joint Venture: When two or more parties pool their resources to accomplish a certain task.
Liberalization: refers to less government intervention in economic activities.
LIC: Life Insurance Corporation of India
Monopoly: A market where there is only one seller of a unique product, i.e., there is no competition.
Nationalisation: transforming privately-owned entities to public entities by bringing them under public ownership.
Pension: A pension is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments.
Premium: an amount to be paid for a contract of insurance.
Privatization: the transition of a company from being publicly traded to becoming privately held.
Sub-limit: a cap that the insurer puts for the policyholder on expenses against a specified medical procedure.
Tariff: Tax implied
Underwriter: is any party that evaluates and assumes another party's risk for a fee.
Unit-Linked Insurance Plan (ULIP): is both an insurance policy and an investment. A small portion of the money invested goes to securing your life whereas the rest of the money is invested in the market.