Insurance Fundamentals

Vocabulary flashcards reviewing basic insurance concepts, policy terms, and regulatory bodies based on the lecture notes.

Crop Insurance

A type of insurance that primarily protects farmers against losses caused by natural events like drought and floods.

LIC

A government-owned life insurance company in India.

Insurance Compensation

The payment made by an insurance company up to the specified limit to the assured when a covered event occurs.

Health Insurance

Insurance mainly needed to cover hospitalization and medical bills.

Deductible

The part of a loss that the policyholder pays before the insurer pays compensation.

Premium

The regular amount paid to an insurance company to keep a policy active.

Insurance Policy

The written contract between the insurer and the insured.

Exclusions

The situations or losses that an insurer will not pay for.

Insurance Regulatory and Development Authority of India

The central body that regulates insurance in India.