Meaning of insurance terms
Surrender valueAmount of money that is refundable to the insured by insurer incase the insured has terminated the contract before maturity.
BeneficiariesPeople named named in a life assurance policy to be paid in event of death of the assured.
Re – insuranceAn insurance company insuring the same property it has covered with another insurance company called the re – insurer.
Cover notea document issued by an insurance company to insured when the insured has paid the first premium while awaiting the policy to be processed.