An insurance product is defined as a product that is provided by an insurance company.
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Insurance Rate
The ratio of the Insurance premium to the total amount of Insurance carried thereby. Usually expressed in rupee; sometimes in percentage or per mille.
Insurance Regulatory and Development Authority of India
Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. The Insurance Regulatory and Development Authority was established in the year 1999 by the Indian Government, for two significant reasons-to safeguard the interest of the policy holders and for the up gradation of the entire insurance sector right from the approach adopted by the existing insurance companies towards their shareholders to the eradication of the shortcomings of the industry. The Insurance Regulatory and Development Authority has been authorized to register the new insurance companies in India as well renew the Registration of existing Insurers in India.
Insurance regulatory examiners society
A group created with for the purpose of promoting education and cooperation between state examiners. The group also conducts examinations of insurers. This group is comprised of state regulatory examiners.
Insurance Regulatory Information System (IRIS)
Information method developed by the National Association of Insurance Commissioners (NAIC) to help state regulatory agencies evaluate the financial stability of insurance companies by using a series of ratios from the companies’ statutory annual statements.
Insurance Repository
An Insurance Repository is a facility to help policy holders buy and keep insurance policies in electronic form, rather than as a paper document. Insurance Repositories, like Share Depositories or mutual fund Transfer Agencies, will hold electronic records of insurance policies issued to individuals and such policies are called “electronic policies” or “e Policies.” The Insurance Regulatory and Development Authority had issued licenses to five entities to act as Insurance Repositories: However, SHCIL Projects Limited surrendered its Insurance Repository license in September 2015 and the remaining four who are working are (i) CDSL Insurance Repository Limited (CDSL IR) (ii) Karvy Insurance repository Limited (iii) National Insurance-policy Repository by NSDL Database Management Limited and (iv) CAMS Repository Services Limited.
Insurance Risk
A general or relative term denoting the hazard involved in the insuring of property. The premium or cost of Insurance is Insurance is predicated upon the relative risk or hazard considered to be involved.
Insurance Salesman
An employee of an Insurance Company who sells Insurance.
Insurance selling
An FSA regulated activity covering arranging the purchase of insurance policies; advising on insurance policies; dealing as an agent. Assisting in the administration and performance of policies is also regulated.
Insurance Services Office (ISO)
An organization providing statistical information, actuarial analyses, policy language, and related services for the insurance industry.