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NIACL Assistant Study notes – Terms in Insurance Sector – Part 1

NIACL Assistant Study notes

NIACL Assitant 2018 Exam is scheduled to held on 8 and 9 September 2018 and the phase 2 (Main Exam) would be conducted on 6th October. 31st July is the last date to register for the exam, so if you not already done, then hurry up. We at Oliveboard will be providing you with free NIACL Assistant study notes for Exam preparation through our blogs. In this blog, we have compiled a list of some important terms related to the Insurance sector which would be a valuable addition to your NIACL Assistant study notes. So, let us begin

NIACL Assistant Study notes – Important Terms in Insurance Sector

Actual Cash Value

  • The Actual Cash value of any old or damaged product is the value of its replacement cost minus the value of the depreciation of the product. The value of any product decreases over a period of time due to wear and tear and other factors, called as Depreciation.
  • The actual cash value is the value at which an old damaged product can be sold. This is always less than the value required to replace the product

Actuary

  • An actuary is a person with expert knowledge in the field of Risk Assessment and Risk Management. An actuary helps the insurance company identify the risk involved with any policy to help with their decision making.

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Actuarial Science

  • It is the field of science that deals with understanding risks (financial) involved in the field of Insurance and Finance with the help of various statistical and mathematical tools.
  • Actuarial Science gives the Finance and Insurance firms an insight into the financial implications related to any event occurring in future. This helps them decide upon their strategy and planning of products.

Agent – Insurance

  • An individual with a licence issued by the government to sell insurance is called an Insurance Agent.
  • There are 2 types of Agents – Captive Agent: Sells Insurance products of a single company and Independent Agent: Freelance agent, can sell insurance products of multiple companies.

Annuity

  • It is an Insurance product sold by Insurance companies that provide a fixed payment source to an individual. Pension scheme for retirees is an example of an annuity contract.

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AD&D Insurance

  • AD&D Insurance stands for Accidental Death and Dismemberment Insurance. The benefits of this insurance type are given when the individual who taken this policy, dies due to an accident.

Bancassurance

  • When there is an agreement between an insurance firm and a bank to sell the insurance products through the bank’s infrastructure to its clients, then the product is called as Bancassurance. This arrangement is beneficial for both the bank as well the insurance provider.

BCAR

  • It stands for Best’s Capital Adequacy Relativity (BCAR). It is a rating tool to measure the performance of a balance sheet of an Insurance Provider. It shows the relationship between the strength of a balance sheet with the operating risks of an Insurance company.  
  • BCAR compare the capital adequacy of the company with the composite capital adequacy of the industry peers.

That is all in this part of the NIACL Study notes on Important Terms in Insurance Sector. We hope the information provided here is useful for your NIACL assistant exam preparation. Keep checking this space for more NIACL Assistant Study notes.

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NIACL Assistant Study notes


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