Auto Insurance Quotes | Life, Health and Home Insurance

It is very basic thing for a person to know about the basic terms that one must be aware of before opting for a life insurance policy and is a mandatory one. The knowledge and good exposure of basic things will definitely help you in making a smarter decision about opting for the right kind of insurance policy. There are various terms like insured, nominee, insurer, policy holder, sum assured, premium, maturity, lapse, free look period. The insured is the individual who makes his life, an insured one. Nominee is the individual who will receive the policy automatically when the insured is dead. The insurer is the Life Insurance Company that is held responsible for paying the policy amount to the nominee on the occurrence of the insured event. Policy holder is the person who is going to own the policy or buy the respective policy. The insured and the policy holder can be either the same person or it can be two different people, as both are valid in this case. Sum assured is the sum that the policy will pay out to the nominee when the insured is dead. When the policy is said to expire, it is said to have reached the maturity level. Once you get an insurance policy, the rules offer you 15 days within which you can revisit your purchase decision and this are free look period.