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Glossary-Life

Underwriting

The process of selecting risks for insurance and determining in what amounts and on what terms the insurance company will accept the risk.

Unearned Premium

The portion of a premium that a company has collected but has yet to earn because the policy still has unexpired time to run.

Unenforceable Contract

The contract, though a valid one cannot be enforced in a court of law because of lack of some evidential features.

Uninsurable Risk

That which is not acceptable for insurance due to excessive risk.

Vesting Bonus

It is the Bonus, which the insurer declares after evaluating its assets and liabilities, and that is added to the sum assured under a policy.

Vesting Date

This is the date from which the life assured ie., child becomes the absolute owner of the policy.

Void Contract

A contract obtained by fraud is a void contract. It is not a contract at all. Under this there cannot be any action as no rights or obligations are cast on the parties to the contract.

Voidable Contract

A contract, which is valid until it is treated as void by the aggrieved party, is a voidable contract. Obviously in such an event the insurer would be the aggrieved party and has the option to repudiate liability.

Waiting Period

It is the period starting from date of commencement of a policy to the date of commencement of risk under a Jeevan Kishore Policy.

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