Underwriting
In insurance, underwriting is the process of assessing the risk of providing coverage to an applicant. Based on the underwriting, the insurance company decides the terms on which it can offer coverage to the applicant.
A person seeking insurance coverage has to provide all the relevant information in the policy application. All the information which is relevant and can impact the insurer’s decision on policy terms is called material facts. Based on the information provided in the policy application, the insurer assesses the level of risk associated with covering the applicant.
Depending on the level of risk, the insurer decides to issue the insurance policy at normal rates or higher than normal rates. The insurer can also deny giving coverage to the applicant.
An insurance contract is based on the principle of utmost good faith. The insurer believes that all the information provided by the applicant in the policy application is true and complete. This information is crucial to decide the terms of the insurance policy.
Non-disclosure of information, intentionally or unintentionally, at the application stage can lead to claim denials or policy being terminated.
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A
- Accident
- Acute Care
- Acute Condition
- Age Limit
- Agent
- Ambulance Cover
- Annual Health Checkup
- Annual Renewal Date / Renewal Date
- Any One Illness
- AYUSH Treatment
B
C
- Cancer Insurance
- Cashless Facility
- Chronic Condition
- Claim
- Claim Assessment
- Claim Rejection / Claim Repudiation
- Claim Settlement
- Claim Settlement Ratio
- Comorbidity
- Congenital Anomaly
- Consumables
- Continuity Benefit / No-Lapse Benefit
- Contract
- Convalescence Benefit
- Copayment
- Critical Illness
- Cumulative Bonus / No-Claim Bonus (NCB)
D
- Daily Hospital Cash / Daily Cash
- Day Care Treatment
- Deductible
- Discharge Summary
- Domiciliary Hospitalisation
- Durable Medical Equipment
E
F
G
H
I
- Illness
- Indemnity
- Injury
- Inpatient Care / Inpatient Hospitalisation
- Insurance Ombudsman
- Insured Person
- Insurer
- Intensive Care Unit (ICU)
- IRDAI
L
M
N
O
P
- Personal Accident Cover
- Planned Hospitalisation
- Policy Document
- Policy Schedule
- Policyholder
- Portability
- Post-Hospitalisation Expenses
- Pre-Authorisation (of Cashless Claims)
- Pre-Existing Disease (PED) / Pre-Existing Condition
- Pre-Hospitalisation Expenses
- Pre-Policy Medical Check-Up
- Premium
- Proportionate Deduction
R
- Reasonable and Customary Charges
- Reimbursement
- Renewal
- Renewal Premium
- Restoration Benefit / Automatic Restoration
- Rider / Add-on Cover
- Room Rent Limit
S
- Shared Accommodation
- Sub-Limit
- Sum Insured
- Super Top-Up Health Insurance Plan
- Surgery or Surgical Procedure
- Survival Period
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