Glossary Additional Premium ・It is an additional payment made on a premium due to changes made on the policy which be due to increase in risk or amendments made on a policy condition.
Blanket Policy ・It is a policy wherein a single sum insured covers several individual objects without dividing the amount mong the objects.
Contingency ・An event that may or may not be covered by an insurance policy.
Disclosure ・It is the duty of the insured to inform the underwriters of each and every significant detail before accepting the risk.
Excess ・It is the particular amount the policy holder pays before the insurance company pays claim.
Physical Hazard ・This is the physical aspect of a risk which influences the severity of a loss.
Qualification Period - It is the period in which the insurance company confirms if the claim is real. This is stated in the insurance policy.
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