Edu-Bytes

Edu-Bytes

Other Articles

Other Articles

Insurance Jargon Buster – Disability Income Cover (14/14)

DISABILITY INCOME COVER The purpose of this benefit is to provide a monthly income in the event of the insured becoming temporarily or permanently disabled due to bodily injury or illness such that he/she is unable to perform his/her occupation, …

Insurance Jargon Buster – Death Benefits (12/14)

DEATH BENEFITS In many cases, death benefits form the basis of an individual’s risk benefits. Death cover was also the first cover offered by insurers to members of the public. Various forms of death cover exist, namely: Death benefits (all …

Insurance Jargon Buster – Retrenchment Benefits (13/14)

RETRENCHMENT BENEFIT This benefit may be purchased to either temporarily waive premiums on a policy or to provide a temporary income in case of retrenchment. Generally, this type of benefit will pay for a specified period, like 12 months.   …

Insurance Jargon Buster – Future Cover Benefits (11/14)

Future cover benefits give the policyholder the option to purchase additional cover with no, or limited, medical underwriting. A negative HIV-test result is generally required. The policyholder may choose to purchase a new policy, or to increase an existing benefit, …

Insurance Jargon Buster – General Claims Workflow (10/14)

GENERAL CLAIMS WORKFLOW Claim notification The life insurance company needs to be notified of a claim by the intermediary, claimant, beneficiary or policyholder. Some companies may have an automated process whereby the notification and registration process form part of the …

Insurance Jargon Buster – Underwriting Overview (9/14)

OVERVIEW OF THE UNDERWRITING PROCESS CLAIMS In general, a claim is a defined event and as such all terms and conditions are defined in the policy, whether it is for individual or group business. Claims assessment strategy involves two processes, …