Glossary

Glossary of terms used in the Insurance and Reinsurance parlance often becomes a valuable reference material.  Furnished below are the terms often used in the Insurance/Reinsurance parlance.
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TermDescriptionMore InformationUsually found in
Acceleration Clause The portion of a contract that says when a loan may be declared due and payable.  General Insurance 
Accidental Death Benefit Additional benefit paid to beneficiary in the event of accidental death.  Life and Personal Accident 
Active Participant The person whose absence from an insured and planned event which when cancelled or postponed, would lead to payment of a benefit or compensation.   Event Cancellation or Contingency 
Special Declaration Policy Marine Inland Transit Policy issued in India where volume discounts are given on Premium. Subject to special conditions. Special Declaration Policy Marine (India) 
Takaful A form of Insurance compliant with Islamic laws Takaful Middle East, ASEAN regions 
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