Insurance Terms
Actuary:
A specialist statistician
engaged in the application of probability and other statistical theory
to insurance. The work of the actuary covers premiums, investment,
interest rates, reserve, dividend, surplus, valuation and other
financial calculations. In life assurance demography and mortality
rates are key issues for the actuary.
Assignee:
The party to which a policy is assigned.
Assignor:
The party who transfers (i.e. assigns) his rights in a policy, property or rights to another party called the assignee.
Assignment:
Transfer of right or benefits under an insurance policy or other property from one person to another. [Life assurance and marine insurance policies are freely assignable.
Assured:
The person
covered by the policy or who effected the policy and entitled to claim
on the policy. It also means insured, but is most commonly used in life
assurance and marine insurance. Either term is valid.