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Frequently Asked Questions

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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.

 

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