Career Path


Repatriation benefits (under overseas mediclaim)
Expenses incurred to travel back to home country following sickness abroad.

The obligation assumed by the insurer when it issues a policy. The spreading of risk across a broad base of the population, adjusted for statistical probability, and the protection against catastrophic loss, is the entire purpose of insurance. For risk assumption purposes, death is viewed as a contingency. That is, although death is certain, its timing is unknown. The process of evaluating and selecting risk is known as underwriting.

Risk Management
It is the science of Identifying evaluating and economic control or risks which affect the assets or earning capacity of an enterprise. It involves minimizing the adverse effect of a possible financial loss by Identifying potential sources of loss, measuring the financial consequences of a loss occurring, and using controls to minimize actual losses or their financial consequences.

The pricing factor upon which the insurance Buyer's premium is based.

Rated Policy
An insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has impaired health or a hazardous occupation.

Given a consideration, usually all or part of the commission, to the prospect or insured as an inducement to buy or renew. Rebating is prohibited by law.

The resumption of coverage under a policy which has lapsed. 1. Reinstatement of loss 2. Reinstatement of sum insured following a loss.

Replacement Cost
The cost to repair or replace property at construction costs prevailing at time of loss. It is the cost to repair or rebuild property without any depreciation.

Risk Financing
Measures to finance the losses that do occur. Risk financing may be done by Buying insurance or retention, which includes "self insurance".

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