In insurance, these terms are often used:
Letter of Agreement which contain the insurance agreement between the Insurer and the Policyholder.
Applicant is the person who applied for an insurance. If the insurance has been approved then the applicant will become the Policyholder.
Policy Holder (Policy Owner)
is the holder of the insurance policy.
is, someone who becomes the object of insured or insured.
Beneficiary are the persons or composed of several persons designated to receive insurance benefits or sum insured
is, a sum of money that is borne by the Insured and listed in the policy and has been approved to be paid to the Insurer as agreed.
The value of money stated in the insurance policy to be paid by the insurer to the Holder.
is, a sum of money listed on the policy to be paid to the Policyholder if the policy is canceled before the end of the insurance period or when the insured dies.
is, the relationship between the insured and the object insured by the company, concerning the things that have great potential to cause harm that can cause financial loss for the Insured.