Definition of Terms
A definition of frequently used words on the documentation and insurance technology in general.
This section of the documentation describes the common terminologies applicable within the Curacel Grow product and insurance industry.
Claim
A formal written request to a company to pay one a quantity of money that one believes the company owes them; based on the terms of an insurance policy.
Git (Goods in Transit)
Goods in transit is a concept used to describe items and other types of inventory that have left the seller's shipping dock but have not yet arrived at the buyer's receiving dock.
Insurer
An insurance company that sells insurance. They are responsible for insurance issuance and pay compensation.
Insurtech
Insurtech refers to advanced technologies that are developed and applied to help the insurance sector become more efficient.
Insurance
Insurance is a contract in which an individual or entity receives financial protection or compensation from an insurance firm through an insurance policy.
Insurance Policy
An insurance policy is simply a contract between you and your insurance company, outlining what is and isn't covered, as well as other terms of your agreement.
Order
Imagine the Curacel grow product to be e-commerce for insurance products, then ordering on our platform would be the equivalent as it applies to e-commerce. This is a request to buy an insurance product.
Partner
This is any company or business through which we distribute insurance products. Partners could range from tech startups/online businesses to traditional brick-and-mortar businesses.
They are the channel through which the insurance products we collate would be sold to their end users and customers.
Policy Number
Your insurance policy number is a unique number that your insurer uses to identify your account.
Policy Holder
A policy holder (or policyholder) is the person who owns the insurance policy.
Product
An insurance product supplied by an Insurer. This could also be referred to as an Insurance Plan, or Insurance Cover. A product will typically have a premium rate, a name, and details that explain what kind of risk it protects against amongst any other requirements.
Product Type
Insurance products exist in different categories which would dictate the nature of the coverage they provide. e.g Health, Auto (Car, motorcycle, etc), Goods in transit (needed by logistic companies), Marine (required by shipping companies), Credit Life (insurance for loans), etcetera.
Quote
This is an estimated cost provided by the insurance company for an insurance policy. This is not the final information on the cost of an insurance policy, the final premium to be paid may differ slightly.