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Definition and meaning of Insurance :

A contract whereby an insurer promises to pay the insured a sum of money or some other benefit upon the happening of one or more uncertain events in exchange for the payment of a premium. There must be uncertainty as to whether the relevant event(s) may happen at all or, if they will occur (e.g. death) as to their timing.

(Source Lloyd's )

Also see these pages: Insurance , Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of V&MM, VMM :

V&MM, or VMM: Vandalism and Malicious Mischief. Damage or destruction to property which is willful. Traditionally VM&M coverage was optional on many forms or added by endorsement, but today it is automatically covered by basic commercial and homeowner forms. (PR)

(Source: InsWeb)

Also see these pages: V&MM, VMM , Property Insurance, Property Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - V

Definition and meaning of Antiselection :

Antiselection: The tendency of persons who present a poorer-than-average risk to apply for, or continue, insurance to a greater extent than do persons with average or better-than-average expectations of loss.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Antiselection , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of Loss Payee, Lien holder :

Loss Payee/Lien holder:  A person or entity with a legally secured insurable interest in another's property, usually a financial institution that loaned money to buy a car. The car is the loan collateral. If the auto is damaged in an accident, loss payments will be made to you and to the loss payee on your policy.

(Source: CarInsurance.com )

Also see these pages: Loss Payee, Lien holder , Car Insurance, Car Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Net Retention :

Net Retention: The amount of insurance that a ceding company keeps for its own account and does not reinsure.

(Source: InsWeb)

Also see these pages: Net Retention , Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of SAA :

SAA: See Surety Association of America.

(Source: InsWeb)

Also see these pages: SAA , Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of Sublimit :

Sublimit: Any limit of insurance which exists within another limit. For example, special classes of property may be subject to a specified dollar limit per occurrence, even though the policy has a higher overall limit; a health insurance policy may limit certain benefits to fixed dollar amounts or maximum amounts per day, even though the overall coverage limit is higher.

(Source: InsWeb)

Also see these pages: Sublimit , Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of INSURANCE :

INSURANCE: A system to make large financial losses more affordable by pooling the risks of many individuals and business entities and transferring them to an insurance company or other large group in return for a premium.

(Source: Insurance Information Institute )

Also see these pages: INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of EQUITY INDEXED ANNUITY :

EQUITY INDEXED ANNUITY: Nontraditional fixed annuity. The specified rate of interest guarantees a fixed minimum rate of interest like traditional fixed annuities. At the same time, additional interest may be credited to policy values based upon positive changes, if any, in an established index such as the S&P 500. The amount of additional interest depends upon the particular design of the policy. They are sold by licensed insurance agents and regulated by state insurance departments.

(Source: Insurance Information Institute )

Also see these pages: EQUITY INDEXED ANNUITY , Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Representation :

Representation: Statements made by an applicant in the application, which he represents as being substantially true to the best of his knowledge and belief, but which are not warranted as exact in every detail.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Representation , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - R

deeksha: (Sanskrit) "Initiation."

Solemn induction by which one is entered into a new realm of awareness and practice by a teacher or preceptor through the bestowing of blessings and the transmission of pranas. Denotes initial or deepened connection with the teacher and his lineage and is usually accompanied by ceremony. Initiation, revered as a moment of awakening, may be conferred by a touch, a word, a look or a thought.

Most Hindu schools, and especially Saivism, teach that only with initiation from a satguru is enlightenment attainable. Sought after by all Hindus is the diksha called shaktipata (shaktipat), "descent of grace," which, often coming unbidden, stirs and arouses the mystic kundalini force. Central Saivite dikshas include samaya, vishesha, nirvana and abhisheka.

See: grace, shaktipata, shakipat, sound.

(See also: Deeksha , Hinduism, Body Mind and Soul)

dosha: (Sanskrit) "Bodily humor; individual constitution."

Three bodily humors, which according to ayurveda regulate the body, govern its proper functioning and determine its unique constitution. These are

• vata, the air humor;
• pitta, the fire humor; and
• kapha, the water humor.

Vata has its seat in the intestinal area, pitta in the stomach, and kapha in the lung area. They govern the creation, preservation and dissolution of bodily tissue. Vata humor is metabolic, nerve energy. Pitta is the catabolic, fire energy. Kapha is the anabolic, nutritive energy.

The three doshas (tridosha) also give rise to the various emotions and correspond to the three gunas, "qualities:" sattva (quiescence- vata), rajas (activity- pitta) and tamas (inertia- kapha).

See: ayurveda, kapha, pitta, vata.

(See also: Dosha , Hinduism, Body Mind and Soul)

death: Death is a rich concept for which there are many words in Sanskrit, such as: mahaprasthana, "great departure;" samadhimarana, dying consciously while in the state of meditation; mahasamadhi, "great merger, or absorption," naming the departure of an enlightened soul.

Hindus know death to be the soul's detaching itself from the physical body and continuing on in the subtle body (sukshma sharira) with the same desires, aspirations and occupations as when it lived in a physical body. Now the person exists in the in-between world, the subtle plane, or Antarloka, with loved ones who have previously died, and is visited by earthly associates during their sleep.

Hindus do not fear death, for they know it to be one of the most glorious and exalted experiences, rich in spiritual potential. Other terms for death include panchatvam (death as dissolution of the five elements), mrityu (natural death), prayopavesha (self-willed death by fasting), marana (unnatural death, e.g., by murder).

See: reincarnation, suicide, videhamukti.

(See also: Death , Hinduism, Body Mind and Soul)

Durga: (Sanskrit) "She who is incomprehensible or difficult to reach."

A form of Shakti worshiped in Her gracious as well as terrifying aspect. Destroyer of demons, She is worshiped during an annual festival called Durga puja, especially popular among Bengalis.

See: Shakti, Shaktism.

(See also: Durga , Hinduism, Body Mind and Soul)

dhoti: (Sanskrit) (Hindi) A long, unstitched cloth wound about the lower part of the body, and sometimes passed between the legs and tucked into the waist. A traditional Hindu apparel for men.

See: veshti.

(See also: Dhoti , Hinduism, Body Mind and Soul)

diksha: (Sanskrit) "Initiation."

Solemn induction by which one is entered into a new realm of awareness and practice by a teacher or preceptor through the bestowing of blessings and the transmission of pranas. Denotes initial or deepened connection with the teacher and his lineage and is usually accompanied by ceremony. Initiation, revered as a moment of awakening, may be conferred by a touch, a word, a look or a thought.

Most Hindu schools, and especially Saivism, teach that only with initiation from a satguru is enlightenment attainable. Sought after by all Hindus is the diksha called shaktipata, "descent of grace," which, often coming unbidden, stirs and arouses the mystic kundalini force. Central Saivite dikshas include samaya, vishesha, nirvana and abhisheka.

See: grace, shaktipata, sound.

(See also: Diksha , Hinduism, Body Mind and Soul)

Dhanurveda: (Sanskrit) "Science of archery."

A class of ancient texts on the military arts, comprising the Upaveda of the Yajur Veda. Dhanurveda teaches concentration, meditation, hatha yoga, etc., as integral to the science of warfare.

See: Upaveda.

(See also: Dhanurveda , Hinduism, Body Mind and Soul)

Definition and meaning of Proximate Cause :

Proximate Cause: The dominating cause of loss or damage; an unbroken chain of events between the occurrence and damage.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Proximate Cause , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - P

Brahma: (Sanskrit) The name of God in His aspect of Creator. Saivites consider Brahma, Vishnu and Rudra to be three of five aspects of Siva. Smartas group Brahma, Vishnu and Siva as a holy trinity in which Siva is the destroyer.

Brahma the Creator is not to be confused with

1)    Brahman, the Transcendent Supreme of the Upanishads;

2)    Brahmana, Vedic texts;

3)    brahmana, the Hindu priest caste (also spelled brahmin).

See: Brahman, Parameshvara.

(See also: Brahma , Hinduism, Body Mind and Soul)