Insurance:- Insurance policy are not sold. Prospect has to apply first to buy an insurance product. Then it is sold / buy based on information & eligibility and T&C. It is an agreement between Insurer and policy holder. For Health Insurance it is an indemnity.

Prospect:- A Prospect is a potential buyer of Insurance Product. Prospect is still NOT an existing client but a potential candidate to buy an insurance product.

Free Look Period :- A Free Look Period is a time period which make Policy Holder enable to review the Policy's Terms & Conditions even after buying an Insurance Product and Policy Holder may cancel it if it does not meet policy holder's requirement. it vary from 15/30 days period. (Example:- Mr. Chatur Ramalingam (fictitious name) has applied & purchased a policy today. After buying a policy he reviews the Terms & Conditions of that policy he purchased. Now he can cancel it through written communication to Insurer within Free Look Period without any penalty. But written communication should be clearly indicated as "Free Look Cancellation". Guidance from concerned Advisor may be obtained).

Who is Insurer? - Insurance Company is called Insurer from which Policy Holder purchased the insurance policy.

Who is Policy Holder:- Policy Holder is person who purchased the policy for insured persons in his family members or Insurable Interest persons. A policy holder him/herself can be insured person also.

Insurable Interest Person(s):- In Insurance, Insurable Interest shall have to be maintained. It is very important. Insurable Interest person mean the persons (spouses, parents, children, business partners and those who are financially dependent / has relations / interests / has connection with) the Policy Holder (who purchased the policy). A person cant buy the policy for anyone (insured person) with whom he/ she has no Insurable Interest.

Who is Insured Person:- Insured Persons mean the persons came under the coverage of Insurance.