Microinsurance typically refers to insurance products designed for the low-income individuals. The word ‘micro’ represents the relatively small transaction size or lower premiums, a concept

An occurrence of something that has been insured against, thus giving rise to a claim by a policyholder. (source: http://www.wordreference.com/definition/loss)

An insurance product that features a predetermined periodic payout amount until the death of the annuitant. (source: http://www.investopedia.com/terms/l/lifeannuity.asp)

A contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of

Company that sells a product called insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. (source: http://en.wikipedia.org/wiki/Insurance#Insurance_companies)

An insurance contract is a legal agreement that spells out the responsibilities of both the insurance company and the insured, as well as the specific

Any risk that can be quantified and be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance

A standard form contract between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to

The specified amount of payment required periodically by an insurer to provide coverage under a given insurance plan for a defined period of time. The

Individual, entity or property, covered under an insurance policy against insured perils. (source: http://www.businessdictionary.com/definition/insured.html)