IRDAI Surveyor Miscellaneous (S-07) key terms

A licensed professional who inspects and assesses losses for insurers, determining cause, extent, and amount payable under a policy.

A surveyor who quantifies the financial loss in insurance claims, often for large or complex damage, and recommends settlement amounts.

A professional who investigates and settles insurance claims, often negotiating with policyholders on behalf of the insurer to reach an agreed settlement.

A person licensed by IRDAI to survey and assess losses, including risk inspection, under the Insurance Surveyors and Loss Assessors Regulations.

Formal authorization granted by the Insurance Regulatory and Development Authority of India to act as a surveyor, subject to qualification and conduct rules.

The periodic process of extending a surveyor's license by meeting continuing education, fee, and fitness requirements set by IRDAI.

Mandatory training hours or credits that surveyors must complete during each licensing period to maintain and update professional knowledge.

The knowledge, skills, and judgment required to perform surveys accurately, including technical, legal, and ethical aspects of loss assessment.

The thorough care and investigation a surveyor must exercise when examining a loss, verifying facts, and preparing a report.

A formal document prepared by a surveyor detailing findings, cause of loss, damage assessment, and recommended claim amount.

The process of evaluating the extent and value of damage or loss to determine the amount an insurer should pay under a policy.

The collection and verification of records such as invoices, photographs, and reports needed to support an insurance claim.

The final stage where the insurer pays, negotiates, or denies a claim based on the surveyor's assessment and policy terms.

The conditions, exclusions, and coverage limits stated in an insurance contract that govern whether and how much a claim is payable.

The scope of protection provided by an insurance policy, specifying which risks and losses are included.

A provision in an insurance policy that denies coverage for specified events, conditions, or property.

The amount a policyholder must bear before the insurer pays, often subtracted from the loss amount in settlement.

A sum deducted from a claim, similar to a deductible, representing the portion of loss retained by the insured.

The reduction in value of an asset due to age, wear, or obsolescence, often considered when assessing loss on an indemnity basis.

The principle that insurance restores the insured to the financial position before the loss, no better or worse.

The cost to repair or rebuild damaged property to its original condition without deduction for depreciation, often used in property policies.

The residual value of damaged property that remains after a loss, which may be sold or retained to reduce the claim amount.

The insurer's right to recover claim costs from a third party responsible for the loss, after paying the insured.

Legal responsibility to compensate others for injury or damage caused by the insured, often covered under liability policies.

Insurance that protects the insured against claims from third parties for bodily injury or property damage.

A surveyor's examination of a property or operation to identify hazards and recommend risk improvements before a policy is issued.

The process of identifying, assessing, and mitigating risks to reduce potential losses, often advised by surveyors.

Measures taken to reduce the likelihood or severity of losses, such as safety protocols or maintenance, recommended by surveyors.

Coverage for damage to property caused by fire, lightning, or explosion, often requiring a surveyor to assess the loss.

Insurance covering ships, cargo, and terminals against losses during transit, with surveys often involving particular average and general average.

Coverage for vehicles against damage, theft, or third-party liability, with surveys assessing repair costs and total loss.

Insurance protecting buildings, contents, and equipment against perils like fire, theft, or natural disasters.

Coverage for construction, erection, and machinery risks, often requiring specialized surveys during projects.

Coverage for goods in transit against loss or damage, with surveys assessing damage and liability.

A partial loss of a ship or cargo in marine insurance, borne by the owner of the affected property.

A marine principle where all parties in a voyage share losses intentionally incurred to save the ship and cargo from peril.

A situation where damage is so severe that repair cost exceeds the insured value, allowing the insured to claim a total loss.

A loss where the insured property is completely destroyed or damaged beyond economic repair, entitling the insured to full sum insured.

Ethical and professional standards that surveyors must follow, including integrity, confidentiality, and avoidance of conflicts of interest.