Korea Life Underwriter: CKLU foundations key terms
Korea Life Underwriter: CKLU foundations · Get comfortable with the vocabulary.
- Policyholder
The party entering the insurance contract and holding its contractual rights and obligations, which can differ from the insured person.
- Insured person
The person whose life or health is the subject of the relevant insurance risk under the contract.
- Beneficiary
The person entitled to the specified insurance proceeds under the contract, subject to its conditions and applicable law.
- Deductible
The portion of a covered loss or expense retained by the insured under the contract’s stated terms.
- Exclusion
A condition or category outside the policy’s promised coverage, which must be read with the actual contract.
- Risk transfer
Allocation of a specified financial consequence to another party under an arrangement such as insurance, without eliminating the event itself.
- Needs analysis
Assessment of the financial protection required after considering obligations, dependents, existing resources and relevant household or business circumstances.
- Underwriting
Evaluation and classification of a proposed insurance risk under an insurer’s authorized process and relevant evidence requirements.
- Adverse selection
A situation in which differences in information influence who seeks or selects coverage, affecting the risk composition of applicants.
- Moral hazard
A change in incentives or behavior associated with protection or risk transfer, distinct from the applicant-selection mechanism.
- Risk classification
Grouping or evaluating exposures according to relevant evidence and the applicable authorized insurance framework, rather than unsupported stereotypes.
- Postponement
An underwriting outcome deferring a decision until specified information or circumstances can be assessed, distinct from immediate acceptance.
- Material information
Information relevant to the insurance decision under the applicable framework, whose significance should be evaluated rather than guessed.
- Evidence reconciliation
Resolving inconsistent or incomplete records through appropriate clarification rather than silently selecting the most convenient version.
- Claim
A request for a contractual insurance benefit based on an alleged covered event and the relevant supporting information.
- Coverage condition
A requirement within the insurance arrangement that must be considered when determining whether the particular benefit is payable.
- Claim evidence
Information relevant to the event, policy status and applicable benefit conditions, obtained and evaluated through an appropriate process.
- Policy interpretation
Analysis of the actual contractual wording and applicable law rather than reliance on a product label alone.
- Investigation
A structured inquiry into relevant facts, which should remain proportionate and must not substitute unsupported assumptions for evidence.
- Confidentiality
Protection of sensitive information within the applicable professional and legal framework, including appropriate limits on access and disclosure.
- Review route
An appropriate internal, regulatory or legal process for considering a disputed decision under the relevant framework.