IFFCO (Indian Farmers Fertiliser Cooperative Limited) uses several specific terms related to its core business of agriculture and its subsidiary’s insurance operations.
General & Agricultural Terms
- IFFCO: The acronym for the Indian Farmers Fertiliser Cooperative Limited.
- Cooperative Society: The organizational structure of IFFCO, which is owned and run by its farmer members.
- Nano Urea Liquid: A liquid nutrient developed by IFFCO as an alternative to conventional urea, aimed at reducing its use by 50%.
- Urea: A common nitrogen-based fertilizer produced and marketed by IFFCO.
- DAP: Di-ammonium phosphate, a phosphorus-based fertilizer.
- NPK: Complex fertilizers containing a combination of nitrogen (N), phosphorus (P), and potassium (K).
- Bima Kendras: Single-person operated centers established by IFFCO-Tokio to increase insurance penetration in rural areas.
- “Farmers First”: IFFCO’s motto.
IFFCO-Tokio Insurance Terms
IFFCO’s general insurance joint venture, IFFCO-Tokio, uses a wide range of standard insurance industry terms, including:
- Insured: The person to whom or on whose behalf benefits are payable under the policy.
- Insurer: The licensed entity (IFFCO-Tokio) providing the insurance cover.
- Policy: The legal document detailing the contract, conditions, and terms of the insurance.
- Premium: The price paid by the policyholder for the insurance coverage.
- Claim: A notification to the insurance company that payment is due under the policy terms.
- Deductible: A provision where the insured must pay a portion of the loss.
- No Claim Bonus (NCB): A discount on the premium for a continuous period with no claims.
- Sum Insured: The maximum monetary amount the insurer will pay in the event of a claim.
- Pre-existing Condition: Any condition, ailment, or injury for which the insured received medical advice or treatment within a specified period before the policy started.
- Hospitalisation: Admittance to an institution for in-patient care and treatment.
- Accident: Any unforeseen and unexpected event causing injury or damage.
- Loss Adjuster/Surveyor: A person who investigates and settles losses for the insurer.
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