Glossary

Term	Definition
Policy	This refers to a legally binding contract between an insurance company and an individual or entity (the policy holder) that outlines the terms, conditions, coverage, and exclusions of the insurance agreement.
Policy ID	This is a unique reference issued by Turaco for use in the API to identify and retrieve a policy that has been created for a specific customer. This is provided in the response during the creation of a policy using the Get Policy API.
Policy duration	This is the tenure of the insurance policy with the customer. It is usually defined in months and largely depends on the nature of the product. Policies are typically 1 year long.
Cancellation reason	This refers to the reason behind the policy holder’s request to opt out of or terminate their insurance policy.
Cover Period	The period of time when the policy holder is eligible to receive the benefits and protections outlined in the insurance contract
Cover start date	The date when the customer’s coverage for an insurance policy begins.
Cover end date	This is the date when the customer’s coverage for an insurance policy expires. This is usually linked to the amount of premium paid and the product offering e.g. If the product is Kes 200 for 1 month and cover began on 1st June,2022, the end date will be 30th June, 2022.
Premium	This is the value paid by the policy holder for insurance cover for themselves and their beneficiaries
Product	This refers to an insurance policy or a specific offering provided by an insurance company to individuals, businesses, or other entities. It is a financial product designed to protect against various risks and provide coverage for specific events or circumstances.
Product ID	This is a unique identifier for an insurance product assigned by Turaco. This can be retrieved using the Get products API.
Product Pack	This is the status of the payment that has been made.
Customer	This refers to an individual /organization that has acquired an insurance policy for themselves or their loved ones.
Customer ID	This is a unique identifier issued to a customer by Turaco.
External Ref	This is a unique identifier issued to a customer by the organization partnering with Turaco to issue insurance e.g. Vehicle number plate for a Motor Vehicle insurance policy
Document type	This is the acceptable identification document that can be used to clearly identify an individual. These are usually country specific but mostly include a National ID, Foreign passport, Alien ID, Driving license, birth certificate etc
ID number	This is the unique identifier on the identification document provided by the customer. This is usually a numeric or alphanumeric data point depending on the country.
Family Member	This is any additional beneficiary added by the policy holder under their cover. This can be a spouse, child, parent, sibling etc.
Next of kin	This is a named beneficiary who gets the promised benefits incase of the demise of the policy holder.
Payment Amount	This is the value that has been paid for the cover being purchased via the API
Payment result	This is the status of the payment that has been made.
Transaction code	This is unique identifier that is assigned to a particular payment that has been made.
Claim	This refers to a formal request made by a policy holder or other covered party to an insurance company seeking compensation or coverage for a loss or damage covered by their insurance policy.
Incident	This refers to an event or occurrence that results in loss, damage, or liability, which may be covered under an insurance policy. It is an unexpected or unplanned incident that leads to financial consequences for the policy holder or others involved
Date of incident	This refers to the specific date on which an insured event or incident occurred.
Requested amount	This is the amount the claimant is requesting to be compensated for the occurrence of an insured event. This should align with the benefits they are entitled to for the product they are enrolled on.
Incident location	This is the specific place or property where an insured event or incident occurred. This mostly applies to property insurance claims, automotive or accident related claims or liability insurance claims e.g. WIBA etc.
Date of discharge	This is the date in which the customer was released from hospital after being admitted and undergoing treatment.
Webhook	A HTTP-based callback function that allows lightweight, event-driven communication between two applications.
Webhook URL	A webhook URL, also known as a callback URL, is a unique endpoint or address provided by a web service or application that allows other systems to send data or trigger events. It is a way for applications to communicate and exchange information in real-time. Example : https://example.com/webhook
Authorization Token	This is a unique code or credential used to authenticate and authorize access to an API (Application Programming Interface).
Authorization Type	These are the various options for authenticating access through an API. Examples include BASIC, API Keys etc.
Bearer Token	This is a simple, often alphanumeric string that is used to authenticate requests to an API.
Basic authentication	This is a simple method where the client includes a username and password in the request headers. The credentials are encoded (usually using Base64 encoding) and sent with each request.
Assets	This applied to asset based insurance. An asset hereby represents tangible items that are being covered as part of an insurance policy. This should be a name e.g. Phone.
Make	This applied to asset based insurance. This is the manufacturer or trade name of a product e.g. iPhone
Model	This applied to asset based insurance. This is a particular design or version of a product e.g. 6S
Asset Value	This is a figure showing the total value of the item that is being insured . Also only required for asset based insurance.
Loan Amount	This applies only to credit life insurance products. It represents the value of the Loan that is being insured.