Glossary

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.