Archive for 'Vocabulary'

I

15 April 2008

Incomplete insurance
Case in brave insurance, when the risk is insured for the sum, is less than the valid cost of property. In such cases compensatory payments decrease proportionally to difference between real and insured cost of risk.
Infringement of insurance terms
If the insurant breaks terms of insurance, the insurer can refuse performance of obligations taken by […]

F

15 April 2008

Franchise
Part of the losses, which are not the subject of compensation by the Insurer. The franchise is established in a sum of money. The franchise is the form of own participation of the Insurant in a loss covering. Presence of the franchise allows lowering the size of the insurance premium.

D

15 April 2008

Damage
Monetary or property losses of the insurant, it is the result of illegal actions of the third parties in relation to the insured person and its property in result of road accident, fire and the other, stipulated, in the contract terms.
Disability
The invalidity releasing the physical person from performance of work for the term of treatment […]

C

8 April 2008

Civil liability
Responsibility of the person for drawing of life, health or property damage of the third parties. Civil liability insurance assigns payment to the insurance company.

Co-insurance
Insurance at which two and more insurers possess the certain shares in the same risks’ insurance, giving out joint or separate policies, according to the insurance sum of the share.

B

8 April 2008

Broker
Intermediary between the insurant and the insurer at the insurance contracts signing. The broker should be the expert in the field of the legislation and insurance practice.

A

8 April 2008

Actuary
Expert on the insurance mathematics, owning the theory of actuary calculations regulating mutual relations between the insurer and the insurant.
Annuity
Insurance contract according to which the insurer in exchange for payment of the insurance premium undertakes to pay the regular income (rent) to the insured party.

Assistance
Services of medical, technical or financial character, which occur according to […]