Insurance terms

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An insurance intermediary who represents a specific insurance company and acts in its interests.

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An independent intermediary representing the client. Usually paid a percentage commission by the insurer for concluded contracts.

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The market value to acquire an equivalent object; in property insurance, the cost to restore the property to the same quality and scope.

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A person (legal or natural) who concludes the insurance contract on their own or another person's behalf.

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The maximum amount the insurer will pay under the contract. May be set per case or with sub-limits.

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The insured person's interest in not suffering loss (e.g. property must belong to the insured).

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An agreement between insurer and policyholder transferring the risk of possible loss for a price.

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Material values are insured; the payout depends on the actual loss.

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The amount received by the policyholder or beneficiary after an insurance event.

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A situation defined in the contract that triggers the insurer's obligation to cover losses.

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The price paid for the insurance policy (cover).

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The maximum payout in civil liability insurance – per case or for the whole policy term.

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The set of documents – policy, rules, application, annexes – evidencing the agreement.

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Inseparable part of the contract containing standard terms.

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Property values (in property insurance), civil liability (in liability insurance), or life, health, and physical condition (in personal insurance).

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The time during which cover is valid.

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The part of the contract recording the facts and details of the specific agreement.

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A person with insurable interest or for whose benefit the contract was made.

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The insurance company that undertakes to cover losses upon insurance events.

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An agreement that the premium is paid in several instalments.

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Value after applied depreciation; rarely reflects true value for insurance purposes.

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A power of attorney letting the broker represent the client and obtain necessary information.

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Damage so severe that the loss exceeds the actual value of the object; often defined as a percentage of value.

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Cover outside the country of residence: medical expenses, plus optional accident, baggage, liability, etc.

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The direct trigger of the insurance event; must match the risk definition in the rules.

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An incident in public traffic involving at least one vehicle; payment requires detailed documentation.

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Insurer pays, on behalf of the insured, for losses caused to third parties by the insured's fault.

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Inability to perform direct work duties due to accident or illness; temporary or permanent (disability).

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A notification related to the contract (cargo volume, health description, etc.).

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Personal insurance with payouts to the insured or a beneficiary; often linked to savings.

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European Health Insurance Card – a common document in the EU, Norway, Iceland, Liechtenstein, and Switzerland for emergency medical care.

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Restoration value minus actual depreciation; used when wear is significant.

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Transfer of a specific risk to a reinsurer outside obligatory reinsurance.

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A type of own risk – the threshold above which the payout is made in full.

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Adjusting the premium by a contracted or inflation coefficient.

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An annex to the contract that changes specific terms – adds or removes points.

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Permanent incapacity for work.

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Replacement purchase value; in CASCO – the original purchase price without depreciation.

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Voluntary motor vehicle insurance against damage and theft.

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A core principle: in an insurance event, the payout cannot exceed actual losses.

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Several insurers agree to share the risk under the same terms with proportional premiums.

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An insurer's offer with proposed insurance terms; valid for a limited time.

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A person named in the contract entitled to receive the payout in an insurance event.

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A natural person named in the contract whose life, health, or condition the contract covers.

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A registered medical facility with which the insurer has a cooperation agreement.

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A state-defined indicator of the insurer's financial position.

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Value of one investment fund unit based on the fund's net assets divided by units outstanding.

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Sudden, unforeseen external circumstances causing physical injury to the insured.

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Compulsory civil liability insurance for the owner of a land vehicle for damage to third parties.

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Audio systems, lights, alloy wheels, etc. not in standard configuration; must be specified in the policy.

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Including additional types (accident, critical illness) within a life insurance contract.

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The insurer transfers part of its liability to a reinsurer under predefined terms.

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The portion of loss the policyholder bears in an insurance event.

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All types relating to a person's health and life – health, life, and accident insurance.

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Initial information about the person, object, and risk on which the insurer prepares a quotation.

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After paying compensation, the insurer takes over the right to claim from the party responsible for the loss.

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A period before the contract's effective date during which cover applies.

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Reinsurance of reinsurers.

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The probability that certain consequences may occur; usually a negative outcome.

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The premium expressed as a percentage (e.g. 1% of the sum insured).

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The territory or address specified in the contract where cover applies.

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A party entitled to receive compensation in civil liability insurance.

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The market value to acquire an equivalent object.

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Object insured above its actual value; payment will not exceed actual value.

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Sum insured is lower than the actual value; the payout is reduced proportionally.