Insurance Terms Dictionary

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A

Agent
Individual who sells and services insurance policies
Assets
Assets refer to "all the available properties of every kind or possession of an insurance company that might be used to pay its debts." There are three classifications of assets: invested assets, all other assets, and total admitted assets. Invested assets refer to things such as bonds, stocks, cash and income-producing real estate. All other assets refer to nonincome producing possessions such as the building the company occupies, office furniture, and debts owed, usually in the form of deferred and unpaid premiums. Total admitted assets refer to everything a company owns. All other plus invested assets equals total admitted assets. By law, some states don't permit insurance companies to claim certain goods and possessions, such as deferred and unpaid premiums, in the all other assets category, declaring them "nonadmissable."
B

Beneficiary
Beneficiary is the person(s) designated to receive insured amounts, if the insurance risk occurs.A change of the beneficiary can be done, after a written request of the party, with the signature of the insured. The beneficiary can be a natural or a legal person.
C

Cascade Insurance
In car damage insurances, there is a possibility that another insured will succed the policiholder on insured. This can happen, for instance, due to the transfer of the insured property, e.g. car sale or shop sale etc. In such a case, in the next 30 days of the succession the latest, the insurer has the right to terminate the contract.
Compensation
Compensation is an insurance principle that seeks to place the insured after a damage, in the same position as he were before the damage happened. It can't be applied in the field of life insurance and in general in personal accident insurance. Compensation is also the extent of liability of the insurer or the reinsurer for a loss.
Coinsurance-Cross Insurance
Coinsurance is the insurance of one thing insured in two or more insurers at the same time. These insurances are valid until the extent of the damage, or proportional to each insurer, to the amount of his contract. The insured or policyholder, must notify each insurer that makes the coinsurance, for the existance of other insurance contracts. The law predicts that in case of coinsurance there might or might not be a contact between the coinsurers. Howerver, in case the policyholder or insured doesnt' notify in purpose the insurers for the existance of coinsurance, the insurance is invalid.
D

Discharge
Discharge is the agreed to be deducted amount from the compensation by the insurer and the insured incured. Sometimes it is agreed, to a term of policy, to relief the insured of paying a portion of the damage, whenever called upon to compensation, charging this amount to the beneficiary. Thus, it is required that the policyholder will take some liability risk on his behalf.
E

F

G

H

Ι

Insurance
Insurance is a mutual fund, to which the contributors are many, to cover themselves from an unexpected los (and/or otherwise from any damage that has been agreed.
Insurance Rate
Insurance Rate is the insurance that is agreed from the begining, when concluding the contract, amount to a percentage of the insured value of a thing. It is understood that if the risk materializes, the compensation will figure the amount of the damage. it is possible for the insurer to insure 50% of the value of a thing. So, if the risk materializes, he will compensate 50% of the damage. In that case works the proportional rule. In case that 100% of the value of something is less than 100% of the insured value, then the compensation is calculated according to the insurance rate, on the actual value of the thing.
Insurer
The word "insurer" reffers to the Insurance Company, that has to have a large capital and high solvency and that undertakes the obligation to pay the indemnity to the beneficiary, in case that the covered risk occurs. According to the Law 400/70, as it is later modified and completed until today, there are two categories of insurance companies, which are: - Claim insurance companies, that perform insurances against damages • Life insurance companies, that perform life insurances the term "insurances" is also improperly used for all those people that arrange to make the insurance contract, in other words, the intermediaries selling insurance and the all the other other employees of the insurance company.
Insured
In cases of life insurance, "insured" is the person which life is insured. In terms of insured are also the protected members of the family to which his is the father or the husbant and the unmarried children of a particular insured person may be insured in additional coverage offered by specific insurance products. Howerver, in cases of general insurance, when we use the term insured we mean the person (natural or legal) whose things (property) or interests are insured. In both cases an assured policyholder may be the same or two differents persons.
Insurance Contract
Τhe insurance is a privatet written agreement, issued by the insurer (or else it is invalid), as required, and it is the proof of the insurance. It is a proof, and not a costitutive document. if there is't an insurance contract, the content of the insurance can be proven only by an oath or bond.
Insurance Value
In the insurance contract, the insurance value is the objective, intrinsic value of a real thing, during a specific "moment". By default, the insurance value reffers only to insurances of things' damages, where there is the possibility of objective determanation of the value of maney to replace. In a contract, the insurance value may be rised or reduse in certain times, due to age, depreciation or differecation.
Insurance Amount
Insurance amount or policyholder capital, is the maximum llimit of liability of the insurer, that is agreed between the insurer and the policyholder or insured, is reffered in the insurance contract and is what the premiums are calculated to. Insurance value or insurance interest and insurance amount, must be one and the same, so as the insurance coverage is completed.
Insurance Interest
Insurance interest is the financial relationship betwenn a person and a propperty or a good. Often, though not always, this is a legal relationship (e.g ownership). However, this relationship might not be directly legal, but arising from beneficial ownership or other interest (e.g use of leased premises). The insurance of immoral interests or interests of illegal activity, is invalid.
Insurance Risk
The term insurance risk is used in three different concepts: a) The subject of the insurance, (the machine, the yacht, or the person insured etc.), b) The insecurity or the possibility of a damage and the severity of the consequences caused, c) The event that causes the damage, againt which the insurance works.
Insurance at first risk
Insurance at first risk is called the insurance practice that covers only up to a maximum possible damage, ignoring the total value of the insured property, that can be much bigger and in case of damage, the proportional term of the insurance isn't applied.The objective of this kind of insurance, is to cover the maximum amount of damage tha can be caused and not the total amound of the insured value.
Insurance Agent
Insurance agent is the natural or legal person whose sole task is to take on, with a contract, against a fee, insurance businesses for and on behalf of one or more insurance companies. The broker presents, proposes, prepares, endorses or makes himself or through other intermediaries insurance contracts, on behalf of one or more insurance companies. He also provides the insured with all the necessary assistance during the insurance contract, especially after the occurance of an insurance event. By the broker's contract the right of the insurance agent to make an insurance contract with other insurance companies may be limited.
Insurance Consultant
Insurance consultan is the natural or the legal person who studies the market, presents and proposes solutions of insurance coverage of the customers' needs, with insurance contracts on behalf of insurance companies or brokers or agents or coordinators for the aquisition of works. The relationship that exists between the insurance consultant with the above is a contract. The insurance consultant doesn't have the right to sign contracts or to represent an insurance company, a broker or an agent. Every agreement to the contrary is ivalid.
Insurance Employee
An employee of an insurance company or brokers or agency, can function as an intermediary in insurace contracts on behalf of the companies for which they work, or other companies linked to them, after the approval of their employer. The relation of the insurance employee with the companies above, for which he functions as an intermediary, is a contract, independent from a work contract.
Insurance Consultants Coordinator
Insurance Consultants Coordinator is the natural or legal person who, on behalf of a life insurance company or only one insurance company againt damage, with payment, works as an intermediary in the elaboration of insurance contracts through an insurance consultants' team, who he choses, trains and supervises.
J

K

L

Liability
Broadly, any legally enforceable obligation. The term is most commonly used in a pecuniary sense.
Liability Insurance
Insurance that pays and renders service on behalf of an insured for loss arising out of his responsibility, due to negligence, to others imposed by law or assumed by contract.
M

N

O

Overinsurance
In case of an overinsurance, the covered insurance amount or insured capital is bigger than the insurance value of a thing. That is caused by the overevaluation, not in purpose, of the value of the thing, or the action in purpose of the insured. either way, that comes in contrast with the insurance principle of risk administration, as well as the existing laws.
P

Policyholder
Contructor or policyholder is the natural or the legal person who makes the insurance contract with the company. The contructor can be a different person than the insured, as long as there is a family or professional relationship between them, that explains the insurance interest of the contractor for the specific person.
Premium
Premium is the additional amount that the insured pays, either by profession or because of health. the commercial premiums are determined according to the specific caracteristics some professions, while the health premiums are determined according to the health issues the insured is dealing with.
Q

R

Reinsurance
Reinsurance is the insurance from a third party, of the coverage that the insurer offered, or simply the insurance of part of the risk that an insurer received from another insurance consultant who is called an reinsurer. To sum up, reinsurance is the insurance of the insurance.
S

Subject of Insurance
Subject of insurance can be all kinds of property or an event that, when happens, will cause the loss of a legal right or a legal liability.
T

U

Under-insurance
In case of under-insurance, the covered insurance amount is less than the insurance value of a thing. So, in case of occurance of the risk, the proportional term is used. In the case of under-insurance, when the risk occurs, the compensation depends on the relation between the insurance value and the insurance amount-insured capital.
V

W

X

Y

Z

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