Glossary
- Road Accident
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A road accident is any fortuitous, sudden, and abnormal event, caused by an external factor beyond the control of the Insured Person, causing body injury, and in which at least one vehicle in motion is involved.
- Work accident
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Accident that occurs at the place and time of work, on the way to or from the workplace or other places directly related to the work contract and that results in body injury, functional disturbance or illness causing reduction in work or earning capacity or death.
- Policy
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Document that is the title of the Insurance Contract celebrated between the Policy Holder and the Insurer, which includes the General, Specific and Special Conditions, if any.
- Beneficiary
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Natural or legal person in favour of whom the Insurer’s service under the contract reverts.
- Coverages
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The guarantees selected by the Insured Person and granted by the Insurer, for the payment of the events eligible for compensation established in the Insurance Contract.
- Eligibility conditions
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Set of conditions presented by the Insurer so that the applicant can join the Insurance Contract.
- Special Conditions
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Provisions that complete or specify the general conditions, being generally applicable to certain contracts of the same type.
- General conditions
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Contractual provisions, usually pre-drafted, defining the framework of the Insurance Contract.
- specific conditions
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Clauses which are added to the general/special conditions of a contract, to adapt it to a particular case, specifying namely the covered risk, the duration and the beginning of the contract, the insured capital, the premium, the Policy Holder, the Insured, and the Beneficiary.
- Adhesion Date
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Insurance Contract subscription date.
- Starting date
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Insurance Contract starting date.
- illness
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Any involuntary alteration to the state of health, beyond the Insured Person’s will and not caused by an Accident, which causes the need for medically or surgically proven treatment.
- Pre-Existing Illness
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Illness diagnosed or contracted by the Insured Person before the date of the Insurance Contract.
- Criminal intent
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Any suggestion or behaviour that with the intention to induce or maintain in error the person making the declaration, as well as the concealment, by the declarant or third party of the declarant’s error.
- fractioning expenses
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Amount that is added to the premium if the Policy Holder chooses to pay it in instalments.
- Reversal
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Return to the Policy Holder of a part of the premium already paid, whenever it is due.
- premium fractioning
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Clause of an Insurance Contract which negatively limits the scope of the coverage, i.e., defines what the insurance does not cover.
- premium fractioning
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Option granted by the Insurance Company to the Policy Holder to split the premium payment into instalments.
- Excess
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Part of the risk, expressed in value, days or percentage, which, in case of a Claim is to be paid by the Insured Person and whose amount is defined in the Special and/or Specific Conditions of the Insurance Contract.
- Free cancellation
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Possibility to cancel the Insurance Contract without having to invoke a reason.
- grace period
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The period of time between the Contract Starting Date and the Coverage effective date, therefore there is no right to the Due Benefit in case of a Claim occurred during this period.
- Insured Person
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The person whose life, health or physical integrity is insured under the terms and conditions of the Insurance Contract.
- Premium
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Price paid by the Policy Holder to the Insurer for taking out the insurance as a counterpart to the guarantees covered by the Policy and which includes the costs of acquisition, issue, contract administration, collection, tax charges.
- proposal
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Document through which the Policy Holder expresses the will to celebrate the Insurance Contract and informs the Insurer of the risk he intends to insure.
- Claim
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Verification of the event, or series of events, resulting from the same cause and that activate the risk coverage presented in the contract.
- Policy holder
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Individual or collective person, who signs the Insurance Contract with the Insurer and is responsible for the premium payment.
- reimbursement value
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Amount that the beneficiary is entitled to receive at the end of the contract.
- Total Loss
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When an accident occurs, the vehicle may suffer partial damage, which can be repaired, or suffer such serious damage that the vehicle is considered a total loss. In this situation, instead of the vehicle being repaired, the injured party is compensated in cash. It is considered a total loss if:
- the vehicle is missing or has been completely destroyed;
- the vehicle has suffered damage that cannot or must not be repaired because it is unsafe;
- in the case of vehicles with less than two years, the estimated cost of damage repairing, added to the value of the vehicle in its condition after the accident (the salvage value), exceeds 100% of the value for which it could be replaced before the accident (market value);
- in the case of vehicles with more than two years, the estimated cost of damage repairing, added to the value of the vehicle in the state it was in after the accident, exceeds 120% of the value for which it could have been replaced before the accident.
- Salvage
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Vehicle in the condition it was in after the accident.
- market value
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Value given to the vehicle in its condition after the accident.