Insurance Dictionary

A B C D E F G H I J K L M N Ñ O P Q R S T U V W X Y Z

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Abandonment
In the event of a claim, the insured surrenders to the insurer all rights to damaged or lost property and claims payment for total loss as established in the policy.
Acceptance
Action by which an insurance company accepts the cover of a risk and that is followed by the signing and formalization of the policy.
Acceptance period
Period during which an insurance company decides whether or not to accept the cover of a risk.
Accident
Event due to a violent, sudden and external cause not attributable to the Insured and causing damage.
Acts of vandalism
Voluntary action with the intention to cause damage to insured items by anyone other than or not attributable to the Insured, Policyholder, his/her partners and family members or those in possession of or having been transferred the items insured in any way.
Actual value
In general, this is the value of the item involved in the claim at the time prior to it occurring. It is determined by subtracting depreciation due to its age, use and wear from its replacement value. For paintings, statues and artistic objects, the actual value will be its real value in the market at the time of the claim and not its cost price or effective value.
Actuary
Professional of actuarial science who deals with financial, mathematical and statistical problems relating to risk analysis and insurance.
Additional premium
This is an additional premium that covers the extra cost arising as a result of the aggravation of an insured risk.
Adhesion
Action by which one of the parties expresses its desire to enter into an agreement in which it has taken no part in its drafting.
Advance
Payment prior to the time at which the debt arises. In insurance terms, this refers to the minimum amount of the claim that the insurer must pay the insured within the forty days following receipt of the claim on account of the final sum. In certain types of life insurance, it is the amount that the insured may receive if he/she exercises his/her right to surrender and that may be for the total sum of the mathematical reserve constituted until said right is exercised.
Agency
Company dealing in the management of third-party business or in the provision of certain services. Subordinate branch or delegation of a company.
Aggrieved
Person who has suffered an injury to him/herself or damage to his/her rights or estate.
Agreement of the parties
Agreement reached by the parties regarding a dispute arising. This may take place either out of court or during the proceedings, ending the dispute.
Annuity
A period of twelve calendar months that is normally used as a basis for the contracting of extendible policies.
Apportionment
This term refers to the financial participation of members of a mutual company in the final results each financial year. It is called active when the receiving member is entitled to receive a sum of money and passive when the member must make an additional contribution.
Appraisal
Assessment or determining of the financial consequences arising from a claim so that the Insurance company, based on its report, may determine the corresponding amount of compensation.
Appraisal of insured object
Establishing of the financial value of the insured good by the insured in the insurance proposal.
Appraiser
Professional responsible for the appraisal.
Appraiser's report
Document produced by the appraiser in which all the features of the claim are specified and the losses caused as a result are quantified.
Artistic or historic object
That which, due to its age, author or characteristics, has a specific value endorsed in writing by the corresponding specialist art market.