SegurCaixa Holding > Glossary of insurance terms

Glossary of insurance terms

Reduction of the insurance
The modification of the contract by which the policyholder is exempt from the payment of the premiums, or stops paying them altogether, with the resulting reduction in the amount of the insured benefits.
Refurbishment works
Refurbishment works, modifications or decoration carried out in the home of the insured house/flat, paid by the insured person whether he/she is the owner of same.
Replacement value insurance
This is a model of insurance that calculates the indemnity according to the replacement cost of the damaged goods, without applying any discount for age and/or use.
Return
Return or refund, either complete or partial, of the premium received by the insurer.
Reversion / reversibility
This is an agreement whereby, through the payment of a premium, should an insured person who receives an income die during the period of payment, another person previously included in the contract, has the right to receive the complete or partial payment, conditioned to his/her survival, in the terms and conditions set out in the policy.
Second residence
This is a residence in which the insured person does not permanently reside, that is, he/she uses it from time to time at weekends, for holidays or other similar periods.
Serious disability
This is the degree of disability whereby, as a result of anatomic or functional loss, the assistance of another person is required to carry out elemental acts of life such as dressing oneself, moving around, eating and the like.
Special conditions
A set of clauses that include those points that apply especially to a certain contract model without affecting the rest. The same set of clauses may complement, extend or repeal clauses contained in the general conditions of the policy.
Temporary disability
A situation of a person, that is likely temporary and reversible, whether due to an accident or illness, whereby he/she requires the assistance and/or treatment of a doctor who prescribes a complete interruption of the person’s work, functional, professional or business activity.
Term of insurance
Period of time the policy is valid.
Territorial scope of the insurance
The geographical territory in which the insurance guarantees are in force and which are described in the insurance policy.
The insurer
The legal entity that undertakes the payment of the benefits within the agreed conditions should the event covering the risk take place.
The insured person
The individual stipulated in the insurance policy or who is the owner of the insured assets.
The insured person’s Ombudsman
All insurance claims subscribed to by policyholders, insurers, beneficiaries, affected third parties and rightful owners against the insurance company of the policy will be bound by the decision of entities or independent experts of acknowledged prestige.
The participant’s ombudsman
All individual pension plan claims subscribed to by participants and beneficiaries or rightful owners against the managing promoters or their depositories will be bound by the decision of entities or independent experts of acknowledged prestige.
Theft
The unlawful taking of people’s goods without using force nor intimidation or violence on them.
Total value insurance
This is a model of insurance in which the capital insured must correspond to the real value of the insured objects. If on the date of the claim the insured capital is less than that value, the proportional rule will be applied.
Transfer of managed funds
Transfer of the consolidated or economic rights of a pension or welfare plan to another pension or welfare plan.
Underinsured
A situation of a policy in which the amount insured is inferior to the real value of the insured item/s. In the case of a claim, the insurer may proportionally decrease the amount of the compensation to be paid out.
Unit Linked
This is a model of life insurance in which the policyholder assumes the risk of the investment.

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