Ocaso - Seguro de decesos - seguros de vida - seguros del hogar

Glossary

inland transit insurance Subir
Under an Inland transit insurance the insurer undertakes, within the limits established by Law and in the contract, to indemnify the Insured for loss or damage suffered during or as a consequence of the transport of goods, of the means of transport used or of other insured goods.
insurance against theftSubir
Insurance against theft obliges the insurer, within the limits established by Law and in the contract, to compensate for the damages derived from the illegitimate removal by third parties of the insured objects. The cover includes the damages caused by the act of crime in any of its forms.
insurance agent Subir
Agents are those natural or legal persons who, by means of entering into an agency contract with an insurance company, undertake to carry out mediating activities between the policyholders and the insured, on the one hand, and the insurance bodies authorised to exercise private insurance activities, on the other.
insurance brokerSubir
Insurance brokers are natural or legal persons who carry out private insurance activities without holding any exclusive relationship with the insurance companies and who are independent of the latter, offering impartial professional advice to those requesting cover for the risks to which their persons, estates, interests or liabilities are exposed.
insurance contract Subir
Insurance brokers are natural or legal persons who carry out private insurance activities without holding any exclusive relationship with the insurance companies and who are independent of the latter, offering impartial professional advice to those requesting cover for the risks to which their persons, estates, interests or liabilities are exposed.
insurance policy Subir
The insurance Policy is the set of documents that contain the terms, conditions and agreements that make up the insurance contract. It is therefore, the documentary evidence of the existence of an insurance contract between the parties, and of the terms, conditions and agreements upon which the contractual relationship is based.
insurance policy-holder Subir
The insurance policyholder is the natural or legal person who takes out the insurance contract with the insurer. That is, the person who signs the policy and thereby assumes the obligations and rights derived from the contract.
Insurance proposal Subir
The proposal form is the document by which an insurance contract is requested. This document expresses the intention on the part of the future policyholder to take out an insurance policy, and it is addressed to the insurer; it must contain a description of the risk to be insured, with the details required by the insurer to provide him with adequate knowledge of the risk and to enable him establish, on the basis thereof, the price, the terms and conditions under which the coverage requested can be offered. For this reason, any inaccuracy, non-disclosure or misrepresentation in the details requested will affect the validity of the insurance contract.
Insurance quotation Subir
Once he has knowledge of the nature of the risks through the insurance proposal form, the Insurer can make an assessment of the risk and, if it is found to be acceptable, he will put forward an insurance quotation, to be accepted or rejected by the prospective policyholder. The insurance quotation is a document issued by the insurer at the request of the insured, whereby the insurer offers a quotation of the terms and conditions under which it agrees to cover the risk proposed.
insurance request Subir
The request form is the document by which an insurance contract is requested. Said document reflects the will to take out an insurance policy, which the future policy-holder addresses to the insurance body and which must contain a description of the risk to be covered, with the details required by the insurer to ensure adequate knowledge and establish, depending on the nature, the price, terms and conditions under which the requested cover can be offered. For this reason, inaccuracy, concealment or falsity of the requested details will affect the validity of the subscribed contract.
insured Subir
THE INSURED. The natural or legal person who is exposed to the risk, either in respect of their person or their property or their estate.
insured amount Subir
SUM INSURED OR INSURED VALUE: As established in Article 27 of the Spanish Insurance Contracts Act -L.C.S.-, the sum insured represents the maximum limit of the indemnity to be paid by the insurer in respect of each claim.
insured interest Subir
Insured interest is understood as the relationship existing between the insured and the element exposed to risk, by virtue of which the occurrence of a claim may cause the insured to suffer financial loss, either directly, if the consequences of the claim affect the insured’s own estate (if the insured is the owner), or indirectly, if in any way the insured has an interest or liability with regard to the property damaged or destroyed (for example, if the insured is a bailee, liable for the preservation thereof).
insured object Subir
The insured object is the element that is exposed to the risk covered by the insurance.
insured value Subir
As is established in Article 27 of the Spanish Insurance Contracts Act -L.C.S.-, the sum insured represents the maximum limit of the indemnity to be paid by the insurer in respect of each claim.
insurer Subir
THE INSURER. The legal person who, legally constituted and operating in accordance with applicable legislation, carries out the assumption of the risks of others as a professional activity, in consideration of the receipt of a certain price, called the premium.