Glossary
- land transport insuranceSubir
- The general terms and conditions make up the set of clauses which, drafted by the insurance company, regulate the future contractual relationships, and have as their aim the achievement of uniformity between contracts issued en masse. The content and form of the general conditions must comply with the requirements established by the Insurance Contracts Act, aimed specifically at protecting consumers.
- legal defence insurance Subir
- Under legal defence insurance, the insurer undertakes, within the limits established by Law and in the contract, to bear any costs that the insured may incur as a result of his participation in administrative, judicial or arbitration proceedings, and to provide judicial and extra-judicial assistance derived from the insurance cover.
- legal liability insuranceSubir
- Under a legal liability insurance the insurer undertakes, within the limits established by Law and in the contract, to cover the risk that the Insured may become liable to compensate a third party for damages caused by an unforeseen event, provided for in the contract, for the consequences of which the insured is liable, according to law.
- letter of guarantee Subir
- A Letter of Guarantee is a document issued by the insurance company as provisional documentation of the existence of a given insurance cover. It is normally issued at the request of the policyholder or the insured, when there is an urgent need to justify the existence of an insurance policy for a given risk, before potential creditors, etc., and the insurance body has not yet had time to issue the corresponding policy.
- life assurance Subir
- Under life assurance the insurer undertakes, in consideration of the receipt of the premium stipulated and within the limits established by Law and in the contract, to pay to the beneficiary a capital amount, an income or other agreed benefits, in the event of either the death or the survival of the insured, or of both events together.
- life insurance Subir
- Life insurance obliges the insurer, by means of the reception of the stipulated premium and within the limits established by Law and in the contract, to pay the beneficiary a capital amount, income or other agreed payments, in case of death or survival of the insured, or both events together.
