Glossary
- single premium Subir
- A single premium is that by means of the payment of which, the policyholder frees himself entirely of the obligation of paying any further sums for this item, for the entire duration of the insurance. That is, it is an advance of all the premiums that would have to be paid for successive renewal periods for the term of the contract.
- society of certified professionals in insurance mediation Subir
- Societies of Certified Professionals in Insurance Mediation are corporations subject to public law, with legal personality and full capacity to act towards the fulfilment of their purposes, constituted by those physical persons who wish to join voluntarily, as long as they are in possession of the "Certified Diploma in Insurance Mediation".
- special conditions Subir
- Special conditions or clauses make up that document which includes any modifications, extensions, or cancellations of the general conditions of the policy, as a result of any specific agreements reached between the parties.
- specific terms and conditions Subir
- Specific terms and conditions make up the document detailing the particular details of each contract, (known as the policy Schedule, in English).
- supplements Subir
- The documents subscribed by the policy-holder and the insurer when updating an insurance contract in force. The supplements and appendices then become part of the body of the policy.
- surety bond Subir
- Under a surety bond, the insurer undertakes, in the event of non-fulfilment by the policyholder of their legal or contractual obligations, to indemnify the Insured, as compensation or penalty, for damages suffered in their estate, subject to the limits established by law or in contract. All payments made by the insurer must be reimbursed by the policyholder.
