Total damage

the damage, whose consequence is loss (as in theft), destruction or damage to such an extent that its repair is not possible or economically justified.

Technical result

result of the insurer’s activity with regard to insurance premiums, benefits, reserves and reinsurance; technical result shows that the insurer earns or loses on its core business.

The first risk

in life insurance, it is a system of the insurer’s responsibility where the rule of proportion does not apply. In this case it is the client who determines the insurance sum, which is usually lower than the full value of the insured property. The first risk system is used mostly in theft insurance.

Term life insurance contract

A life insurance contract where the insurance event is the death of the insured during the insurance period, usually for 5, 10, 20 years. Term insurance usually tends to be extended with options for serious illness, accidents, inability to work. Term life insurance is a good and relatively cheap form of protection against death, serious illness or disability of the insured person.

Trigger

it is a temporary term of insurance event used in contracts of liability insurance. Classic civil liability insurance contract covers damage resulting from the contractual events that took place during the period of insurance. The parties may decide, however, that the contract will cover the damage caused, disclosed or reported during the period of insurance.

Transferor

Within reinsurance it is an insurance company reflecting the risk, the reinsured.

Temporary protection

protection provided to a person who has applied for life insurance, even before the acceptance of this proposal by the insurer. As a rule, temporary protection is granted in a limited scope as compared to the final contract of insurance (eg, accidents) and a limited amount of insurance.

The ratio of technical insurance provision coverage with assets

the statutory ratio indicating if the insurer has the assets for its current and future liabilities towards the insured, beneficiaries and victims to be covered; the value of the ratio should exceed 100 per cent.

The sum of the insurance

the sum included in insurance contract. Typically, the sum is the upper limit of liability of insurer

Tariff Rate

expressed in percentage of the insurance sum. Rates may also be expressed as the amount.