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Leeway clause

a provision in the insurance agreement concluded in the proportional liability system which gives exemption from using the principle of proportion if the level of underinsurance does not exceed a pre-defined level, usually 10-15% of the declared insurance sum; Leeway […]

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Mutual Insurance Society

a legal form of conducting insurer’s activity – on the basis of mutuality between insured members of TUW and on the non-profit basis; apart from the aim of the operation, generally the same financial requirements apply to it as to […]

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Embedded value

in case of life insurers, the sum of the net asset value and the present value of future profits from the insurance portfolio; changes in EV show an increase or decrease in the value of a given life insurance company […]

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Reinsurance broker

insurance intermediary who represents insurers seeking reinsurance; he/she may be responsible for construction, preparation and placement of insurers’ reinsurance programmes.

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Single premium

life insurance premium to be paid once for the whole period of coverage; it is applied e.g. with unit-linked products.

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Minimum guarantee sum

it is a minimum guarantee sum in compulsory insurance which allows the requirements imposed by such compulsory insurance to be complied with.

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Prevention fund

a target fund created by insurers for the financing of prevention-oriented activities; prevention fund can be created as a cost of insurer up to the amount of 1 per cent of premium written net of reinsurance.

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Dowry insurance

a group of life products aimed at ensuring the child to start the adult life; dowry products are above all of the investment nature with some elements of insurance cover, e.g. in case of the policy holder’s death of a […]

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Rate

the price for an insurance unit; rates expressed in percent usually apply to the insurance sum (e.g. accident and theft insurance); rates expressed in amounts may be determined for a day of coverage (e.g. travel insurance) or for covering a […]

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