Search:
Other
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 […]

More
Other
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 […]

More
Other
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 […]

More
Other
Reinsurance broker

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

More
Other
Underwriter

an insurer’s employee responsible for the individual risk assessment and the determination of insurance premiums corresponding to the peril covered by the insurer. Underwriters work for large medium and non-standards risks, where, apart from the actuarial determination of rates, individual […]

More
Other
Minicasco

an insurance product from autocasco insurance group with a limited scope of cover as compared to full autocasco cover; limitations, depending on the insurer, may be introduced in respect to the scope of cover, way of loss, adjustment and settlement […]

More
Other
Regular premium

is the life insurance premium paid periodically; it is usually applied in the agreements with a long period of coverage.

More
Other
Single premium

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

More
Other
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.

More
Other
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.

More