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 […]
reinsurance agreement concluded by reinsurers with further reinsurers.
an event defined in the general terms and conditions of insurance or the insurance contract whose occurrence obliges the insurer to pay the claim indicated in the insurance contract.
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 […]
any insurance-related activities leading to the decrease of the size and frequency of losses. Material prevention means the activities financed by insurers aimed at decreasing the perils (e.g. social actions which may influence the number of accident to be lowered, […]
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.
a set of measures taken by an organization (e.g. an enterprise, a local authority) aimed at protecting the organization from any unexpected events when reaching its assumed goals. It is usually assumed that the risk management covers three stages of […]
the loss where the object insured has been damaged to such an extent that its repair is possible and economically justified.
the process of transformation of an insurer operating in the form of a mutual insurance company into a joint-stock company; it was carried out frequently for large life insurers (United Kingdom, USA or Japan) which traditionally used to operate in […]
one of the ways of compensating an intangible loss, lying in the payment of an adequate amount of money to the sufferer for the loss suffered. Compensation may be claimed in case of a bodily injury, health detriment, total or […]