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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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Partial loss

the loss where the object insured has been damaged to such an extent that its repair is possible and economically justified.

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Demutualization

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 […]

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Pecuniary compensation

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 […]

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Business Interruption insurance

insurance covering production shutdown (often mistakenly called “loss of profit” cover); the subject of insurance is the gross insurance profit comprising mainly the overhead costs (continuing costs) to be incurred by the entrepreneur, despite production shutdown, and, additionally, his probable […]

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Green Card

exactly: The International Insurance Certificate (the popular name is related to the color of the document); the document recognized by the governments of the states whose National Offices (it is the Polish Motor Insurers’ Bureau in Poland) are the members […]

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OWCA

a person performing the activities of an agency; It is a person, usually an agent’s employee who personally performs the activities of an agent entrusted to such an agent by insurer or insurers; these activities may cover the following: gaining […]

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