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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.

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Risk management

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 […]

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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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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.

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Confidentiality of Insurance

the legal prohibition of disclosing any information by the insurer on the individual contract of insurance. The confidentiality of insurance covers both the insurer and all its employees.

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Bordero

Traditional reinsurance billing document. Bordero distinguishes contribution (insurer settled with the insurance contracts) and damage (statement of benefits paid). Bordero is generally prepared on a monthly or quarterly basis.

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Combined ratio

composite index, or damage – cost – shows the ratio of benefits paid by the insurer and the costs incurred by him for insurance premiums harvested. CR less than 100 percent means that the insurer earns on core business, and […]

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