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Unit-Linked

It is a life insurance contract with the insurance capital funds, where the insured unit invests premiums in one or more investment funds offered by the insurer. Funds available to customers may vary in terms of the level of investment […]

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Transferor

Within reinsurance it is an insurance company reflecting the risk, the reinsured.

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Solvency margin coverage

Statutory indicator of the level of capital protection activities conducted by the insurer; statutory rate should be higher than 100 percent, but this is the satisfactory level. It is generally accepted that capital is well secured when the index value […]

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Schedule

the detailed terms of the agreement attachment to the insurance or reinsurance contract.

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Proportional reinsurance

reinsurance contract in which the insurer and the reinsurer participate in the risk premium and damages in similar proportions.

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Claims Representative

insurer’s representative on the area where the insurer does not usually run its business. Under the Polish circumstances, it is an insurer’s representative abroad. Claims representative is responsible for the preliminary steps of loss adjustment procedure or the loss adjustment […]

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Franchising integral

the amount for which the insurance benefit is not paid, and above which is paid in full. The action franchise usually involves an integral shut-off of minor damage whose decommissioning costs may be even higher than the amount of damage.

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Franchising reduced

reduction in the compensation paid by a specified amount or percentage of the insurance sum. From a technical point of view its task is to leave on the client’s risk losses, which from an economic point of view are not […]

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Goodwill payment (in Polish “Kulancja”)

A special payment of insurance benefits in a situation where the liability of insurer is not fully confirmed (eg, different legal opinions), but for the customer’s good the insurer decides to pay it. Some also consider marketing payments to be […]

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