All risk insurance

Type of insurance covering all hazards of an insurant, possibly also those threatening the insurant’s property and other interests in carrying out given activities.

Current insurance premium

insurance premium for contractual insurance period

Bonus

discount on insurance fee provided for given period without insurance accident

Time value

value of damaged object at the time of insured accident. It is the price of a new or comparable object with the same utility properties, less the value of object wear during the period of its use

Keeper of the vehicle

natural person or corporate entity, which is as such registered in the vehicle documents, vehicle owner

EML (Estimated Maximum Loss)

refers to estimated maximum loss, which can be incurred by an insured accident and serves for calculation and deciding for reinsurance.

Single insurance premium

premium for short-term insurance, set for the whole contractual period of insurance.

Adjustment of insured accident

working process leading to the decision on whether the insurer is capable of providing the insurance benefit.

Malus

opposite of bonus, it is additional charge to the set insurance premium for unfavorable loss record in the period of decision.

Accident

an event that occurs suddenly and unexpectedly. It is possible to predict although only with certain probability.

New price

is the recent price of damaged object at the time of accident insured.

Underinsurance

insurance coverage or premium that does not correspond with the risk insured. Basis for the calculation and determination of the insurance premium was lower than the objective risk estimation.

Insurant

person, who has the right for insurance benefit, arising from the insurance contract made

Insurance for the first risk

Insurance applied in unknown risks, which includes specification of insurance conditions and amount of insurance premium at the first insured accident.

Insurance certificate

written confirmation of an insurance contract that was made

Insurance period

time period, for which the insurance contract has been made

Insured accident

accident affecting the object of insurance, insured interest or insured person. For such insured accident, insurance company provides insurance benefit on the basis of legal regulations or an insurance contract that has been made

Sum insured

is the maximum insurance benefit agreed in the insurance contract or set by legal regulation

Insurance contract

is the determining legal entity, serving as the basis of insurance as the legal relationship between an insurer and an insurant. Insurance contract is used to realize the terms and conditions of insurance set forth by the Civil Code, general terms and conditions and contractual negotiations.

Insurance rate

price per unit of insurance service. It is specified in absolute values as the insurance premium or in relative values and the insurance premium is calculated from the basis set

Insurance period

period of time, for which the insurance premium is paid in terms specified (annually, mid-yearly, quarterly)

Owner of vehicle

natural person or corporate entity that has legal or effective opportunity to dispose of the vehicle

Insurance premium

price for insurance service provided that must be paid by the insurant as the equivalent of the financial coverage of risk

Insurance benefit

refers to financial or natural benefit of the insurance company at the occurrence of insured accident

Insurant

Natural person or corporate entity that has made an insurance agreement with the insurer

Pro rata

In insurance, this refers to relative part of insurance premium for a part of insurance period. Usually, it refers to the re-calculation of insurance premium at the change of insurance before its due date or after the due date etc.

Reduced price

price adjusted according to previously agreed conditions.

Participation

the value, agreed in the insurance contract, that the insurant contributes to every loss covered by the insurance.

Immobilization

tying of insurance benefit, e.g. in favor of the leasing company or in favor of the bank that has provided the credit

Annual day of insurance

day with the same numeric reference as the starting day of the insurance

Green card

international car insurance card. Document of compulsory car insurance for foreign travel.