Glossary of insurance terms


B

Beneficiary

The person to whom the insurer must pay compensation in the event of loss as prescribed by law.

D

Deduction

The part of loss for which no compensation is paid and is borne by the insured person. If the amount of loss exceeds the amount of deduction, the insurance company shall pay the difference.

G

Green Card

The document certifying international insurance coverage that is required by foreign authorities confirming the statutory minimum car/motor insurance (civil liability). This document is issued by the insurance company upon the insured person’s application for travel outside Greece.

I

Insured Policy

Part of the insurance contract containing the terms and conditions under which the insurer undertakes the insurance coverage.

Insurance Premium

The amount of money that is paid for providing insurance coverage as defined in the insurance policy.

L

Loss

Any unforeseen or violent event that is independent of the insured person’s will that causes loss or damage to third parties or the insured person.

P

Policy Endorsement

The endorsement issued by the insurance company amending the contents or details of the current insurance policy.

S

Special Terms

The terms and conditions specifying certain covers. The Special Terms may amend the General Terms.

Sum Insured

The limit up to which the insurance company is liable according to on a case by case basis or in total in the event of a risk being incurred that is stated per insurance cover in the coverage table of the insurance policy.

R

Right to Object

The counter-party has the right to object if the terms of the insurance policy deviate from the terms of the insurance application or if he/she does not receive the terms of the insurance policy or the Insurance Information Brochure.

C

Compensation

The amount that the insurer is liable to pay in order to restore all or part of the loss that was incurred as a result of a harmful event covered by the insurance.

Contracting Party

The person submitting an insurance application who concludes an insurance contract with the insurer. The contracting party is also considered to be the insured person, unless otherwise stated in the insurance policy. During the period of insurance all rights and obligations arising out of this Contracting insurance, except those which by their nature must be fulfilled by the insured.

Current Market Value

The value of the insured that is used, as the value just before the damage occurred, thus taking into account the reduction in value due to wear and age.