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Glossary of insurance terms

Material damage
Destruction or deterioration of furniture or buildings.
Maturity date of the insurance
This is the date on which the contract terminates given that the agreed period in it has finished.
Mortality tables
This is a statistic report used by insurance companies to calculate the probability of death or survival of a person at a determined age.
Obligations of the insurer
All the duties an insurer must comply with with respect to a specific insurance contract.
Obligations of the insured person
All the duties an insured person must comply with with respect to a specific insurance contract.
Obligations of the policyholder
All the duties a policyholder must comply with with respect to a specific insurance contract.
Object of insurance
This is the element exposed to risk that is covered by the policy
Overinsured
This is a situation where the insured capital is more than the value of the insured object.
Participant
An individual in whose interest a pension plan is created whether or not he/she makes contributions.
Payment period
The moment the insured capital is paid out or during which time the benefits are provided.
Pension fund
The assets, not having a legal personality, that are created with the exclusive aim of satisfying pension plans.
Pension plan
This is a contract by which a right is given to the person, in whose name the contract is drawn up, to receive income or capital on retirement, survival, permanent disability and death as well as the obligation to contribute towards it.
Pension Plan benefit
The economic right of the beneficiaries of the pension plan resulting from the event of a contingency covered by the plan.
Pension plan beneficiary
An individual who is eligible to receive the benefit, whether he/she was a participant.
Pension plan promoters
Any company, entity, corporation, association or syndicate that promotes the creation or participation in the development of pension plans.
Pension plan subscription form
A form subscribed to by the participant together with the pension plan promoter, the fund manager and the deposit taker by which the pension plan is formalised.
Permanent and absolute disability
The irreversible physical situation of a person that cannot be traced back to his own doing. This completely and permanently prevents him/her from developing any work or professional activity.
Permanent and absolute disability arising from an accident
The irreversible physical situation of a person arising from an accident that completely and permanently prevents him/her from developing any work or professional activity.
Personal damage
Injury or death caused to people.
Plan de Prevision Asegurado (Guaranteed welfare plan)
This is a welfare and savings insurance with cover and benefits, limits on contributions and a fiscal treatment equal to pension plans, whose regimen is covered in the Law on Personal Income Tax.
Policy
A document that contains the conditions of the insurance. It is composed of inseparable parts; the general conditions and the private conditions and, in some cases, the special conditions or subscription forms, as well as the supplements that modify or complement the above.
Policy supplement
This is a document in which a modification to the policy is expressed. This document then forms part of the policy itself.
Policyholder
This is an individual or legal person who, together with the insurer, subscribes to the contract.
Premium
The price of the insurance.
Primary risk insurance
This is a model of insurance in which the capital insured determines the maximum amount of risk covered and in which the insurer renounces the application of the proportional rule.
Private conditions
A set of clauses that include the data and private agreements of each contract.
Professional office
The part of the house the insurer, or any of the persons that live with him/her, devotes to the development of a liberal and independent profession.
Proportional rule

This is the formula applied to calculate the compensation, in full value insurance, when the capital insured is inferior to the value of the objects insured.

                                   Insured capital x amount of damage
Compensation = -----------------------------------------------------------------------
                                      Value of Insured object 

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