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Insurance policy
It is the insurance and risk assumption agreement made between an insurance company and the insured and includes the insurance risk, the insured capital, the premiums, the validity period, the general and special insurance conditions, etc.
Risk-taking
The acceptance of insurance of a risk.
Denial of insurance
The refusal of the insurer or reinsurer to offer insurance cover.
Compensation
The amount that the insurance company must pay to restore all or part of the damage caused by a damaging event is covered by the insurance policy.
Insured car
The car is described in the insurance policy.
Insurance policy
Includes the Proposal, Table, and Booklet.
Renewal
It refers to the continuation of insurance after the expiry of a certain period.
Insured
The person specified in the Insurance Schedule.
Insurance value
The value of the object to be insured.
Premium
The amount of money that the policyholder is required to pay to the insurance company in exchange for the provision of insurance protection.
Insurance risk
Risk in the insurance language is the possibility of an event occurring, which will result in either the reduction of a person's property or the need to increase it, to deal with an emergency. The damaging event is covered by this insurance policy.The term insurance risk is used with 3 different meanings: a) The object of the insurance, i.e. the apartment we are insuring, the machine, the pleasure boat, the person. b) The uncertainty or probability of the damaging event and the dimensions of damage that may be caused. c) The damaging event against which the insurance is made.
Exemption
The part of the damage for which compensation is not paid but borne by the insured. In case the amount of the damage exceeds the amount of the exemption, the difference is paid by the insurance company.
Fair Value Compensation
We will restore you to the same position as you were before the destruction, loss, or damage, as follows: (i) In the event of partial damage to the insured property, which can be repaired or repaired, we will pay you the costs necessary to restore it to the same condition as it was before the destruction, loss or damage occurred, minus a percentage of wear and use or technological or commercial or other obsolescence in parts.
Compensation based on Replacement Value
We will reimburse you, without deducting any amount for age, wear and tear or use. If at the time of any destruction, loss, or damage the sum insured is less than the Replacement Value of the Building, Machinery and Tools, Furniture and Equipment, or other property insured with a separate sum insured, we will pay part of the loss or damage. (For example, if the sum insured covers 80% of the Replacement Value we will only pay 80% of your claim). The Replacement Value settlement will not apply if you are unable or unwilling to replace the damaged property.
Loss of Rents
If you rent the building to or from third parties and it is destroyed or damaged by any of the insured perils resulting in the cessation of its business or operation and you provide evidence of such rental, we pay you the amount of rent that you would have paid or would you rent
Replacement Value
For the building, it means the cost of rebuilding the building in the same manner, size, and appearance as if it were new, excluding the value of the insurance policy. For Content, cost means the cost of replacing it with new items of the same or similar type or specification.
Uninhabited
When the Residence is not occupied by you or any member of your family or any other person with your permission.
Inability
A physical or mental impairment that partially or limits one's ability to perform the duties of a job that one can perform by education, training, or experience.
Debris removal
These are the extraordinary expenses that will be incurred with the approval of the company for the demolition of ruins and the removal of the debris of insured objects (buildings, machinery, and other objects) that were damaged or destroyed as a result of one or more of the insurance risks to restore the damage that occurred.
Accident
Any accidental and unforeseeable event that causes harm or damage.
Outdoor objects
Includes Furniture and Equipment, Goods and Raw Materials, Machinery and Tools located in open spaces or sheds, as well as billboards, illuminated signs, masts, towers, satellite dishes, other aerials, electrical or mechanical power substations, and other external permanent fixtures and premises and movables in External Places belonging to you.C
General Breakdown
Any damage or loss that is intentionally caused by the master or other person in charge of saving the ship. This loss is covered by a proportional contribution from all parties whose interests are saved.
General Terms and Conditions of the Insurance Policy
The General insurance conditions are those that apply, not to a specific insurance but to an indefinite number of insurances. They are formulated in advance and are intended to be used for future insurance contracts. They largely repeat the provisions of the law.
General Civil Liability
It covers costs arising from a third-party claim against the insured for loss of life, bodily injury, or property damage.
General Exceptions
It refers to the cases of damages that arose directly or indirectly from someone, with someone's circumstances, and as a consequence of some event that is not covered by the insurance policy.
General Insurances
All types of insurance except Life Insurance. As an example, we mention Property, Car, Civil Liability, Transported Goods, etc. insurances.D
Binding Term
A term with which there must be full compliance and be observed by you strictly and to the letter. Any violation of a Binding Condition deprives you of the right to compensation based on the Insurance Policy. Risk management: By risk management, we mean a process of logically dealing with the risks to which an economic or social unit is exposed or may be exposed in the future, regardless of whether it is for a natural person, for a family, for a business or even for a wider social organization (municipality, community, etc.)
Double or Multiple Insurance
The same interest is insured against the same risk and for the same period with more than one insurer. If the individual insurance amounts exceed the insurance value we say that we have double insurance.E
Premium
Premium is the additional premium paid by the insured, either due to occupation or health. Professional premiums are determined according to the special characteristics of certain professions, while health premiums are determined based on the health problems faced by the insured.In car insurance contracts, the additional premium is defined as the additional premium paid by the insured either because of young age or because of holding a new or - in some cases - foreign license.
Notice of claim
When destruction, loss, or damage occurs and a claim is made under this Policy you must notify us immediately and no later than 15 days after the occurrence of the damage submit your claim to us in writing. Your claim should include as detailed a description of all items as is practicable.
Type of Work/Business
Your type of work or business and/or use of the Building is listed in the Table.
Special Insurance Policy Terms
They are those agreed upon by the insurance company and the insured for a particular insurance. They are therefore terms that take into account a particular cover and apply only to that cover. They prevail over the general conditions. However, special and general terms have the same legal force.
Exception
A term that excludes certain risks and limits the scope of coverage.G
Damage
Any unforeseeable, violent, and independent event of the insured's will that causes damage or damage to third parties or his insured car.OR
Issue Date
The date on which the insurance policy is issued by the insurance company.
Effective date
The date on which the insurance policy begins and coverage is provided. Expiry date: The date on which the insurance policy expires.
The Principle of Utmost Good Faith
Only the insured knows the real quality of the risk and must disclose the "essential facts" accompanying the risk to be insured. The insured must disclose all the information accompanying the risk so that the insurance company can decide whether and under what conditions it will take over.Th
Accidental death
Loss of life due to bodily injury from an accident.K
Building / Structure
The building or part of the building, excluding the lot, is located at the address listed in the Table as "Hazard Location" and used in connection with the Type of Work/Business listed in the Table and/or in the Proposal. This includes the main building, garage, warehouses, boiler room, permanent attachments and installations, built-in furniture and appliances, plumbing and electrical installations, and heating and air conditioning installations. Building Improvements and Exterior Areas are not included, unless indicated in the Proposal and/or Schedule, with a separate sum insured.
Malicious actions
Malicious acts mean the willful acts of any person committed either during sit-ins, strikes, riots, civil disturbances, or individually, with the intent of vandalism or sabotage, but not including any act of terrorism.L
Contract Expiration
The specific date an insurance policy expires.Μ
Partial impotence
Incapacity that does not allow the insured to perform part of the duties of his job.
Permanent total impotence
ΑIncapacity is equivalent to total and permanent loss of ability to work.
Items Not Covered
Destruction, loss, or damage to Non-Covered Items, unless expressly stated in the Offer and Schedule.Ν
Legal protection
It covers the costs of the insured in case he is involved in legal proceedings, e.g. attorneys' fees, and court costs.THE
Essential fact
A material fact in insurance terminology means some vital information required for a decision to be made by the Underwriting Department.
Group insurance
Insurance covers a group of people, usually employees of a company. It is based on the principle that the selection process can be applied directly to groups of people as well as to individuals.
Company liability limit
The amount up to which the Company is liable to pay compensation.P
Proposal-Application for Insurance
A special form of the Company, in which the policyholder fills in the required data and information requested. This form is the basis for the assessment of the risk to be insured and the issuance of the insurance policy.
Additional act
An agreed written amendment to the terms of the contract.
Period of Coverage
The period that elapses between the entry into force and the expiry of an Insurance Policy
Period of Insurance
The period for which insurance is valid under this Policy, as stated in the Schedule, and any subsequent period, for which renewal of the Policy will be agreed in writing and the premium will be paid.
Temporary total incapacity
Disability that causes total damage to the person's normal function and movement but full recovery is expected.
Expert
A natural or legal person who is instructed by the Company to investigate the cause and/or circumstances of any damage and to determine its amount.
Content
The furniture and in general that equipment is transported, the personal belongings of you or any member of your family. Schedule: The document that includes, among other things, information about you, the insured property, the Period of Insurance, the Book Parts, and any Binding Terms or additional Deeds that apply. The Table is part of the Policy and you can see it on the last page. We will issue a new Schedule if the Policy is amended.S
Co-insurance
Principle in which the company insures only part of the potential loss, while the insured pays the other part.
Contracting
The person who submits the insurance application and concludes the insurance policy with the insurance company. The contracting party is also considered insured unless otherwise specified in the insurance policy. During the insurance period, all the rights and obligations arising from the insurance policy are referred to the policyholder, except those that by their nature must be fulfilled by the insured.Υ
Glass panes
They are the Glass Panels 4 mm thick and above, which are applied to the internal and external doors, windows, and skylights of the Building it uses.
Reinsurance
Reinsurance exists when the covered insured capital or insurance amount is less than the insurance value of the property being insured. If there is underinsurance, then in the event of a loss, the compensation is proportional to the relationship between the insured value and the insured sum-insured capital.
