Glossary – Prodeseg
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Glossary

Glossary

All | A B C D G I L O P R S T
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Accident
an unexpected, immediate, fortuitous and involuntary event that causes corporal injuries, that could result in death, long or short term disability, medical expenses or burial that could be payable or reimbursable.

Beneficiary
is whoever is assigned by the insured to receive compensation in case of damage or loss.

Clause
Is a statement in the policy that clarifies the policy’s general conditions.

Compensation
is the amount to be paid to the insured party in case of a loss caused by an event covered by the insurance policy.

Deductible
is a specified amount of money that the policyholder must pay before the insurance pays.

Guarantee Enforcement
means to ask the creditor (in this case insurance company), to pay for the guarantees/surety bonds.

Insurance application
required documents by the insurance company to issue the insurance policy. This is usually a declaration statement by the policyholder.

Insurance certificate
applies to the cargo & marine insurance, it contains an abstract of provisions in an open policy, and serves as evidence that an insurance policy is active.

Insured
a person or business that voluntarily transfers one or more risks to the insurance company.

Insured Value
the amount covered by the insurance policy.

Liability
this coverage covers expenses for property loss or damage, or injury to a third party, as a direct consequence of an event covered by the insurance policy.

Loss
when an unforeseen event that causes property damage.

Obligee
A person or company to whom the job or service is due.

Policy
the name for the insurance contract.

Principal
A person or company (private or public contractors), who is responsible to complete a job, supply materials or provide a service.

Robbery
intentionally taking someone else’s property with use of force, physical violence or threat.

Salvage
goods that are recovered after an event covered by the policy.

Salvage Charges
expenses incurred by vessel to save it from a threatening occurrence.

Surety
a type of insurance where a guarantee is issued, compromising the insurance company to pay a definite amount in case one party (the principal) does not fulfill a job or complies with its obligations to the Obligee.

Theft
to intentionally take someone else’s property, with no physical violence, threats or use of force.

Third party injured
Any person or business that is directly affected by an unfortunate, sudden and unexpected event caused by the policyholder, and that has no direct relationship to the insured.

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