Glossary
There are currently 21 names in this directory
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.
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.
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.
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.
Principal
A person or company (private or public contractors), who is responsible to complete a job, supply materials or provide a service.
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.
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