Insurance Glossary Terms

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Here a list of common insurance terms that may be helpful for you to know.

  • Accidental Damage: damage caused suddenly and unexpectedly from an outside force.
  • Building: your home or property (only when is used for domestic purposes) located at the risk address and other spaces in the same property (domestic offices, stables, garages); fixtures and fittings in patios, terraces, footpaths, walls, gates and fences around and pertaining there to.
  • Claim: the act of request the insurance company money to repair damages, replace items and other losses due to natural damages, theft, vandalism or any other reason expressed in your policy.
  • Contents: your furniture, household goods, valuable and personal effects, electronic equipment, but not firearms or other effects insured separately.
  • Data: information or concepts in any form.
  • Domestic employees: a person employed by you only to carry out domestic duties
  • Domestic Employees’ Contents: personal effects belonging to your domestic employee and located inside risk address
  • Electronic Equipment: includes television sets, stereo equipment, DVD players, Blu-Ray players, home entertainment equipment, computers, games consoles, smartphones, portable music playes and any accessories.
  • Electronic Equipment List: a list that details all the electronic equipments inside your property and included in the policy; serial numbers and cost must be provided.
  • Endorsement: any written amendment to your policy made by your request or by a change in your circumstances.
  • Excess: amount you have to pay towards each separate claim.
  • Firearm: weapon from which a projectile is discharged by means of gunpowder or compressed air.
  • Flood: sudden, general and temporary condition where your building is inundated by water or mudflow.
  • Fungi: any type or form of fungus including mold or mildew, any mycotoxins, spores, scents or by products produced or released by fungi.
  • Geographical Area: area listed on your schedule.
  • Limit of Liability: the maximum amount that according to your policy, insurance company will pay in a claim.
  • Money: current coin, cheques, postal money orders, stamps, travel tickets and traveler’s cheques held by you for social, personal or charitable service.
  • Per Item Limit: each separate component that makes up the building shall be separate and distinct for the applicable excess provided that each part is itemized on your schedule.
  • Personal Effects: wearing apparel, personal items worn, effects used or carried; this not includes valuables, money, mechanically propelled vehicles, watercrafts, caravans, trailers, animals, camping equipment, contact lenses and documents.
  • Policy: document that contains details of your insurance, coverage, applicable endorsements and other.
  • Policy Period: the period of time during the policy is valid.
  • Schedule: the document attached to the policy that provides the details of the limits of liability, the excesses and which section of the policy apply.
  • Settlement: a final agreement between you and the insurance company which consists of payment made in your favor by insurance company.
  • Unfurnished: building with no furniture.
  • Unoccupied: any building left unoccupied for a period of greater than 40 consecutive days.
  • Valuable: jewelry, articles of gold, silver, or other precious metal, watches, furs, cameras, works of arts, telescope and binoculars.
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