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In the world of insurance, one often encounters technical terms that may sound familiar but whose exact meaning is not always clear.
This glossary can be helpful in clarifying the meaning of terms specific to insurance and legal language.
INSTALLMENT ADDITIONAL: An extra charge added to premiums paid in instalments.
ANTI-MONEY LAUNDERING: A set of requirements provided by the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as subsequently amended.
APPENDIX: A document that forms an integral part of the contract, issued either with the contract or afterward, to modify certain agreed-upon aspects between the company and the policyholder.
INSURED: The individual whose life is covered by the contract. In some cases, this person is also the policyholder.
BENEFICIARY: In the case of life insurance, the insured; in the event of death, the person designated by the policyholder to receive the benefit.
WAITING PERIOD: The period during which the insurance coverage is suspended and not effective. If the insured event occurs during this time, the company does not pay the benefit.
LOADING: Part of the premium that covers the company's commercial and administrative costs.
INSURANCE CONDITIONS (OR CONDITIONS): The set of clauses that govern the insurance contract.
POLICYHOLDER: The person who enters into the insurance contract and agrees to pay the premiums.
COSTS (OR EXPENSES): Charges borne by the policyholder on the premiums paid.
COMMENCEMENT: The moment when the contract takes effect and the guarantees become active.
POLICY DOCUMENT (OR POLICY): The proof document of the insurance contract as per art. 1888 C.C.
CONTRACTUAL DURATION: The period during which the contract is effective.
EXCLUSIONS: Risks or limitations not covered by the insurance provided by the company.
COMPUTABLE AGE: Age calculated by ignoring fractions of a year up to six months and rounding up for fractions over six months.
SMOKER: Someone who has smoked (cigarettes, cigars, pipe, or other) even occasionally in the 24 months before signing the insurance proposal, including any cessation due to medical advice for a pre-existing condition.
ACCIDENT: An event caused by a sudden, violent, and external factor.
SINGLE PREMIUM: The amount the policyholder pays in one lump sum at the time of signing the insurance proposal in exchange for the insured benefits.
FRACTIONED SINGLE PREMIUM: Part of the total single premium divided into twelve instalments to be paid at agreed deadlines.
RENEWAL PREMIUM: The amount the policyholder can pay to the company on annual anniversaries following the commencement.
PROPOSAL: A form generated by the information system based on the risk characteristics indicated by the policyholder, binding for the company for the specified period, which, along with the company's confirmation email, constitutes the policy.
WITHDRAWAL (OR THINKING AGAIN): The policyholder's right to terminate the contract within 30 days of its conclusion.
EXPIRY: The date when the contract's effects cease.
CLAIM: The occurrence of the insured risk event covered by the contract, triggering the payment of the insured benefit.
ADDITIONAL PREMIUM: An extra charge requested by the company if the insured exceeds certain risk levels or has health conditions different from the average (health additional premium).