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  • Deductible
    • The portion of an insured loss borne by the policyholder. It is an amount or a percentage specified in the policy up to which claim is not indemnified nonetheless covered by the insurance.


  • Payment Dynamics
    • Clients/policyholders select the dynamics of paying a stipulated amount of insurance premium. Payment may be either single or deferred (monthly/three- month or semi-annual)


  • Payment of the Sum Insured
    • The insurer shall pay the sum insured or a corresponding indemnity within 5 days after receipt of a request for payment, documents of the occurrence of insured event enclosed thereto. If additional time is needed for determining the insurer’s obligation, stated time limit shall run as of the date when such obligation is confirmed.


  • Waiting Period
    • The period of time between the beginnings of stipulated duration of insurance in the course of which the insurer shall not be liable if an insured event occurs.


  • Risk
    • Possibility of a tangible and/or a non-tangible loss occurring. The notion of risk in a broader sense also means a peril.


  • Policyholder
    • The person effecting an insurance contract with the insurer, under which being entitled to all rights and subject to all obligations as regards insured event. The policyholder may be a legal or natural person residing and/or having a head- office in the Republic of Macedonia. The policyholder must be major since minors are not legally capable of signing any type of contracts.


  • Policy Duration
    • A time period starting at 00:00, 12:00 or 24:00 hours on the first day of insurance and expiring at 00:00, 12:00 or 24:00 hours on the last day of insurance.


  • Insured Sum
    • The limit of insurer’s liability under the policy when an insured event occurs.


  • Policy Conditions
    • A set of clauses regulating relations between the insurer and the insured under the insurance contract in detail. They are an integral part of the insurance contract and being familiar with these terms and conditions is important for understanding the rights and obligations arising from a certain kind of insurance. As a rule, provisions of general policy conditions are defined by legal regulations and insurers’ agreements.


  • Vocation
    • Calling acquired by schooling, for example, mechanical technician, electrical engineer, medical nurse. Vocation is not crucial for risk assessment.


  • Profession (Occupation)
    • Activity performed by the person at the moment of signing the offer. It is very important the nature of duties with respect to probable perils arising there from, for example, a driver of a lorry not transporting explosive materials, electrician repairing small home appliances, ambulatory nurse etc. Occupation is of a great importance in risk assessment process.


  • Premium
    • The consideration paid or payable by the policyholder to the insurer based on the insurance contract.


  • Offerer
    • Any person submitting a written offer with intention of effecting an insurance contract.


  • Policy
    • A written document of a contract effecting insurance.


  • Cover
    • A statement by the insurer attesting that the offered risk is considered insured. Commencement of cover does not have to coincide with the policy inception date.

       


  • Policy Inception and Expiration Date
    • Date on which the insurance contract becomes effective. The insurance contract is effected when parties to the contract sign an insurance policy or a cover note. A written offer submitted to the insurer is binding upon the offerer for a 30-day time period unless the offerer specifies a shorter time limit. Policy expiration is a date after which the insurer’s obligations terminate.


  • Obligations of the Insurer
    • Obligations assumed by the insurer under insurance contract, including various types of payment of sums insured or benefits stated in the insurance policy and policy conditions


  • Insurance Beneficiary
    • One or more persons who may become entitled to indemnity when an insured event occurs. There might be several beneficiaries under one insured event, in which case sharing the benefit. Insurance beneficiary may only be a person proving his/her material interest in preserving the subject-matter of insurance intact.


  • Accident
    • Any unexpected, sudden event not under control of the insured, acting mainly from the outside and affecting the insured’s body and  resulting in death, total or partial disablement, temporary disability or impaired health requiring a medical aid. Accident definition is an integral part of the Accident Policy Conditions.


  • Insured
    • The party whose liability is covered under the insurance contract. As regards personal insurances, it is a party whose death or injury results in insured event.


  • Insurer
    •  

      Legal entity, joint stock company, dealing in insurance

  • Insured Event
    •  

      Event that might cause a loss falling under risks covered by the Insurers' policy. Possible insured events are defined under policy conditions for each type of insurance while a detailed list of all insured risks is specified  in each separate insurance contract.

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