The most important terms

Compulsory insurance: insurance that you must take out according to the law. This includes, for example, automotive Liability insurance if you have a car.

Policyholder: the person who takes out insurance with the insurer, usually you or a member of your family

Insured event: the event that must occur for you to receive the agreed benefits from your insurance company (for example, a car accident with comprehensive insurance or illness with health insurance)

Insurance benefit: benefit that you will receive from the insurance company when the insured event occurs. This can be a sum of money or a substitute in kind. The latter means: The damaged object is replaced; for example, The broken pane of glass is exchanged for a new one. The maximum amount of the insurance benefit is specified in the insurance contract.

Deductible/deductible: part of the cost that you have to pay yourself in the event of an insurance claim. This amount can be an absolute or a percentage.

Insurer: the company with which you conclude the insurance contract

Insurance premium or insurance premium: the amount you pay to the insurance company once or regularly. The insurance contract specifies how much this is and when you have to transfer it.

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