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The Most Important Terms

  • Compulsory insurance: Insurance that you should take out as per the law. This incorporates, for instance, automotive Liability insurance if you have a vehicle.

  • Deductible/deductible: part of the cost that you need to pay yourself in case of an insurance claim. This sum can be an absolute or a percentage.

  • Insurer: the organization with which you close the insurance contract.

  • Policyholder: an individual who takes out insurance with the insurer, normally you or your relative.

  • Insured event: the occasion that should happen for you to get the concurred benefits from your insurance agency (for instance, a car accident with comprehensive insurance or illness with health insurance).

  • Insurance premium or insurance premium: the amount that you pay to the insurance agency once or routinely. How much this is and when you need to move is determined by the insurance contract.

  • Insurance benefit: that you will get from the insurance agency when the guaranteed occasion happens. This can be an amount of cash or a substitute in kind. The last option implies: The damaged object is replaced, for instance, The messed up sheet of glass is traded for another one. The greatest measure of the insurance benefit is determined in the insurance contract

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