Reinsurance is the insurance from a third party of the insurance coverage offered by the insurer or more simply, the part of insurance risk undertaken by an insurer from another specialized insurer ca [..]

Deductible is the agreed amount to be deducted from the compensation paid by the insurer and which burdens the policyholder. It can be agreed in terms of a contract that the insurer is exempted from p [..]

Compensation is an insurance principle which aims, as far as possible, to place the insured  in the same position he was in before his damage. It is not applicable in Life Insurance and generally in t [..]

Insurance is a mutual fund to which many people contribute to cover themselves from a random, unexpected loss (or/and from any damage which has been previously agreed on)

First Loss Insurance is the insurance practice that covers only up to a maximum a possible loss, disregarding the overall value of the insured item, which can be much higher and in a case of a damage [..]

An insurance contract is a private written agreement issued as required by the insurance company (otherwise invalid) and proves the insurance treaty. This document is proof and not constitutive. If th [..]

The term Insurance Risk is used in 3 different concepts: The insured item that is the insured property, the machinery, the pleasure vessel, the individual, etc. The uncertainty or the probability of t [..]

Insurance Agent is the natural or legal person whose sole responsibility is to undertake a contract on a commission insurance business in the name and on behalf of one or more insurance undertakings. [..]

Insurance Consultant is the natural or legal person who studies the market, presents and proposes insurance solutions to costumer needs, with insurance contracts on behalf of insurance companies, agen [..]

Beneficiary is the individual or individuals designated to receive insured amounts in case of insurance risk. Beneficiary change can occur after a written request of the contracting party and the insu [..]