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Guide to take out an insurance policy
VidaCaixa wishes to make your life easier with this guide on how to take out an insurance policy. We explain the terms and most important matters you should take into account when you take out insurance.
According to the insurance policy, the insurance company will receive a premium in exchange for guaranteeing compensation if the event covered takes place. All the provisions are established within the limits agreed, considering the damages caused to the insured, or the payment of an annuity, capital sum or other benefits agreed.
The insurance policy is the document that sets forth the terms and conditions of the insurance. The policy is made up of the general terms and conditions, the special terms and conditions and, if appropriate, other additional terms and/or application forms, as well as any supplements that change or complete the above.
The insurance policy details all the terms and conditions of the policy with its specific covers, as well as any coverage disclaimers, grace periods, franchises and copayments that may apply, if any. It’s important to read this information before taking out insurance.
Parties to the insurance policy
The insurance policy is a bilateral agreement between the insurance company or insurer and the policyholder, but may also involve an insured and a beneficiary. The policyholder, the insured and the beneficiary may be the same person or different people.
The insurance company or insurer is the legal person who agrees to pay out the covers agreed under the terms and conditions if the risk covered in the policy occurs.
The policyholder or sponsor is the natural or legal person who, together with the insurance company, signs the agreement.
Natural person for whom the insurance is estimated or the owner of the assets insured.
Natural or legal person(s) entitled to receive the benefit or compensation from the coverage agreed in the policy.
Premium and its calculation
The insurance premium is the fee to be paid to the insurer in exchange for covering the risks insured under the policy.
The insurance premium is calculated by an actuary through a statistical-actuarial analysis on the risk quantification and assessment. According the current laws, it’s not a discriminatory practice to establish different premiums and benefits for people considered individually when gender is a determining factor in the evolution of the risk in actuarial and statistical data considered as relevant and reliable.