Glossary

Body injury resulting from a violent, sudden, external and involuntary act of the insured person.

In the event of two or more insurance companies, with a previous agreement between themselves and the policyholder, coinciding in the cover of the same interest, risk and time. Unless agreed otherwise, each insurer is obliged to pay for the cover and benefit in proportion to their respective quotas.

These are additional covers to the principal life insurance the insurer offers the policyholder or the insured person.

Damage directly derived from personal or material damage covered by the policy.

Acquisition of legal validity of the contract with the consent of the parties.

A body made up from representatives of the promoter, the participants and beneficiaries, if there are any, who supervise the workings and execution of the pension plan.

Period of time that elapses between the initial and ending dates of the cover.

The time period between setting up the contract and the start of the payment period.

Management and control body of insurance and pension plans depending on the Ministry of the Economy.

A discount applied to the premium of the insurance operations.

That is the date on which the contract terminates, having finished the term agreed to in the contract.

A copy of the policy or other document issued by the insurer in the case of loss or destruction of the original document, which has the same value as the original.

The moment from which the cover in the policy takes effect, within the conditions set out in the contract.

This is a pension plan whose promoter is any company, corporation or entity whose participants are its employees.

This is the date on which the contract is terminated due to the end of the period agreed in the contract.

A set of clauses that include the basic conditions of the contractual relationship applicable to the contracts of the same model.

This is a model of insurance in which one contract covers a group of people with a certain characteristic in common, which was not created for the purpose of the insurance.

This is a pension plan whose promoter is any association or syndicate whose participants are its members or affiliates.

This is an individual or group pension plan in which a financial entity offers an individual guarantee to the participants, which refers to them receiving a certain amount of the constituted right on a fixed date.

A list of questions set by the insurer about the health of the insured person in order to evaluate the risk.

An individual or legal person who succeeds to the assets, obligations, rights and actions of the deceased, either wholly or in part.

Increase in capital insured or contracted guarantees with respect to what was foreseen and agreed to beforehand by the policyholder.

Economic compensation by the insurer whose aim is to compensate the insured person for damage covered by the policy.

This is a pension plan whose promoter is a financial entity and whose participants are all individuals.

This is a contract in which the insurer is obliged, through the payment of premiums by the insured person, to specifically cover a risk and should this risk take place, to indemnify, within the limits agreed to, the damage caused to the insured person or to satisfy a capital, an income or other agreed benefits.

The capital or income paid by the insurer to the beneficiary under the conditions foreseen in the contract.

Legal entity that assumes the payment of the agreed benefits within the agreed conditions if the risk event that is the subject of the cover occurs.

This is a legally established public rights organism. This consortium meets the economic consequences of damage to people and things caused by claims stemming from extraordinary risks and other mandatory risks not covered by other entities, which are determined in its Legal Statutes.

It is the document that contains the insurance conditions. It is inseparably made up of the general, private and, as the case may be, special conditions and/or subscription forms as well as the supplements that modify or complement the above.

The fixed amount agreed to in each of the covers of the policy subscribed to that set the maximum limit of indemnity to be paid out for all the concepts in the case of a claim.

This model of insurance obliges the insurer, through the collection of a stipulated premium and within legal limits and those set out in the contract, to give the insured person a capital, an income or other agreed benefits in the case of death or the survival of the insured person, or both events together.

This is a limited company which, with prior administrative authorisation, has as its sole corporate purpose and activity the administration of pension funds. Insurance companies can be management companies without the need for the corporate purpose and activity to be exclusive.

Destruction or deterioration of furniture or buildings.

This is a statistic report used by insurance companies to calculate the probability of death or survival of a person at a determined age.

This is the element exposed to risk that is covered by the policy.

All the duties an insured person must comply with with respect to a specific insurance contract.

All the duties an insurer must comply with with respect to a specific insurance contract.

All the duties a policyholder must comply with with respect to a specific insurance contract.

An individual in whose interest a pension plan is created whether or not he/she makes contributions.

The moment the insured capital is paid out or during which time the benefits are provided.

The assets, not having a legal personality, that are created with the exclusive aim of satisfying pension plans.

Legal entity that creates and participates in the establishment of a pension fund.

This is a contract by which a right is given to the person, in whose name the contract is drawn up, to receive income or capital on retirement, survival, permanent disability and death as well as the obligation to contribute towards it.

An individual who is eligible to receive the benefit, whether he/she was a participant.

Natural person entitled to receive the benefit, whether or not he or she was a participant.

The economic right of the beneficiaries of the pension plan resulting from the event of a contingency covered by the plan.

Document signed by the participant together with the plan promoter, the manager and the depository, formalising the pension plan agreement.

Any company, entity, corporation, association or syndicate that promotes the creation or participation in the development of pension plans.

The irreversible physical situation of a person that cannot be traced back to his own doing. This completely and permanently prevents him/her from developing any work or professional activity.

The irreversible physical situation of a person arising from an accident that completely and permanently prevents him/her from developing any work or professional activity.

Injury or death caused to people.

This is a welfare and savings insurance with cover and benefits, limits on contributions and a fiscal treatment equal to pension plans, whose regimen is covered in the Law on Personal Income Tax.

A document that contains the conditions of the insurance. It is composed of inseparable parts; the general conditions and the private conditions and, in some cases, the special conditions or subscription forms, as well as the supplements that modify or complement the above.

Document in which a modification of the policy is expressed. This document becomes part of the policy itself.

This is an individual or legal person who, together with the insurer, subscribes to the contract.

The price of the insurance.

A set of clauses that include the data and private agreements of each contract.

Room of the house dedicated to the professional activity of the insured person or one of the persons living with him/her.

Period of time during which all or some of the policy cover is not effective.

The modification of the contract by which the policyholder is exempt from the payment of the premiums, or stops paying them altogether, with the resulting reduction in the amount of the insured benefits.

This is a model of insurance that calculates the indemnity according to the replacement cost of the damaged goods, without applying any discount for age and/or use.

Return or refund, either complete or partial, of the premium received by the insurer.

This is an agreement whereby, through the payment of a premium, should an insured person who receives an income die during the period of payment, another person previously included in the contract, has the right to receive the complete or partial payment, conditioned to his/her survival, in the terms and conditions set out in the policy.

This is the degree of disability whereby, as a result of anatomic or functional loss, the assistance of another person is required to carry out elemental acts of life such as dressing oneself, moving around, eating and the like.

A set of clauses that include those points that apply especially to a certain contract model without affecting the rest. The same set of clauses may complement, extend or repeal clauses contained in the general conditions of the policy.

Period of time the policy is valid.

The geographical territory in which the insurance guarantees are in force and which are described in the insurance policy.

The individual stipulated in the insurance policy or who is the owner of the insured assets.

All insurance claims subscribed to by policyholders, insurers, beneficiaries, affected third parties and rightful owners against the insurance company of the policy will be bound by the decision of entities or independent experts of acknowledged prestige.

The legal entity that undertakes the payment of the benefits within the agreed conditions should the event covering the risk take place.

All individual pension plan claims subscribed to by participants and beneficiaries or rightful owners against the managing promoters or their depositories will be bound by the decision of entities or independent experts of acknowledged prestige.

Transfer of the consolidated or economic rights of a pension or welfare plan to another pension or welfare plan.

This is a model of life insurance in which the policyholder assumes the risk of the investment.