Coverage:

The scope or protection offered by an insurance policy, detailing the specific risks covered and the maximum limits of liability to be borne by the Insurer for each type of loss or damage.

Premium:

The amount or cost that the insured pays periodically to the Insurer in exchange for the coverage provided by the policy.

Deductible:

The amount of money the insured must pay out-of-pocket before the insurer will begin to cover the costs of a covered claim.

Policy:

A series of contractual documents detailing the general and specific terms and conditions of an insurance policy, including coverages, limits, deductibles, premiums, definitions, rights, obligations and others that clearly define the relationship between the insured and the insurer.

Exclusions:

Circumstances or specific events that are not covered by the insurance policy, and which, if they occur, will not generate compensation from the insurer to the insured.

Beneficiary:

The person or entity designated to receive the benefits of an insurance policy in the event of the insured's death.

Grace Period:

It refers to an additional period of time after the expiration date of the policy, during which the insurance coverage remains in force and therefore, if an event occurs, it would be covered as long as the insured pays the premium before the end of such period. It is recommended to consult our team of advisors for the period that applies to your policy, as it varies depending on the Insurer and the product.

Uninsured:

It is a term applied in many types of insurance and is used to indicate that an insured amount is less/less than the value that a property or asset should contractually have, in order for the insurer to indemnify correctly.

Overinsurance:

This is the opposite of underinsurance and is used to indicate that the insured amount is greater/superior to that which a property or asset is contractually required to have.

Coinsurance:

It is the percentage economic participation (%) of the insured in the indemnity of a claim. It is a typical term used in medical insurance.

Co-payment:

It is the fixed and nominal economic participation of the insured in the indemnity of a claim. It is also a term typical of medical insurance.

Claim:

Request for compensation/payment submitted by the insured to the insurer for damages or losses covered by the policy.

Rights of the Insured:

• Here we could "convert" the Consumer Law charter into something "cooler".

Specific Insurance:

• Medical Expenses
• Automobiles
• etc