SegurCaixa Holding > Glossary of insurance terms

Glossary of insurance terms

Damage caused by nature
Material damage resulting from meteorological and seismological phenomena or other natural disasters foreseen in the contract, provided the damage cannot be avoided by adopting sufficient security measures conforming to uses and regulations in vigour concerning the insured asset.
Damage from design error
Damage affecting the insured building originating in a lack or shortage of something, a defect or flaw, an error or omission in the design, plans or specifications, excluding the expenses incurred in rectifying the damage.
Deferment period
The time period between setting up the contract and the start of the payment period.
Directorate General of Insurance and Pension Plans
Management and control body of insurance and pension plans depending on the Ministry of the Economy.
Discount
A discount applied to the premium of the insurance operations.
Due date
That is the date on which the contract terminates, having finished the term agreed to in the contract.
Duplicate
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.
Effect of the insurance
The moment from which the cover in the policy takes effect, within the conditions set out in the contract.
Employment pension plans
This is a pension plan whose promoter is any company, corporation or entity whose participants are its employees.
Excess / Car insurance excess
This is the amount that is not covered by the policy. This amount will be discounted from the value of the damage to calculate the compensation or benefit the insurer must satisfy in the case of a claim that is covered by the policy. Car insurance excess is the amount of money the insured person will have to pay in the event of a car insurance claim e.g. if the insured person’s excess is 100 €, then he/she will have to pay the initial 100 € of any claim. The excess makes up the first part of a claim, so if the claim was for 500 €, the insured person would pay the first 100 € and the insurer the remaining 400 €.
Exclusion period
A period during which all or some of the policy covers are not effective.

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