A
Document containing changes to the conditions of an existing insurance contract.
Ways to resolve conflicts without going to court.
Contract through which the insurer undertakes to provide assistance to the insured if he or she finds himself in difficulties due to a situation provided for in the contract.
Automatic extension of an insurance contract at the end of a fixed period, in the absence of a contrary statement from one of the contracting parties.
Total amount, including fees and taxes, that the policyholder must pay to the insurer for the insurance.
B
Its objective is to guarantee high standards of conduct on the part of supervised entities in their relations with consumers.
Damage caused to things, material goods, credits and any other property rights
Reduction of the premium when renewing the insurance contract, in situations established in the policy (for example, no accidents have occurred).
Reduction of the premium when renewing the insurance contract, in situations established in the policy (for example, no accidents have occurred).
C
Maximum amount that the insurer pays in the event of an accident, even if the loss is greater. This value is normally defined in the particular conditions of the policy.
Contract through which a Life insurer undertakes to pay a certain amount of capital at the end of the contract.
Document that confirms that an insurance contract is valid. It can be delivered by the insurer or an insurance intermediary. The Green Card, for example, is a specific car insurance certificate.
Communication, by the policyholder, insured or beneficiary to the insurer, about the occurrence of a loss, within the scope of the insurance contract. The report must contain all important information for analyzing and evaluating the accident, namely the causes, date and place of the event and the losses suffered.
Set of actions carried out by the insurer with the aim of:
- confirm that an accident has occurred;
- analyze its causes, circumstances and consequences;
- decide whether to repair the damage or compensate for the losses resulting from the accident;
- decide the value of the compensation or benefit. To start this process, a claim is required from the injured party (insurance policyholder, insured or third party) or the beneficiary.
Specialist qualified to assess the damage resulting from an accident.
Person or entity that represents European Union (EU) insurance companies in Portugal for the purposes of processing and settling car accidents occurring in the EU, contributing to their easier resolution. Information on the claims representative of the insurance company responsible for the accident can be obtained on the website of the Insurance and Pension Funds Supervisory Authority, at www.asf.com.pt.
Person or entity that represents European Union (EU) insurance companies in Portugal for the purposes of processing and settling car accidents occurring in the EU, contributing to their easier resolution. Information on the claims representative of the insurance company responsible for the accident can be obtained on the website of the Insurance and Pension Funds Supervisory Authority, at www.asf.com.pt.
Function that all insurance companies must have to deal with complaints submitted.
Contract through which the insurer covers risks incidental to the main risk.
Extrajudicial method of dispute resolution, through which a third party, impartial in relation to the conflict, conducts negotiations between the parties, encouraging one or several solutions to the conflict and proposing platforms of understanding that enable agreement between the parties.
Set of situations whose verification determines the insurer’s performance under the contract.
Contract through which the insurer covers the risk of non-payment of credit to which the insured creditor is exposed.
D
Damage suffered by someone. Damage may be caused by loss, destruction or damage to property or by injury affecting a person’s physical or mental health.
Table used in car insurance contracts that include coverage for own damage, which serves to update the insured value for the purposes of the amount of compensation in the event of total loss, with the insurance premium adjusted to the vehicle’s devaluation.
Agreement signed between the majority of insurers in the Portuguese market, which allows the policyholder, within the scope of car insurance, to resolve the claim with the insurer himself, who will pay the losses directly to the insured, avoiding the latter having to contact the insurer of the responsible third party. The agreement is applicable to accidents occurring in Portugal, where only two vehicles with valid insurance are involved and which result in material damage of less than a certain amount. It is also necessary that the Friendly Car Accident Declaration (DAAA) is duly completed and signed by both drivers.
E
Clause in an insurance contract that negatively delimits the scope of coverage, that is, it defines what the insurance does not cover.
Term or end of the insurance contract. In certain types of life insurance, this is the moment when the insured capital is paid.
Extension of an insurance contract beyond its initial term and for an equal period, provided that neither party objects.
F
Title or contract that establishes rights and obligations of a financial nature. Includes securities such as shares, bonds and investment fund units and money market instruments such as certificates of deposit and commercial paper.
Contract through which the insurer covers a set of motor land vehicles.
Value that is added to the premium if the policyholder chooses to pay it in installments.
Possibility of withdrawing from the insurance contract without needing to give a reason.
Form to fill out in case of a car accident. It is intended to collect certain information essential for insurance companies to settle the claim and report the accident. This form, whenever possible, must be completed immediately at the scene of the accident and signed by both parties. It is an essential element for the application of the direct compensation system to the insured (IDS).
G
Contractual provisions, usually pre-drafted, defining the framework and general principles of the contract, applying to all contracts inherent to the same branch, modality or operation.
Period between the beginning of the insurance contract and a certain date, in which certain coverages are not yet taking effect.
Value of the commercial premium plus contract issuance costs. These may include the cost of the policy, additional minutes, insurance certificates and premium splits.
Contractual clause under which the insurer undertakes to reimburse the investment within the agreed period in an amount not less than the entire capital initially invested.
Contractual clause under which the insurer guarantees that the return on the investment within the agreed period will not be lower than a certain interest rate.
When the insurer or management entity guarantees a minimum return within the scope of the contract
I
Payment owed by the insurer to repair damage resulting from a situation covered by the policy. Compensation can be:
- The repair of an asset (for example, the repair of a car);
- The replacement of one good for another or the payment of its value in cash;
- A value defined in the contract (for example, a value for each day that it was not possible to use the car);
- An income or pension.
Amount payable for insurance that varies automatically depending on a base price or an index representing the evolution of the value of certain goods or services (for example, the Consumer Price Index).
Entity legally authorized to carry out insurance activities and which is a party to the insurance contract.
Contract through which the insurer assumes coverage for certain risks, committing to satisfy compensation or pay the insured capital in the event of an accident, under the agreed terms. In return, the policyholder is obliged to pay the corresponding premium.
Part of the value of the damage that is borne by the policyholder or insured.
- Present or propose an insurance contract or perform another act that prepares its conclusion;
- Sign the contract (when the mediator has powers to do so);
- Support the management and execution of the contract, especially in the event of an accident.
Any person or entity that carries out, for remuneration, the activity of insurance mediation and is registered as a mediator with the Insurance and Pension Funds Supervisory Authority. You can do this on behalf of one or several insurers or independently.
Document that contains the conditions of the insurance contract agreed by the parties and that includes general, special and particular conditions.
Document through which the policyholder expresses the desire to conclude the insurance contract and informs the insurer of the risk he intends to insure.
Document often attached by the insurer to the insurance proposal, intended to collect information about the policyholder and/or the insured, necessary for the insurer to assess the risk that is intended to be insured.
Person or entity in whose interest the insurance contract is made or person whose life, health or physical integrity is insured (insured person).
Entity legally authorized to carry out insurance activities and which is a party to the insurance contract.
L
Any means that allows information addressed to you to be stored in such a way that it can be consulted later for a period appropriate to the purposes of that information and that allows its exact reproduction.
Contract through which the insurer covers the costs of legal services, namely defense and representation of the insured, as well as expenses linked to judicial or administrative proceedings.
Contract through which the insurer covers the risk of the insured having to compensate third parties for damages resulting from bodily or material injuries for which he or she is responsible.
Contract through which the insurer undertakes to pay the insured capital in the event of the death of the insured person (death insurance) or survival of the insured person (life insurance).
M
Extrajudicial form of dispute resolution, informal in nature, in which the parties are helped by a mediator to find, on their own, a negotiated solution to the conflict between them.
Contract through which the insurer undertakes to pay the insured capital to the beneficiary: • at the time of the insured’s death, if it occurs before the end of the contract; • at the end of the contract, if the insured is alive on that date.
Civil liability insurance contract through which the insurer covers bodily or material damage caused to third parties by motor land vehicles and their trailers. This insurance is mandatory.
Contract through which the insurer covers the risks to which land motor vehicles (cars, motorcycles, etc.) are exposed, including civil liability arising from their circulation, as well as optional coverage, such as personal damage, travel assistance and legal protection.
Contract through which the insurer covers the main risks relating to a property (housing) and normally the movable assets within it (filling).
O
Situation in which the asset is insured for a value greater than its real value.
Increase in the value of the insurance premium due to coverage of an aggravated risk or additional coverage.
Optional coverage that can be added to mandatory motor third party liability insurance, particularly with regard to damage suffered by insured vehicles. The most common coverages are those relating to shock, collision and rollover, fire, lightning or explosion and theft or theft.
P
Contract through which the insurer guarantees compensation for bodily injuries resulting from an accident that is not classified as an accident at work.
Person who enters into the insurance contract with the insurance company, being responsible for paying the premium.
Association which, through an agreement with offices from other countries of the same nature, has among its main objectives to ensure the legitimate rights of victims of road accidents that occur in Portugal and which are the responsibility of insurers from other countries.
Written communication, sent by the insurer to the policyholder, to inform about the value of the insurance premium, the deadline and the method of payment.
Clauses that are added to the general/special conditions of a contract, to adapt it to a particular case, specifying in particular the risk covered, the duration and beginning of the contract, the sum insured, the premium, the policyholder, the insured and the beneficiary.
Date by which the insurance premium must be paid to the insurer.
Return, to the policyholder, of part of the premium already paid, particularly if the insurance contract ends before its end.
Opção conferida pelo segurador ao tomador do seguro de dividir o pagamento do prémio em prestações.
Right of the policyholder, insured or beneficiary to receive part of the results generated by the insurance contract. It is considered attributed when it is calculated for the set of contracts, but not individualized. It is considered distributed when it affects each individual contract.
Its objective is to ensure that supervised entities have the financial resources appropriate to the responsibilities they assume and that they prudently manage the risks to which they are exposed.
R
Set of criteria and subscription conditions that allows the calculation of the insurance premium.
Concept used in the settlement of claims within the scope of motor civil liability insurance, under which the insurer who assumed responsibility for repairing the damage must present to the injured third party a compensation proposal that is balanced in relation to the damage suffered, under penalty of payment interest at double the legal rate provided for by law and also subject to a financial penalty.
Amount that the beneficiary is entitled to receive at the end of the contract
Possibility provided for in some types of life insurance for the policyholder to terminate the contract and receive the value of the mathematical provision, deducted from acquisition expenses and others that are contractually provided for
Early termination of an insurance contract at the initiative of one of the parties, if there is just cause.
Uncertainty associated with a future event, whether regarding its realization, the moment at which it occurs and the damage resulting from it.
S
Value of the insured asset, after a total loss accident.
The asset saved from accident, in situations of total loss.
Medium or long-term savings product, which can help supplement retirement or finance the education of the participant or their family.
Event or series of events that result from the same cause and that trigger the risk coverage provided for in the contract.
Provisions that complete or specify the general conditions, being generally applicable to certain contracts of the same type.
Date on which an insurance contract begins to take effect.
Designation that characterizes the set of financial products whose profitability depends on the evolution of the value of other financial instruments. The investment risk is assumed, in whole or in part, by the investor.
Action carried out by an insurer with the aim of obtaining reimbursement from the person responsible for the damage for compensation paid to the beneficiaries of the contract.
Interruption for a period of time of the rights and duties contained in the insurance contract.
T
Contract through which the insurer undertakes to pay the insured capital to the beneficiary upon the death of the insured, if this occurs during the period indicated in the contract.
Contract through which the insurer guarantees compensation for losses resulting from theft or attempted robbery.
Victim of an accident who is not a party to the insurance contract and who has the right to receive compensation under its terms.
Situation in which an accident results in damage whose severity prevents repair of the insured asset or makes it too costly. In automobile insurance, a total loss is also considered to exist when the estimated value for repairing the damage suffered, added to the salvage value, exceeds 100% of the market value of the vehicle less than two years old or exceeds 120% of the market value of the vehicle. vehicle over two years old.
U
Situation in which the asset is insured for a value lower than its real value.
Set of contractual clauses approved by the Insurance and Pension Funds Supervisory Authority for certain mandatory insurances that must be respected by insurers when covering the risks in question
V
Period during which the insurance contract takes effect.
Corresponds to the insured capital within the scope of an insurance contract linked to investment funds, the value of which varies according to the value of the fund or funds to which the insurance is linked.
Amount payable for insurance, which varies automatically depending on certain specific aspects set out in the contract.
Replacement value of the insured item, immediately before the occurrence of the loss.
W
Set of situations whose verification determines the insurer’s performance under the contract.
Interruption for a period of time of an insurer’s obligations regarding one or more coverages of the insurance contract.