What is a deductible?

Fixed amount or percentage of an insurance claim that is the responsibility of the insured, and which the insurance company will deduct from the claim payment.

What is an insurance premium?

Financial cost of obtaining an insurance cover, paid as a lump sum or in installments during the duration of the policy.

What is generated premium?

part of the insurance premium that belongs to the last part of the validity period of the insurance contract.

What is Sum insured?

The amount of money that an insurance company is obligated to cover in the event of a covered loss

Insurance claim

Demand for payment in accordance with an insurance policy. Legal demand or assertion by a claimant for compensation, payment, or reimbursement for a loss under a contract, or an injury due to negligence.

What is the compensation of the insured?

The amount that the insurer is paying the insured to pay the damages caused by the insurance cover provided by the insurance contract.