Glossary
Accident
is a sudden short-term event (occurrence) happened against person’s will as a result of external mechanical, electrical, chemical or thermic influence upon Assured’s organism entailing damage to health, including injury or death.
Act of God
extraordinary event, that was impossible to foresee and prevent. In insurance practice it is usually called force majeure.
Agency agreement
An agreement with physical person or legal entity (agent) to act on behalf of and in the interests of Principal (other person) and perform corresponding duties (instructions) in accordance with the terms of agency agreement.
Agent
A physical person or legal entity having agency agreement with Insurer and carries out insurance activity on behalf of Insurer.
Agent remuneration
Payment for services of Agent for performed duties (instructions) in the interests and on behalf of Principal (other person) according to the agency agreement concluded between them.
All risks
Insurance conditions, when Insurer covers all risks envisaged by the rules of insurance. However, these must not be interpreted that this type of insurance covers each and every loss , it is covering risks only.
Application of Insured
a written document about intention to purchase insurance policy or information about insurance event occurrence. At the insurance agreement conclusion Insured is obliged to indicate in application all facts of material character and circumstances, which are known or must be known to Insured in accordance with his/her activity and which can exert influence on Insurer’s decision about underwriting of a policy or risk refusal, determination of adequate premium and etc. If Insured does not provide this information, Insurer has a right to resign insurance policy concluded by them. If Insurer does not demand it, Insured shall not inform the facts, which may be known to Insurer by virtue of their common knowledge or which must be known to Insurer in accordance with its activity.
Arbitration
State or international authority created for settlement of property disputes between enterprises, organizations, institutions, as well as suits connected with non-fulfillment of agreement’s terms.
Assured
a person in favour of which insurance is made. Insured is simultaneously Assured, unless otherwise is stipulated by insurance agreement.
