Financial Education
Policy Year
Policy Year: Accumulated coverage periods equivalent to one (1) calendar year.
Beneficiary
Beneficiary: The individual or legal entity entitled to indemnity upon the
occurrence of a loss which is a loss that is applicable in accordance with the
general conditions of the policy.
Cancellation
Cancellation: The act of terminating an insurance contract before the end of the policy period, either by the insured or by the insurer.
Coverage
Coverage: commitment accepted by the insurer, whereby the insurer assumes responsibility, up to the stipulated limit, of the harmful consequences deriving from a loss caused by a risk or risks.
Conditions
Conditions: The portion of the insurance contract that outlines the obligations and responsibilities of both parties – the insured and the insurance company.
Deductible
Deductible: is the economic participation of the insured or beneficiary for each loss occurred, for which he/she must pay it to the Insurer or to the Insurer. the insured or beneficiary for each loss occurred, for which he/she shall pay it to the Insurer or the Insurer shall the amount corresponding to the deductible applicable to the affected coverage. deductible applicable to the affected coverage.
Endorsement
Endorsement: An addition to the policy contract. An endorsement is an extension to the contract; unlike an amendment, which is an extension to the policy contract. Unlike an amendment, which is an alteration to the contract.
Exclusion
Exclusion: A restriction in your insurance policy that limits and may exclude coverage for certain risks, persons, property, or locations.
Renewal Date
Renewal Date: The date on which your insurance policy expires and the date on which your renewed policy starts.
Expiration Date
Expiration Date: This date indicates when your policy coverage expires.
Indemnity
Indemnity: This is compensation for a loss intended to restore an individual or entity to the approximate financial position it was in prior to the loss.
Premium
Premium: is the price of insurance, i.e., the price the insured pays for the coverage he/she receives for the insured risk to his insurance company.
Claim
Claim: Any request or demand for payment under the terms or agreements of insurance policies.
Loss
Loss: event arising from an external, sudden, and fortuitous event that during the term of the policy, results in personal injury or damage to property. It is the event on which the obligation to indemnify on the part of the insurer depends.
Sum Insured
Sum Insured: It is the limit of liability on the insured property. The sum insured is indicated on the title page of the policy for each coverage.
Financial User
Financial User: Natural or legal person who acquires or uses a service or product provided.
Consulta
Inquiry: Any doubt that the financial user may have related to the coverages of the insurance contracts and/or financial services of the insurance contracts and/or financial services provided by the company, as well as with its operation, which, when deriving in a complaint or claim, must be attended in accordance with the procedure established in this manual and as stipulated in the regulatory norms.
Complaint Form
Complaint Form: Form where the financial user describes and presents his/her complaint to the company or to the CNBS.
Claim or disagreement
Claim or disagreement: Without limitation, any event in which a financial user is affected by a claim, whether due to claim is any event in which a financial user is affected, either by a breach of the terms of the breach of the terms of the contract signed with the company, for services not rendered, or when they have been services not rendered; or when their rights have been violated.
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