Key insurance terms explained clearly

Basic rules of an insurance contract. They apply together with the special conditions of the specific policy.

Help in the event of a claim or breakdown. In car insurance, this usually means roadside and travel assistance.

The insured person or the person to whom the insurance cover relates.

The person entitled to receive a benefit when the insured event specified in the policy occurs.

Waiting period after the start of the contract, during which certain services cannot be used or can only be used to a limited extent. Particularly relevant for health insurance.

A co-payment paid by the insured person for certain medical services. Health plans may have standard, reduced or no co-payments.

The movable contents of a property, such as furniture, clothing and household goods.

The permanent parts of a property: in simple terms, the building and its fixed structural elements.

The contractually agreed protection for specific risks or damages. Which covers apply is stated in the personalised quote and in the insurance conditions.

The maximum amount or benefit limit up to which a specific risk is insured.

Spanish policies may distinguish between different types of theft. The precise definitions in the policy wording determine the cover.

Model in which the insured person first pays bills and the insurer then reimburses an agreed share.

Excess: the agreed amount or share of a claim that the insured person pays.

Insurance cover for justified claims for damages from third parties if the insured person causes insured damage.

Movable objects within the apartment or house. In Spain the term Contenido is often used for this.

Additional protection for damage to your own vehicle. The scope and excess vary depending on the plan.

Insurance premium excluding certain taxes and surcharges. It is not the same as the total amount paid by the customer.

The insurance policy or the specific insurance contract with the agreed data, coverage and conditions.

The insurance premium that the policyholder pays for the agreed protection.

The Spanish term for liability. For vehicles, compulsory third-party liability insurance forms the basis of cover.

An event that may be covered by insurance and reported to the insurer.

Amount or share that the insured person assumes in the event of an insured loss.

The Spanish term for a claim event. Depending on the circumstances, photographs, supporting documents and prompt notification help the insurer process the claim quickly.

Policyholder: the person who concludes the contract and is generally responsible for the agreed premium payment.

A common Spanish term for comprehensive car insurance. Depending on the product, it may be offered with or without an excess.

Situation in which the agreed sum insured is lower than the actual value to be insured.

The person who concludes the insurance contract with the insurer. It does not always have to be the same as the insured person.

Period after the start of the contract in which certain services are not yet available.

Damage caused by leaking water. The scope, causes and possible exclusions depend on the respective home insurance policy.

Co-payment for individual medical services provided by private health insurance.