Glossary of Insurance Terms
Insurer
Limited Liability Company Strakhovaya kompaniya CiV Life, duly incorporated and registered under the laws of the Russian Federation.
Policy Holder
A legally capable individual who entered into the Insurance Contract with the Insurer.
Insured
An individual, whose subject-matter of insurance is the property interests associated with the infliction of injury to his/her life, health, and the occurrence of disability.
Beneficiary
One or more individuals appointed by the Policy Holder with the consent of the Insured Person to receive insurance benefits under the Insurance Contract. In case of the beneficiary’s death, his/her heirs shall be entitled to get the insurance benefit.
Accident
A sudden, unexpected, instantaneous, external to the Insured Person event that happened and resulted in death, traumatic injury or other health impairment of the Insured Person.
Permanent total disability
The inability of the Insured Person to perform any paid work, which will last until the end of life of the Insured Person.
Insurance sum
The sum of money to be used as a basis for determining the Insurer’s amount of liabilities under the Insurance Contract.
Guaranteed insurance sum
The guaranteed insurance sum is calculated individually for each customer and cannot be reduced. The guaranteed insurance sum does not include the possible investment income.
Expected insurance sum
The expected insurance sum is made up of the guaranteed insurance sum and possible investment income. The investment income on the program depends on the company’s investment activities. Expected coverage values shall not be guaranteed and cannot be obligations of the company for the future.
Surrender value
A guaranteed payment at early termination. Early termination of the contract may cause financial losses to the customer. In the first two years the surrender value is equal to zero. In case a program proposes a lump-sum payment, the surrender value is to be created starting from the first year of the coverage period.
