Will - Garantias Contratuais

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Dicionary Of Product

Policy
Insurance contracts instrument.

Bona fide
It is the conviction or persuasion of having acted within the law, or of being protected by it.

Transfer of Rights
Contract clause which allows the insurance agent to bring legal action against the person responsible for the damage suffered by the insured person by means of the rights and actions the law allows him to use.

Risk Coverage
This is the act by which the insurance agents responsibility becomes effective in the warranty which is offered to the insured person.

Co-Insurance
It is a procedure which is characteristic of the world insurance market, by means of which an insurance company retransfers to a reinsurance company the responsibilities and corresponding premium of a specific insurance which would exceed its withholding capacity or Technical Limit.

Damage
Damage suffered by the insured person and compensatable according to the policy conditions.

In bad faith
It is the intentional misconduct, in order to trick an obligation.

Insured Amount
This is the maximum compensation limit to be paid by the insurance company in case of occurred accident and covered by the insurance policy. It is the insured persons function to fix the value to be insured, or insured amount.

Liability Limit
Thus, the fixation of a maximum amount is called which is determined by law, and which the insurance agent may keep in each individual risk.

Insurance Companys Technical Limit
It is the maximum withholding by the Insurance Company in relation to the value being insured and the corresponding premium of a specific insurance. It is approved by the Supervision of Private Insurances - SUSEP -, each semester for each insurance company and by insurance modality, according to the analysis of the insurance companies balances. In the field of Insurance Guarantee the technical limits of the insurance companies vary between R$ 50.000,00 and R$ 500.000,00.

Accident Adjustment
It is the compensation payment.

In bad faith
AAct contrary to the law or rights, doing it in opposition to it.

Object
General designation given to all kinds of interest being insured.

Premium
It is an amount of money paid by the insured person to the agent so that s/he assumes the responsibility of a specific risk. In the Insurance Guarantee, this fee ranges from 0,3% to 3% a year, and the corresponding premium is paid on receipt the policy.

Reinsurance
This is the procedure characteristic of the world insurance market, by means of which an insurance company retransfers to a reinsurance company the responsibilities and corresponding premiums of a specific insurance, which exceed its withholding capacity or technical limit.

Retrocession
Reinsurance operation carried out by a reinsurance agent.

Risk
It is the expectancy of an accident.

Insurance
It is the economic protection the company looks for in order to take precautions against fortuitous necessities.

Agent
This is the person who assumes the responsibility of specific risks by means of the advance payment of the established premium.

SUSEP - Supervision of Private Insurances
It is a federal entity, linked to the Treasury, responsible for the supervision of the national insurance market (insurance and reinsurance companies and insurance agents), in addition to watch over the soundness of the insurance and reinsurance companies.

Accident and Substitution
As soon as the non-compliance by the policy holder is confirmed with the obligations covered by the insurance, the insured person has the right to require of the insurance company the due compensation, when the extrajudicial intimidation against the policy holder in order to make the payment is unsuccessful, while no other appeal is necessary. The accident being confirmed and the compensation paid, the insurance company substitutes the rights and actions of the insured person for the policy holder or third parties, whose conduct or facts have caused the payment.

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