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Glossary of insurance terms

Fund managing company
This is the officially authorised company whose object and exclusive activity is the administration of pension funds. Insurance companies may be fund managers without their object and activity being exclusive.
General conditions
A set of clauses that include the basic conditions of the contractual relationship applicable to the contracts of the same model.
Group insurance
This is a model of insurance in which one contract covers a group of people with a certain characteristic in common, which was not created for the purpose of the insurance.
Group pension plan
This is a pension plan whose promoter is any association or syndicate whose participants are its members or affiliates.
Guaranteed asset
Those assets exposed to the risk covered by the policy that are susceptible to valuation and on which the insurance cover is contracted
Guaranteed pension plan
This is an individual or group pension plan in which a financial entity offers an individual guarantee to the participants, which refers to them receiving a certain amount of the constituted right on a fixed date.
Habitual residence
This is the residence in which the insured person permanently resides.
Health questionnaire
A list of questions set by the insurer about the health of the insured person in order to evaluate the risk.
Healthcare insurance
This is a model of insurance in which the insurer, through the collection of premiums and copayments where required, assumes the cost of medical care, surgery and hospitalisation of the insured person stemming from illnesses or injuries covering the specialisations, health benefits and other services within the conditions and limits of the policy. This health service is provided by doctors, clinics, healthcare centres and services included in the catalogue of services once the exclusion period, if any, has passed.
Heir/heiress
An individual or legal person who succeeds to the assets, obligations, rights and actions of the deceased, either wholly or in part.
Hospitalisation
The fact that a person is admitted as a patient to a hospital and spends the night there or has a main meal there.
Increase in cover
Increase in capital insured or contracted guarantees with respect to what was foreseen and agreed to beforehand by the policyholder.
Indemnity
Economic compensation by the insurer whose aim is to compensate the insured person for damage covered by the policy.
Individual pension plan
This is a pension plan whose promoter is a financial entity and whose participants are all individuals.
Insurance
This is a contract in which the insurer is obliged, through the payment of premiums by the insured person, to specifically cover a risk and should this risk take place, to indemnify, within the limits agreed to, the damage caused to the insured person or to satisfy a capital, an income or other agreed benefits.
Insurance benefit
The capital or income paid by the insurer to the beneficiary under the conditions foreseen in the contract.
Insured capital
The fixed amount agreed to in each of the covers of the policy subscribed to that set the maximum limit of indemnity to be paid out for all the concepts in the case of a claim.
Insurance compensation consortium
This is a legally established public rights organism. This consortium meets the economic consequences of damage to people and things caused by claims stemming from extraordinary risks and other mandatory risks not covered by other entities, which are determined in its Legal Statutes.
Insurance contract
It is the document that contains the insurance conditions. It is inseparably made up of the general, private and, as the case may be, special conditions and/or subscription forms as well as the supplements that modify or complement the above.
Insuring company
The legal entity that assumes the payment of the agreed benefits in the event the risk covered takes place.
Legal defence insurance
This model of insurance obliges the insurer, within legal limits and those set out in the contract, to undertake the expenses incurred by the insured person as a result of his/her intervention in an administrative, legal or arbitration proceedings and to provide him/her with the legal, judicial and out-of-court assistance derived from the insurance cover.
Life insurance
This model of insurance obliges the insurer, through the collection of a stipulated premium and within legal limits and those set out in the contract, to give the insured person a capital, an income or other agreed benefits in the case of death or the survival of the insured person, or both events together.

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