Insurance

Taking seriously well-known saying “life is full of risk” we have no other solution but to resort to insurance institutions with aim to protect against future loss. Insurance as we know today can be traced back to the Great Fire of London in 1666. As tim passed by insurance became more and more important both for individuals and economic entities. Insurance field is rapidly changing and new products are entering the insurance market. This small selection of insurance terms may help to understand complexities related to insurance practice. For more advanced Readers we suggest to peek into the European documents on insurance business as well as annual reports and papers published by the Polish insurance companies.

A

accident – unexpected, unforseen event not under the control of the insured and resulting in a loss – wypadek

accidental death insurance – coverage in the event of death due to accident – ubezpieczenie na wypadek śmierci na skutek nieszczęśliwego wypadku

actuarial science – branch of knowledge dealing with the mathematics of insurance, including probability – wiedza aktuarialna

actuary – mathematician in the insurance field – aktuariusz

adjuster – employee of an insurance company who assesses insurance coverage for property claimed to be damaged and determines the proceeds that might be payable for the claim – likwidator

age limits – maximum age of an applicant of insured beyond which an insurance company will not initially underwrite a risk or continue to insure it – granice wieku (dolna lub górna granica wieku jako podstawa akceptacji wniosku o ubezpieczenie); przedział wiekowy

all risks – insurance that covers each and every loss except for those specifically excluded – wszelkie ryzyka

appraisal – valuation of property for damage resulting from an insured peril or for establishing the base amount of insurance coverage to be purchased – oszacowanie; wycena

assumption of risk – technique of risk management (better known as retention or self insurance) – przejęcie ryzyka

attachment – addition to a basic insurance policy to further explain coverages – dodatkowe ubezpieczenie

automobile liability insurance – coverage if an insured is legally liable for bodily injury or property damage by an automobile – ubezpieczenie od odpowiedzialności cywilnej właścicieli samochodów

B

bancassurance – distribution of insurance products through the bank network – dystrybucja produktów ubezpieczeniowych przez sieć banków

barratry – violation of duty in marine insurance, such as acts of the master and crew of a ship that result in damage to the vessel – barateria (ryzyko związane z rozmyślnym działaniem na szkodę armatora przez kapitana lub członków załogi)

basic premium – premium applied in workers’ compensation insurance and in life insurance – składka bazowa

beneficiary – designation by the owner of a life insurance policy in-dicating to whom the proceeds are to be paid upon the insured’s death or when an endowment matures – uposażony (osoba wskazana przez ubezpieczonego jako uprawniona do otrzymania świadczenia z tytułu śmierci ubezpieczonego)

blanket contract – policy covering an insured’s property at several different locations – polisa obejmująca majątek ubezpieczonego w różnych lokalizacjach

burglary insurance – coverage against loss as the result of a burglary – ubezpieczenie od kradzieży z włamaniem

business insurance – coverage designed to protect against loss exposures of business firms, as opposed to those of individuals – ubezpieczenie działalności gospodarczej; ubezpieczenie przedsiębiorstw

business interruption – break in commercial activities due to the occurrence of a peril – przerwa w prowadzeniu działalności gospodarczej