Glossary

Abandonment – the refusal of the Insured all rights of ownership of the insured vehicle in favor of the insurer, subject to the latter all the proper insurance reimbursement. Applicable in case of stolen vehicles or uneconomical to eliminate damage.

Addendum – Addendum to the contract of insurance, which puts agreed between the parties primarily due to changes in the conditions of the Agreement.

Bankruptcy – recognized by the arbitral tribunal inability of the debtor to restore its solvency and satisfy the creditors’ claims recognized by a court not only through the application of the liquidation procedure.

Inactivity – the failure, failure to actions which the Insured could and should have to use and implement, respectively, rules, regulations, norms and other regulatory legal acts.

Unemployed person – able-bodied citizen of working age, which is due to lack of work has no earnings or other statutory income and registered in the State Employment Service as a such that looking for a job, willing and able to proceed to a suitable job.

Unconditional deductible – is the percentage of the sum insured or the absolute value of the currency, in the amount that the insured is exempt from payment of insurance compensation for any damage caused to a third party, which is refundable under the terms of contract of insurance. Unconditional franchise deducted in calculating any compensation.

Consignment (consignment) – the amount of cargo, limited capacity of the vehicle, or a single document to the goods – waybills, rail consignment note, bill of lading, airway bills.

Beneficiary – a natural or legal person who may suffer losses as a result of the insured event and has a preferential right to the insurance indemnity, but is not insured under the Insurance Contract. In most cases, the Beneficiary – is owner or mortgagee of insured property.

Damages – damages caused to life, health and / or property of third parties.

The cost of treatment – is reasonable and medically necessary expenses for treatment of injuries and diseases of the Third Party that were the result of an insured event.

General contract – the insurance contract, according to which all goods are insured, who receives or sends a policyholder over time, within certain limits of liability of the Insurer.

The insurance contract – a written agreement between the Insured and the Insurer, according to which the insurer is committed in the case of an insured event to carry out insurance payment or other person specified in the Insurance Contract by the Insured, for whose benefit the insurance contract (help file, perform service etc.), and the Insured undertakes to pay insurance payments on certain dates and to perform other conditions of the Agreement. The insurance contract is made according to the Rules of insurance.

Additional equipment – equipment permanently installed in the vehicle and are not supplied with the manufacturer.

Traffic accident (RTA) – insured vehicle collision with another vehicle, a man run over immovable objects tipping over, falling of the insured vehicle as a result he suffered material damage.

Reasonable costs – the cost of the rescue of the damaged property, the prevention and / or reduction of the loss, the establishment of its size.

Debt – non-return debt by the Borrower in the Loan Agreement stipulated time.

Pledgee – natural or legal person that has a predominant over other creditors the right to receive payment of the value of the mortgaged property in case of default by a borrower secured by the pledge.

Accident – Event unhappy tragic consequences.

Credit – lending bank’s capital in the form of money, which is transferred for temporary use on the conditions of security, return of urgency, serviceability and targeted nature of the use.

Credit agreement – an agreement between the Lender and the Borrower a loan in the form of money, which is transferred for temporary use on the conditions of security, return of urgency, serviceability and targeted nature of the use.

Credit risk – the probability of non-payment by the borrower of principal and interest that has to pay for the credit in the terms defined in the credit agreement.

The lender – the subject of credit cooperation, which provides loans to another business entity for temporary use.

Liquidation – the termination of a business entity, recognized bankrupt by the arbitral tribunal, in order to implement measures to address the court recognized the claims of creditors by selling its assets.

Illegal possession of a vehicle – intentional criminal conduct, for any purpose and in any way unlawful seizure of the vehicle owner or user against their will, except when the insured has consented to such actions.

Insolvency – the inability of the borrower to make payments in a timely manner for all types of economic activity of their obligations.

Disabled person – any citizen of any age who has no earnings or other statutory income and not registered in the State Employment Service.

Recipients – heirs Third party – an individual who, in accordance with the current legislation of Ukraine have the right to receive insurance compensation in case of death of such a third party; Successor Third Party – a legal entity, which according to the current legislation of Ukraine have the right to receive insurance indemnity in case of loss of such third party rights of a legal entity.

Total loss (actual or constructive) – insurance if the cost of renewing the repair of the property is more than 75% of the sum insured or the insurance applicable at the time the property value.

Borrower – the subject of the credit relationship, which has received the temporary use of funds in terms of return, payment, maturity.

The claim – a claim that is put forward in court to face the responsibility that derives from an insured event.

The average monthly income – a value calculated as the average wage, pension, unemployment assistance, Third party personal income in the last three calendar months that preceded the damage. If on the date of damage to third person has been Non-working person, the average monthly income received for triple the minimum wage established in Ukraine at the date of the damage.

Insurance amount – the amount of money within the limits of which the Insurer according to the conditions required to carry out the payment of the insurance when the insured event.

Insurance Indemnity – amount of money that is paid by the Insurer within the limits of the sum insured for the conclusion of contracts of insurance in case the insured event. The insurance indemnity can not exceed the amount of the direct loss incurred by the Insured.

Insured event – an event specified in the Insurance Contract or legislation which took place and the occurrence of which the Insurer be obligated to effect payment of the sum insured (insurance indemnity) to the insured, the insured person or other third party.

Insurance protection – economic, redistributive relations that develop in the course of prevention and compensation for damages caused to specific objects of insurance.

Insurance payment (insurance premium, insurance premium) – payment for insurance, which the Insured is obliged to pay to the Insurer under the Insurance Contract.

Insurance policy (certificate, certificate) – Form of Insurance Contract, issued by the Insurer to the Insured and certifies the fact of the conclusion of the Insurance Contract.

Insurance risk – a specific event, which is held in case of insurance, which is a sign of the probability of occurrence of the insured event.

Insured – any legal or capable person who has entered into an agreement with the insurer for voluntary liability insurance to third parties.

Insurers – legal entities and capable citizens who have signed an insurance contract with insurance.

The vehicle (TS) – a device designed for the transportation of people and (or) cargo, and set it on a special equipment or machinery.

A third person – any natural or legal person to whom the Insured has caused damage.

Franchise – provided the terms of the insurance contract the insurer exemption from damages not exceeding a certain size. There are conventional (non-deductible) and unconditional (deductible) franchise, which are set in percentage or absolute value of the sum insured.

Information taken from the first Ukrainian “Encyclopedia of insurance” in the preparation and publication of the active participation of insurance company “BROKBUSINESS.” Entsiklopetsiya published in 2008 CJSC “Ukrainian Agency of Financial Development”. Circulation – 1000 units.

Страховая компания Брокбизнес