Glossary

a b c f g h i o p r t u

  • Accident
    • Is any personal injury that is non-intentional on the part of the Insured arising from an action that is sudden and from an external cause, which occurred with the insured during the duration of his/her individual insurance cover related to the specified bank card
  • Accident of the Insured Person

    Accident of the Insured Person is any personal injury that is non-intentional on the part of the Insured person, arising from an action that is sudden, unforeseeable and from an external cause, which occurred with the Insured within the duration of his/her effective individual insurance cover related with a respective revolving bank card of the insured.

  • Application For Indemnity
    • This is the form, which is to be filled in by the insured person/heirs in case of occurred risk in request for compensation
  • Assistance company

    The assistance company is a legal entity designated by the Insurer to act on his behalf.

  • Beneficiary
    • The party/person which receives the compensation in case of occurred covered risk

     

  • Benefit
    • The amount payable as compensation by the Insurer to the Beneficiary if the covered risk occurs within the duration of his insurance cover

     

  • Claim
    • Notification to the insurer, requesting payment of an amount due under the terms of the policy at a reported occurred event with the insured person

     

  • Contract Net Asset Value

    Your Contract NAV equals the number of all units of your Contract multiplied by the respective Unit NAV on a given date. 

  • Family member

    A family member is any of the following persons related to the insured and stated in the insurance certificate: husband/wife, partner with whom the Insured is living in cohabitation and their children up to 18 y.o. (including adopted children, children placed under guardianship or in foster care)

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  • Group Insurance
    • Various insurance plans made available to people who are members of a common group, such as employer-employee groups and creditor- debtor groups (e.g. bank – loan borrowers). The employer, bank or other entity is the Policyholder and administers the plan on behalf of the group members.
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  • Individual Insurance Cover
    • Individual insurance cover is the insurance of an individual borrower/co-debtor, concluded between the insurer and policyholder based on Group Credit Life Insurance Agreement
  • Insurance Premium
    • The payment for insurance, made by the client on monthly basis, together with the loan installment
  • Outstanding Amount
    • The capital outstanding (remaining) amount of a loan on the date of insurable event

     

  • Permanent Total Disability
    • This is the permanent total reduction or loss of certain aptitudes of the Insured, caused by accident or illness, thereby creating functional disability, as a result of which the insured is not able to perform any kind of activity against remuneration. 
  • Permanent Total Disability (PTD)as result of accident

    Permanent Total Disability as result of accident is the permanent total reduction or loss, by reason of a physical or mental handicap caused by an insured accident, of certain aptitudes of the Insured, thereby creating functional disability and as a result of it the insured is not able to perform any kind of activity against remuneration.

  • Revolving bank card

    Revolving bank card is a revolving credit card VISA Classic/Gold and/or MasterCard Classic/Gold, linked with a revolving loan account, issued and managed by the bank- the Policyholder- on the name of the Insured Person.

  • Temporary Disability
    • Temporary lost or diminished ability (due to accident or sickness) of the insured to perform his/her registered occupation, which occurred within the duration of the individual insurance coverage
  • Temporary Disability as result of accident

    Temporary disability of the insured is temporary lost or diminished ability of the insured to perform his/her registered occupation which disability is a direct result of an аccident of the insured, which disability has occurred within the duration of the individual insurance coverage.

  • Term Life Insurance
    • A policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage end. 
  • Total and Irreversible Loss of Autonomy
    • An Insured suffers from TILA when he/she is permanently unable to carry out any occupation at all as a result of sickness or accident and when he/she is obliged to rely upon the assistance of a third party to be able to carry on the basic activities of daily living (i.e. personal hygiene, (un)dressing, self-feeding, functional transfers, bowel and bladder management, walking without use of an assistive device)
  • Total and Irreversible Loss of Autonomy (TILA)

    An Insured Person is considered to be suffering from Total and Irreversible Loss of Autonomy when he/she is permanently unable to carry out any occupation at all, nor any work that could earn him/her any remuneration only as a result of Accident suffered after the beginning of the individual insurance cover, and which means he/she is obliged to call upon the assistance of a third party to be able to carry on the normal acts of life.

  • Total and Irreversible Loss of Autonomy as result of accident
    • An Insured suffers from TILA when he/she is permanently unable to carry out any occupation at all as a result of sickness or accident and when he/she is obliged to rely upon the assistance of a third party to be able to carry on the basic activities of daily living (i.e. personal hygiene, (un)dressing, self-feeding, functional transfers, bowel and bladder management, walking without use of an assistive device)
  • Unit

    Number of units attributed to your Contract will depend on the amount of your Initial and Additional premium. The price of unit is changing on a daily basis during workdays.