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Glossary
The contract

Insured

Holder of the interest exposed to the risk. May or may not coincide with the policyholder, who is the one who signs the contract and pays the premium.

In practice

In a corporate group, the distinction is operational: the parent company is usually the policyholder and the subsidiaries insured. When a company enters or leaves the perimeter, it must be moved in the policy; it is not enough for it to belong to the group.

Related terms

PolicyholderPerson who signs the contract with the insurer and assumes the obligations derived from it, mainly the payment of the premium.BeneficiaryPerson designated to receive the benefit. In life insurance, their designation can be modified at any time unless expressly waived by the policyholder.Insurable interestEconomic relationship between the insured and the asset or person exposed to the risk. Without interest, there is no valid insurance contract.AccidentEvent of violent, sudden, external cause beyond the insured's will that causes bodily or material damage.Direct action of the injured partyRight of the person who has suffered damage to claim compensation directly from the insurer of the responsible party, without going through them.Aggravation of riskChange in declared circumstances that increases the probability or intensity of the claim. The policyholder must communicate it as soon as possible.
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