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Glossary
The contract

Insurance period

Interval to which the premium refers, usually annual. It determines how limits are exhausted and when the contract is renewed.

In practice

In policies with an aggregate limit, the period is the unit of consumption: the claims of the financial year share the same ceiling. Aligning all periods of a programme avoids loose ends between renewals.

Related terms

Duration and renewalAgreed term of the contract and its automatic renewal upon expiry, unless one of the parties objects with the stipulated notice.Limit of indemnityMaximum amount that the insurer will pay per claim or per insurance period. Different from the sum insured and the sublimits per guarantee.Master policyContract signed by the parent company that sets the group's cover standard and responds above or in default of the local policies.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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