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Glossary
The contract

Premium

Price of the insurance, calculated on the risk assumed and increased with legal surcharges and taxes.

In practice

Non-payment of a premium subsequent to the first suspends the cover one month after the due date and allows the insurer to terminate the contract after six months. A returned receipt due to a change of bank account has the same effect as a voluntary non-payment.

Related terms

Premium surcharges and taxesAmounts added to the net premium by legal mandate: the insurance premium tax and surcharges in favour of the Consorcio de Compensación de Seguros.Duration and renewalAgreed term of the contract and its automatic renewal upon expiry, unless one of the parties objects with the stipulated notice.Cash before coverRule in force in several countries whereby cover does not commence until the premium has been effectively paid.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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