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Glossary
The contract

Reinstatement of limit

Also: Reinstatement of sum

Clause that restores the insured sum to its initial amount after a claim, for the rest of the period.

In practice

Without it, the second claim of the year is charged on the capital left from the first. It can be automatic, limited to a number of reinstatements or subject to an additional premium: the three cases are read differently.

Where it is addressed

This term is covered in Riesgos patrimoniales.

Related terms

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.Sum insuredDeclared value of the insured interest. Sets the ceiling for compensation.Insurance periodInterval to which the premium refers, usually annual. It determines how limits are exhausted and when the contract is renewed.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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