CERTIFICATE OF INSURANCE - a document that certifies the insurance of specific batches of goods that fall under the scope of a master cargo insurance policy.
CO-INSURANCE - insurance in which the same risk is insured by two or more insurers in specified proportions, issuing a joint or separate policies according to the share of each insurer. If the risk is not fully placed among insurers, the policyholder is considered one of the insurers. They bear responsibility for the uninsured portion of the risk without paying premiums.
CLAIM - in insurance, the term has several meanings: a) the loss or damage that is eligible for insurance compensation; b) the occurrence of an insured event (realization of an insurance risk); c) a case containing documents from the insurer regarding a specific insurance claim that substantiate the claim payment.
CATASTROPHIC RISK - a loss or series of related losses that can occur simultaneously in a specific location; a large number of potential risks; a natural disaster; an emergency situation.
CASCO - insurance of the body and mechanisms of a vehicle. Damages caused mainly by damage or structural destruction of the car, ship, or aircraft are compensated.
CAPTIVE INSURANCE COMPANIES - companies created by industrial, commercial, banking, and other structures to meet their insurance needs. This allows for cost savings on insurance, including agency and brokerage commissions.
CATASTROPHIC RISK - the loss or series of related losses that can occur simultaneously in a specific location; a large number of potential risks; a natural disaster; an emergency situation.
CAPTIVE COMPANIES - companies created by industrial, commercial, banking, and other structures to meet their insurance needs. This allows for savings on insurance, including commissions of agencies and brokers.
COMPULSORY INSURANCE - a form of insurance based on the principles of compulsion for both the insured and the insurer. Compulsory insurance has a significant advantage over voluntary insurance in that it allows for significantly lower premiums and cheaper insurance services. However, it also has disadvantages, as it does not take into account the financial capabilities of each insured, the characteristics of the insured objects, and insurance risks. Ukrainian legislation provides for 27 types of compulsory insurance. Most types of compulsory insurance involve insuring specific categories of individuals (members of the Ukrainian Parliament, employees of law enforcement agencies, tax, customs, veterinary services, passengers, etc.), civil liability of vehicle owners, crop insurance in state enterprises, etc.
COMPULSORY PASSENGERS INSURANCE - covers accidents during travel and applies to passengers of maritime, river, air, rail, and bus transport. The insurance premium is included in the ticket price.
CONSTRUCTIVE DESTRUCTION OF A VEHICLE - damage to a vehicle where the cost of restoration (repair) of the damaged vehicle is 75% or more of its actual value on the day of the insurance event.
CLAIM FOR DESTRUCTION OR DAMAGE TO INSURED PROPERTY - submitted by the policyholder to their insurer in written form with the aim of obtaining insurance compensation. Based on this document, a claim settlement report is prepared in the event of an insurance claim.
CERTIFICATE OF INSURANCE - a document that certifies the insurance of specific batches of goods that fall under the scope of a master cargo insurance policy.
CREDIT INSURANCE - a type of insurance where the insured objects can be bank loans (to borrowers and lenders), commercial loans, credit obligations, and guarantees, as well as long-term investments. Credit insurance has several variations, including insurance against the risk of non-repayment of loans (where the lender insures the loans provided to clients), insurance against the liability for non-repayment of loans (where the borrower insures their liability), and insurance against the risk of non-payment (where the supplier insures the amount owed by the buyer according to the credit terms for goods supplied on credit).
CROP INSURANCE - a type of property insurance. Crop insurance is mandatory for state agricultural enterprises. It is voluntary for collective and private farms. Crop insurance is carried out to cover losses of agricultural crops due to risks such as frost, hail, rain, drought, flooding, fire, and other perils. In the case of voluntary insurance, the coverage is provided up to the contractual amount, but not exceeding 70% of the crop value, and for mandatory insurance, it is 50%.Chronic Illness - a disease with a primary course lasting more than 6 months or characterized by frequent exacerbations (more than 3 times per year) and/or persistent morphological changes and functional disorders of tissues and organs that persist during periods of remission.
CARGO INSURANCE - one of the types of property insurance that can be carried out in various forms, including all-risk liability or liability for partial accidents without responsibility for damages except in cases of catastrophe or accident. In any form, risks arising from the negligence or intentional actions of the insured are not covered.
CHILD INSURANCE - parents or other relatives of a child act as policyholders, and the child is the insured party until reaching the age of 16. The insurance payout is made to the insured person upon survival until the end of the insurance term. In the event of an accident involving the insured child during the insurance period, the payouts are made to the policyholder.