It is the company that assumes the coverage of risks that are the object of this contract and guarantees the payment of compensation in case of losses.

It is the juridical or legal person who signs the insurance contract.

It is the juridical or legal person on whom the insurance is stipulated.

It is the juridical or legal person who is owner of the right to the indemnity of the insurance.

It is the commitment assumed by the Insurer to pay an indemnity to the Insured. It is limited to the insured amount agreed in the insurance policy

It is the value attributed by the Policyholder to the goods covered by the policy. In case of a loss, it constitutes the maximum limit of the indemnity that the Insurer must pay.

It is an accidental, unforeseen and unexpected event, on an insured fact that is contemplated in the insurance policy, where the Insurer is obliged to indemnify, totally or partially to the Policyholder or Insured, the insured amount of the coverage.

Some products are usually traded with a loss franchise. It consists of the part of the damage that is in charge of the insured. It can be a fixed amount or a percentage of the total insured amount.