Assessment of the value of a movable or immovable asset.


Termination of an insurance contract before its actual expiry date.

Car Insurance

Insurance covering the risks associated with owning and driving a car.

Civil Liability

Obligation of an individual to compensate a third party for damage caused to a person, animal or object and for which they are responsible.


A request from the insured to be paid the insured amounts after an accident or loss according to the terms and conditions of the contract.

Claims Frequency

Ratio between the number of accidents sustained during a given period and the number of vehicles insured during that period.


A risk insured by several insurers.

Commercial Lines Insurance

Line of insurance which includes all types of insurance for businesses.


Sum paid by the insurer to compensate the insured for damage according to the terms and conditions of the contract.

Comprehensive Policy

A single insurance contract covering the insured against several risks.

Credit Insurance

An insurance contract protecting a supplier or creditor against the risk of non-payment from its clients or debtors.

Damage Insurance

Insurance covering the insured against damage that can occur to their assets. Damage Insurance includes Property and Liability Insurance, which complement Life and Health Insurance.


Terms added to the Terms and Conditions of an insurance contract to adapt it to a specific case, by specifying the risk covered, the duration and effective date of the contract, the amounts insured, the premium, the underwriter, the assured and the beneficiary.

Home Insurance (Homeowners Insurance)

Insurance that covers a dwelling, outbuildings and contents against various risks, additional living expenses, as well as the homeowner’s liability.


Mandatory criteria established by the insurer to determine whether an individual can be covered.


Contract whereby the insurer guarantees the insured, for a premium, that it will bear the financial consequences of a certain set of risks.

Insurance Offer

The document an insurer gives to a prospective client detailing the coverage, the premium amount, and the terms and conditions, as well as any complementary services offered.

Insurance Policy

The document containing all the clauses of an insurance contract as written proof.


Individual or legal entity purchasing an insurance contract.


A company that bears risks as part of an insurance contract.

Joint Liability

Liability shared between two or more people.

Joint Report of Automobile Accident

The form that both drivers of vehicles involved in a traffic accident must fill out if no one is injured.


Involuntary fault caused by carelessness or lack of attention.

Personal Lines Insurance

Insurance for individuals, with the purpose of protecting them against financial risks mainly related to accidents and losses.


Sum payable by the insured in exchange for the commitment by the insurer to bear a risk.

Replacement Value

Value equivalent to the cost of rebuilding or replacing an object, regardless of the depreciation due to wear and tear.

Travel Insurance

Insurance indemnifying in the event of theft, illness or death while traveling.


Insufficient amount of coverage compared to the actual value of the insured item, generally triggering the application of the co-insurance clause in the event of a claim.

Void ab initio

Ab initio is a Latin term meaning “from the beginning”. As a legal term, it refers to something being the case from the start or from the instant of the act. A contract which is declared “void ab initio” is treated as invalid from the outset.