Glossary

A sudden, fortuitous and unforeseen occurrence capable of triggering the guarantees and cover of the insurance contract.

The accrual of monetary value.

Financial costs inherent in the formation of contracts.

The exact actual chronological age of a person at any given moment in time.

Any action, valuation, statistical calculation, or operational financial process performed by an actuary.

The age, in whole years, nearest to the birthday (past or future) of the Insured Person.

A certified professional responsible for applying mathematical, statistical, and financial models to assess risk probabilities, estimate Technical Provisions, and calculate premium rates.

An extra premium amount added to the base rate to account for a higher-than-average risk factor, such as high-risk occupations, medical conditions, or extreme sports.

Any official amendment, correction, or updating of personal data, coverage options, or values within an active insurance contract.

Evaluation of given data (relating to risk, claim, etc.).

Method used to periodically adapt the sum assured based on a pre-agreed factor. It generally aims to keep values updated in line with monetary erosion and inflation.