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  • Accident
    Accident
    Accidente

    An event that is unforeseen, unexpected, and unintended. **

  • Accidental death benefits
    Prestations en cas de décès accidentel
    Beneficio por muerte accidental
    Benefits paid in case of death resulting from an accident. Since total benefit is usually doubled for accidental deaths it is common to say that a life insurance policy contains a "double indemnity provision". Sometimes, however, the cover is not integrated in the policy and is sold as a separate optional rider instead. +
  • Accounts receivable
    Effets à recevoir
    Cuentas por cobrar
  • Accrual accounting
    Comptabilité d'exercice
    Contabilidad causación
    The accounting methodology that recognises income in the period that it is earned even if such income is received in another period. Similarly, it recognises expenses in the period incurred even if such expenses are paid in another period. ***
  • Accrued liabilities reserve
    Provision pour charges à payer
    Reserva para pasivos causados
  • Acquisition costs
    Coûts d'acquisition
    Costos de adquisición
    Costs incurred by an insurer and its agents in attracting customers. These costs typically include: Sales force salaries and overhead, marketing and advertising, and other costs incurred prior to when a prospect agrees to purchase insurance. **+
  • Active policies
    Polices en cours
    Pólizas Activas
  • Actual renewals
    Reconductions réalisées
    Renovaciones efectivas
  • Actuarial Present Value (APV)
    Valeur actuarielle présente
    Valor Presente Actuarial (VPA)
    In plain language, actuarial present value refers to the estimated current value of a monetary amount which may be payable or receivable in the future. In calculating the current value, the actuary discounts the future amount to the present day by incorporating the time value of money (for example, considering that investments earn interest, dividends, or appreciate in value) and the probabilities and timing of all events that determine whether or not the said amount will actually materialise. ****
  • Actuary
    Actuaire
    Actuario
    A technical expert in insurance and applied mathematics, who applies theories of probability, economics, and finance to the business of insurance and is responsible for the calculation of premiums, reserves, and other valuations. ****
  • Adjustment for reinsurance
    Ajustement pour réassurance
    Ajuste por reaseguro
  • Adjustment for reinsurance to accrued liabilities reserve
    Ajustement pour réassurance à la provision pour charges à payer
    Ajuste por reaseguro en la reserva de pasivos causados del reaseguro
  • Adjustment for reinsurance to claims in course of settlement reserve
    Ajustement pour réassurance de la provision pour sinistres en cours
    Ajuste por reaseguro en la reserva para siniestros en curso de liquidación
  • Adjustment for reinsurance to incurred but not reported claims reserve
    Ajustement pour réassurance de la provision pour sinistres survenus mais non déclarés
    Ajuste de reaseguro en la reserva de siniestros ocurridos pero no reportados
  • Adjustment for reinsurance to unearned premium reserve
    Ajustement pour réassurance de la provision pour primes non acquises
    Ajuste por reaseguro en la reserva de primas no devengadas
  • Administrative expenses
    Frais administratifs
    Gastos de administración
  • Admitted assets
    Actifs admis
    Activos admitidos
    Assets that are admitted by a regulator for purposes of valuing the financial strength of an insurer/microinsurer. Such assets are usually of good quality and can be easily sold in the event of liquidation and / or can be borrowed against.***
  • Advance premium mutual
    Mutuelles à cotisations variables
    Mutua de prima provisional
  • Adverse selection
    Sélection adverse
    Selección adversa
    Adverse selection refers to the tendency of higher risk individuals to seek out more insurance coverage on average in anticipation of a greater probability of experiencing the insured event(s). ****
  • Age requirement
    Limite d'âge
    Requisito de edad
    The age-range within which an individual may qualify for insurance coverage. +
  • Agent
    Agent
    Agente
    An insurance company representative who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer, usually for a commission on the premium payments. **
  • Aggregate excess policy
    Police de couverture des excédents de sinistres
    Política de exceso total
  • Agricultural
    Agricole
    Agrícola
  • Alternate delivery system
    Système de distribution alternatif
    Sistema alternativo de distribución
  • Annual inflation rate (%)
    Taux d'inflation annuel (%)
    Inflación anual (%)
  • Annuities
    Annuités; Rentes annuelles
    Anualidades; Rentas
  • Anti-selection
    Antisélection
    Anti selección
    See adverse selection. *
  • Assessment spiral
    Spirale de l'augmentation des cotisations
    Espiral de evaluación
    An assessment spiral, also called a death spiral, occurs when participation in a programme (risk pool) keeps decreasing as premium costs keep increasing. Those exposed to lowest risk drop out first as the premium they pay is not commensurate with the protection that they get, while the higher risk individuals remain. The assessment spiral is thus a series of assessments followed by premium increases which in turn are followed by even more dropouts of the remaining lowest risk participants. Eventually, the programme collapses. ****
  • Asset and liability management
    Gestion de l'actif et du passif
    Gestión de activos y pasivos
    A process of projecting future liability streams of an insurance programme (i.e. expected benefit payouts, surrenders, and other fund uses such as expenses), and then reshuffling investments of the assets that back up reserve funds in such a way so that future earnings and maturities are timed to coincide with these projected payouts. The process is not perfect but it helps to ensure sufficient liquidity while optimising investment earnings within the constraints of future uses of the funds. +
  • Asset class
    Catégorie d'actifs
    Clase de activos
    A category of assets such as real estate, stocks, bonds, etc. ***
  • Asset-liability matching
    Correspondance actif et passif
    Consistencia entre pasivos y activos
  • Assets
    Actif
    Activos
  • Association group
    Groupe associatif
    Grupo asociativo
    A group formed from members of a trade union or professional association for the purpose of accessing insurance under one group insurance contract. See also group insurance. +
  • Average premium
    Prime moyenne
    Prima promedio
  • Balance sheet
    Bilan
    Balance
  • Balance sheet at period's end
    Bilan de fin d'exercice
    Balance al cierre del ejercicio
  • Basis risk
    Risque de base
    Riesgo de base
    For index-based insurance, it is the risk that some affected insureds will be compensated too little or not at all while others with a only small loss or no loss will be overly compensated. This happens because compensation is not based on the each insured’s actual loss but on an index formula which is a proxy for estimating the average losses of all insureds. ****
  • Beneficiary
    Bénéficiaire
    Beneficiario
    The person or financial instrument (for example, a trust fund), named in the policy as the recipient of insurance money in the event of the occurrence of an insured event. **
  • Benefits
    Prestations
    Beneficios
    The amount payable by the insurer to a claimant or beneficiary upon the occurrence of the insured event. *
  • Broker
    Courtier
    Corredor
    An intermediary between insurers and distribution channels, a broker’s functions can range from those of an agent’s to designing products and pre-processing claims. Unlike an agent, the broker is licensed in some countries to deal with several insurers and is permitted to take on all or a portion of the administration. In a legal sense and from a market perspective, the broker usually seeks to improve value for the party seeking insurance by assuming some of the insurer’s functions and negotiating a better deal from the insurer. +
  • Cancellation
    Résiliation
    Cancelación
    The discontinuance of an insurance policy before its normal expiration date. **
  • Capital adequacy testing
    Test d'adéquation de fonds propres
    Test de adecuación dinámica del capital
    Actuarial method of projecting the future business results of an insurer under various adverse scenarios for the purpose of determining the adequacy of capital which will enable it to meet its obligations under any plausible scenario. ***
  • Capitation
    Capitation
    Capitación
    Method of payment whereby a physician or hospital is paid a fixed amount for each person in a particular plan regardless of the frequency or type of service provided. **
  • Cash premium
    Prime en liquide
    Prima en efectivo
    Premium received during an accounting period, whether or not it is earned during the period. ****
  • Cede
    Céder
    Ceder
    To transfer all or a portion of the insurance risk assumed by an insurance programme to another party such as a licensed insurer or reinsurer. +
  • Ceding company
    Compagnie cédante
    Compañía cedente
    A company that cedes insurance risk to one or more risk-bearing entities such as insurers or reinsurers. +
  • Change in accrued liabilities reserve
    Variation de la provision pour charges à payer
    Variación en reserva para pasivos causados
  • Change in claims in course of settlement reserve
    Variation de la provision pour sinistres en cours de règlement
    Variación en reserva de siniestros en curso de liquidación
  • Change in incurred but not reported claims reserve
    Variation de la provision pour sinistres survenus mais non déclarés
    Variación en reserva de siniestros ocurridos pero no reportado
  • Change in unearned premium reserve
    Variation de la provision pour primes non acquises
    Variación en reserva de primas no devengadas
  • Claim
    Déclaration de sinistre
    Reclamo
    Following a loss due to occurrence of an insured event, a claim is a request for compensation by an insured party or beneficiary. The claim is payable if it is valid per the terms of the insurance contract or per the internal rules and policies of a self-insured programme. +
  • Claim (verb)
    Réclamer
    Reclamar
  • Claimed event
    Sinistre
    Siniestro
  • Claims adjuster
    Expert en sinistres
    Experto del seguro
  • Claims adjustment costs
    Coûts de liquidation des sinistres
    Costos de ajuste de siniestros
    The administrative expenses related to adjudicating and organising payment of benefits to the insured. ***
  • Claims expenses
    Dépense d'indemnisation
    Gastos de reclamaciones
  • Claims in course of settlement (CICS)
    Sinistres en cours de règlement (SCR)
    Siniestros en curso de liquidación
    Claims that have been submitted to the insurer and are still under process of adjudication. ***
  • Claims incidence
    Fréquence de survenance des sinistres
    Frecuencia de siniestros
    For a sample of insureds for a particular period, it is the number of claims or claimants divided by the number of insureds. This is a statistic often used by actuaries as an estimate for the true underlying probability that an insured from the sample will make a claim. ****
  • Claims processing
    Traitement des sinistres
    Procesamiento de reclamo
    The system and procedures that links the occurrence of an insured event with a payout. It is extremely important that microinsurers minimise the time spent in processing claims so that payouts can be made as quickly as possible. *
  • Claims ratio
    Ratio des sinistres survenus
    Índice de siniestralidad
  • Claims rejection ratio
    Ratio de rejet des demandes d'indemnisation
    Índice de rechazo de reclamos
  • Claims settlement and rejections
    Règlement et rejet des demandes d'indemnisation
    Siniestros liquidados y rechazados
  • Claw backs
    Récupération de commission
    Recuperación de la prima
    Commission paid out to an agent and retrieved by the insurer due to policy cancellation of the original commission resultant policy prior to full payment of the policy by the policyholder. **
  • Client
    Client
    Cliente
    Insured participants in a microinsurance scheme which is not owned by the insureds. In this booklet, clients are referred to as insureds, which is a more general term. ****
  • Client education
    Education des clients
    Educación del cliente
    Since the target market may not understand how insurance works and may have some biases against insurance, the delivery of microinsurance may require a training component to teach clients how insurance works and how it might benefit them. *
  • Co-payment
    Co paiement (franchise, ticket modérateur)
    Copago
    The percentage of an incurred cost that is paid by the insured (see also coinsurance and deductible). A co-payment could be either a deductible and/or coinsurance. ****
  • Coinsurance
    Coassurance
    Coaseguro
    In the most general sense, coinsurance refers to the insured retaining a portion of the insured risk. It can take many forms, but usually it means that the insured will have to pay a portion of the incurred expense. ****
  • Commercial insurer
    Assureur commercial
    Aseguradora comercial
    An insurance company engaged in the business of insurance for the purpose of making profits. ***
  • Commission
    Commission
    Comisión
    The part of an insurance premium paid by the insurer to an agent for his or her services in procuring and servicing the insurance contract. *
  • Commission fees received (non-reinsurance)
    Commissions reçues (hors réassurance)
    Comisiones recibidas (no reaseguro)
  • Community based organisation
    Organisation communautaire
    Organización de base comunitaria
  • Complaint system
    Système de réclamations
    Sistema de reclamaciones
    An important fraud prevention strategy, a complaint system is a mechanism to actively solicit customer complaints that bypass primary points of contact such as loans officers or insurance agents. +
  • Comprehensive medical expense insurance
    Assurance santé totale
    Seguro combinado de gastos médicos
    Insurance that provides coverage, in one policy, for basic hospital expense and major medical expense. **
  • Compulsory cover
    Couverture obligatoire
    Cobertura obligatoria
    Insurance that one is required to purchase, either because of government mandate (for example, third party liability auto insurance) or as a condition for accessing another service (for example, credit life insurance that is required when one takes a loan). Compulsory cover can control adverse selection and significantly reduce administrative costs. *
  • Contingency reserve
    Provision pour risques
    Reserva para contingencias
    A reserve to temporarily retain profits or to absorb statistical fluctuations in claims. This is practiced by only some insurers. ***
  • Cost containment
    Limitation des coûts
    Contención de costos
    Reduction of inefficiencies in the provision, consumption, allocation, production or servicing of insurance services. For example, inefficiencies can occur when health services are used inappropriately; when insurance policy servicing could be delivered in a less costly manner; or when using a different combination of resources could reduce costs. **
  • Covariance
    Covariance
    Covarianza
    The tendency for either many households to be affected by a risk at the same time or several risks to consistently occur together (at the same time or under the same circumstances). **
  • Covariant claims
    Sinistres covariants
    Siniestros catastróficos
    Claims that arise from a co-variant risk event. A large number of claims may be made to an insurer from a single occurrence of such an event. ****
  • Covariant risk
    Risques de covariance
    Riesgo moral
    A risk, or combination of risks, that affects a large number of the insured items/people at the same, for example an earthquake, or a major flood. **
  • Covariant risk event
    Cas de risque covariant
    Evento de riesgo moral
    A risk event that affects a large number of persons or assets at the same time. For example, an earthquake affects all within the region where it occurs although the degree of the effect is variable. In contrast, random risk events such as traffic accidents affect only one or a few persons when they occur. ****
  • Coverage
    Couverture
    Cobertura
    The scope of protection provided under a contract of insurance, and any of several risks covered by a policy. *
  • Coverage ratio
    Taux de couverture
    Índice de cobertura
  • Coverage term
    Durée de couverture
    Periodo de cobertura
    The length of time coverage is in effect before it must be renewed. This applies mainly to term products. Some types of insurances need not be renewed; these are generically called permanent insurance. ****
  • Credibility factor
    Facteur de crédibilité
    Factor de credibilidad
    A statistical measure or weight ranging from 0% to 100% which is used to calculate prospective premium rates as a weighted average of past claims experience and wider industry experience or theory. Credibility factors are based on actuarial calculations and should ideally be calculated by actuaries. +
  • Credibility theory
    Théorie de la crédibilité
    Teoría de la credibilidad
    Credibility theory is a branch of actuarial science that deals with determining the extent that past experience may be used to calculate the prospective premium rates for the same or a similar set of insured risks that generated the experience. +
  • Credit
    Crédit
    Crédito
  • Credit life insurance
    Assurance-vie crédit
    Seguro de vida crédito
    Credit life is insurance coverage designed to extinguish the outstanding indebtedness of a borrower that dies while indebted. The purpose is to protect both the borrower’s dependents or estate and the lender. There are many types of variations from this basic theme, such as expansion of coverage to include the life of a borrower’s spouse, higher coverage amounts than the outstanding loan, and insuring other risk events such as borrower disability. Credit life is sold either on an individual or group basis. +
  • Current year profit/loss
    Bénéfices/pertes de l'exercice en cours
    Pérdidas/ganancias del ejercicio en curso
  • Data repository
    Base de données
    Base de datos
    A data warehouse or database designed for accumulating and managing large quantities of data for an extended period or permanently. ****
  • Death risk
    Risque décès
    Riesgo de muerte
    Generally, death risk is the risk that an insured person, or animal in the case of livestock insurance, will die. Lenders also use the term to mean "the chance that a borrower with an outstanding loan will die". +
  • Deductible
    Franchise
    Franquicia
    Also known as excess in some countries, it is the amount that must be deducted from a claim (or from a cumulative claim amount) before the insurer will step in and pay a portion of the remaining amount. +
  • Delegated underwriting
    Souscription par délégation
    Suscripción delegada
    The delegation of the insurance underwriting decision to a lender, on loans made by that lender. "Contract underwriting" is a variant of delegated underwriting. **
  • Direct sales (no intermediary)
    Vente directe (sans intermédiaire)
    Venta directa (sin intermediarios)
  • Disability
    Invalidité
    Incapacidad
    Physical or mental condition that prevents a person from performing one or more occupational duties temporarily (short-term), permanently (long-term), and / or totally (total disability). **
  • Disability benefit
    Prestation d'invalidité
    Indemnización por incapacidad
    A feature added to some life insurance policies providing for waiver of premium, and sometimes payment of monthly or lump sum income, if the policyholder becomes temporarily, totally and / or permanently disabled. **
  • Dismemberment
    Mutilation
    Desmembramiento
    Accidental loss of limb or sight. **
  • Distribution and communication expenses
    Frais de distribution et communication
    Gastos de distribución y comunicación
  • Distribution channel
    Réseau de distribution
    Canal de distribución
    A distribution channel refers to a method of insurance delivery to a target market. **+
  • Distributor
    Distributeur
    Distribuidor
    Institution that handles the sales and servicing of insurance policies, but does not necessarily produce the products themselves, or retain the risk of the insurance policies. **
  • Donated equity
    Donations en captiaux propres
    Donación de capital
  • Donations
    Donations
    Donaciones
  • Dropout rate
    Taux d'abandon
    Índice de abandono
    For a given period or sample, the dropout rate is the ratio of those clients or members that did not renew their coverage (or remain in the programme) to those that are eligible to renew (eligible to remain). The dropout rate is the opposite of the renewal rate and persistency ratio. ****
  • Earned premium
    Primes acquises
    Primas devengadas
    The premium income in a period minus change in unearned premium reserve for the same period. A premium payment is made to purchase insurance cover for a defined period. Accrual accounting principles require that the premium is earned over the duration of that period, and in a pattern that reflects the expected incurred expenses and claims over the period. Thus, at any point during that period, the portion of the premium that has been earned to that point is called the earned premium. ****+
  • Eligibility
    Admissibilité
    Elegibilidad
    The criteria by which one is able to purchase an insurance policy; intended to control adverse selection (for example, there may be age restrictions that prevent people above or below a certain age from accessing insurance). *
  • Endowment
    Assurance à capital différé
    Seguro dotal
    A payment made under an endowment plan if the insured survives to a specified period, or more commonly, survives to the maturity date of the plan. +
  • Equity
    Captiaux propres
    Capital
  • Estate
    Patrimoine
    Patrimonio
    The assets and liabilities of a person left at death. **
  • Estimated target population
    Population cible estimée
    Estimación de población objetivo
  • Excess
    Excédent
    Exceso
    Excess is the term used for a deductible in some countries (see alsodeductible). +
  • Exclusions
    Exclusions
    Exclusiones
    Exclusions are conditions or circumstances under which the insurance programme will not provide benefits. Also known as exceptions. **+
  • Expense ratio
    Ratio des dépenses
    Índice de gastos
    See incurred expense ratio and paid expense ratio.
  • Expenses
    Charges
    Gastos
  • Experience
    Expérience
    Experiencia
    The record of claims made or paid within a specified time period. ***
  • Experience rating
    Tarification empirique
    Tarificación a posteriori
    The process of determining the premium rate for a group risk, wholly or partially on the basis of that group's experience. **
  • Experience refund
    Bonification
    Bonificación
    Amount returned by an insurer to a group policyholder when the financial experience of a particular group (or class to which the group belongs) has been more favourable than anticipated. **
  • Exposure
    Exposition
    Exposición
    See risk exposure.
  • Extraordinary expenses
    Charges exceptionnelles
    Gastos extraordinarios
  • Extraordinary income
    Revenus exceptionnels
    Ingresos extraordinarios
  • Extras
    Extras
    Extras
  • Face value
    Valeur nominale
    Valor asegurado
    Amount to be paid out by an insurance policy if either the insured event occurs (or for endowment policies if the policy matures). *
  • FAQ sheets
    Foire aux questions
    Preguntas más frecuentes
    A list of Frequently Asked Questions used to train field staff how to respond to customer queries; helps to standardise information delivery across branches. *
  • Filter
    Sélectionner
    Selección de riesgo
  • Financial prudence
    Prudence financière
    Prudencia financiera
  • Financial ratios
    Ratios financiers
    Indicadores financieros
  • Fixed term annuity
    Annuité annuelle à terme fixe
    Anualidad con plazo fijo
    A contract that provides a periodic benefit payable for a specified period of time regardless of whether the annuitant (recipient) is alive or deceased. ****
  • Flat schedule
    Montant assurée forfaitaire
    Tarifa fija
    A type of group insurance schedule under which everyone is insured for the same benefits regardless of salary, position, or other circumstances. **
  • For profit
    À but lucratif
    Con fines de lucro
  • Fraud
    Fraude
    Fraude
    Intentional perversion of truth in order to induce another to part with something of value. *
  • Grace period
    Délai de grâce
    Período de gracia
    A specified period after a premium payment is due, in which the insured may make such payment, and during which insurance coverage continues. *+
  • Graph calculator
    Calculateur graphique
    Calculador gráfico
  • Graphs
    Graphiques
    Gráficos
  • Gross claims paid
    Sinistres indemnisés bruts
    Reclamaciones brutos pagados
  • Gross earned premium
    Primes acquises brutes
    Primas brutas devengadas
    Earned premium without any deductions such as commissions and other expenses. Gross earned premium represents the portion of the premium that should have financed all past incurred claims, expenses, and other accrued liabilities from date of coverage for which the premium was paid to the accounting date for which the earned premium is calculated. Mathematically, it is the difference between the premium payment and the unearned premium as of the accounting date for which it is calculated. ****
  • Gross investment income
    Produits bruts des investissements
    Ingresos brutos por inversiones
  • Group
    Groupe
    Grupo
  • Group creditor life insurance
    Assurance-vie crédit collective
    Seguro colectivo de vida crédito
  • Group insurance
    Assurance collective
    Seguro colectivo
    Group insurance is insurance on a group of individuals, which may either self-insure or purchase cover from an insurer. If purchased from an insurer, one master policy is issued on behalf of the group such as an employer on behalf of its employees, an association or co-operative on behalf of its members, or a microfinance institution on behalf of its clients. A key principle for group insurance to succeed is that the group has formed for a purpose other than to access insurance. +
  • Group life insurance
    Assurance-vie collective
    Seguro colectivo de vida
    Group life insurance is life insurance on a group of individuals which either self-insures or purchases cover from an insurer. If purchased from an insurer, it usually requires only minimal underwriting and no medical examination for each individual. The insurer issues one master policy on behalf of the group such as an employer on behalf of its employees, an association or co-operative on behalf of its members, or a microfinance institution on behalf of its clients. A key principle for group life insurance to succeed is that the group has formed for a purpose other than to access life insurance. +
  • Growth ratio
    Ratio de croissance
    Índice de crecimiento
  • Health
    Santé
    Salud
  • Health insurance
    Assurance santé
    Seguro de Salud
    Coverage that provides benefits as a result of sickness or injury. Policies include insurance for losses from accident, medical expense, disability, or accidental death and dismemberment. **
  • Health maintenance organisation (HMO)
    Organisation de médecine préventive et curative (HMO)
    Sociedad de seguro médico
    Organisation that provides a wide range of comprehensive health care services for a specified group for a fixed periodic prepayment. **
  • Home service
    Service à domicile
    Servicio a domicilio
    Form of insurance distribution system in which all aspects of insurance provision (marketing, sales, premium collections, claims verification and distribution) are performed by a roaming agent who visits customers in their homes or place of work. Home service distribution was popular in North American and Western European countries in the early 1900's. **
  • Hospital indemnity insurance
    Assurance des frais hospitalisation
    Renta periódica por hospitalaria
    Health insurance that provides a stipulated daily, weekly, or monthly payment to an insured person during hospital confinement, without regard to the actual confinement expense. **
  • Identification
    Identification
    Identificación
  • Identification Sheet
    Feuille d'identification
    Hoja de identificación
  • In course of settlement claims reserve
    Provision pour sinistres en cours
    Reserva para siniestros en curso de liquidación
  • Income and expenses
    Revenus et charges
    Ingresos e gastos
  • Incurred but not reported claims reserve (IBNR)
    Provision pour sinistres survenus mais non déclarés
    Reserva de siniestros ocurridos pero no reportados
  • Incurred claims
    Sinistres survenus
    Siniestros ocurridos
    Incurred claims are those where the insured event has happened, and for which the insurer may be liable if a claim is made. An insurer is usually not aware of all incurred claims at a particular point in time or for a current accounting period. To estimate incurred claims for a current accounting period, the following estimate is made: benefits paid during the period plus the change in reserves set aside for benefits to be paid after the period. Reserves typically include incurred but not reported claims, claims in course of settlement, and accrued liabilities reserve. ****
  • Incurred claims ratio
    Ratio des sinistres survenus
    Índice de siniestralidad
  • Incurred expense ratio
    Ratio des dépenses engagées
    Índice de gastos incurridos
    The incurred expense ratio is defined as incurred expenses for a given time period, divided by the earned premium, or contributions for mutuals, for the same period. It should not be confused with paid expense ratio which is different. +
  • Incurred expenses
    Dépenses engagées
    Gastos incurridos
    Incurred expenses for a given period are those that should be charged to the period according to accrual accounting principles and methods. For microinsurance programmes, these should include all actual expenses incurred in a period, including amortisation of equipment, depreciation, and commissions, and should not be reduced for subsidies and grants. Incurred expenses may or may not be equal to cash expenses for the same period. ****
  • Independent
    Indépendant(e)
    Independiente
  • Individual
    Individuel
    Individual
  • Individual insurance
    Assurance individuelle
    Seguro individual
    A policy that provides protection to a policyholder and/or his or her family; sometimes called personal insurance as distinct from group and blanket insurance. **
  • Industrial life insurance
    Assurance-vie populaire
    Seguro de vida popular
    One name for life insurance policies sold to middle and low-income customers in small policy amounts with weekly or monthly premium collection at the policy owner's home. **
  • Institutional risk
    Risque institutionnel
    Riesgo institucional
    Institutional risk refers to the risk that party X faces by partnering with institution Y. The risk is that Y will not deliver as per agreement due to internal mismanagement of Y, or because of events affecting Y that are beyond the control of X. +
  • Insurable interest
    Intérêt assurable
    Interés asegurable
    A party is said to have an insurable interest in X (a person, object, or something else) if a loss of X or damage to X would result in an emotional, financial, or other type of significant loss to that party. +
  • Insurable risk
    Risque assurable
    Riesgo asegurable
    The conditions that make a risk insurable are a) the peril insured against must produce a definite loss not under the control of the insured, b) there must be a large number of homogeneous exposures subject to the same perils, c) the loss must be calculable and the cost of insuring it must be economically feasible, d) the peril must be unlikely to affect all insured’s simultaneously, ande) the loss produced by a risk must be definite and have a potential to be financially serious. **
  • Insurance
    Assurance
    Seguro
    A risk management system under which individuals, businesses, and other organisations or entities, in exchange for payment of a sum of money (apremium), offers an opportunity to share the risk of possible financial loss through guaranteed compensation for losses resulting from certain perils under specified conditions. **
  • Insurance agent
    Agent d'assurance
    Agente de seguros
  • Insurance category
    Catégorie d'assurance
    Categoría del seguro
  • Insurance claims and expenses recovered from reinsurers
    Sinistres et dépenses récupérés auprès des réassureurs
    Siniestros y gastos recuperados del reaseguro
  • Insurance liabilities < 3 months
    Engagements des assureurs < à 3 mois
    Obligaciones de seguros < 3 meses
  • Insurance liabilities > 3 months
    Engagements des assureurs > à 3 mois
    Obligaciones de seguros > 3 meses
  • Insured
    Assuré
    Asegurado
    The policyholder - the individual(s), businesses, other organisations or entities protected by an insurance policy in case of a loss or claim. **
  • Insured event
    Evènement assuré
    Evento asegurado
    The trigger event that leads to the submission of a claim (for example, death of the policyholder). *
  • Insurer
    Assureur
    Aseguradora
    The party to the insurance contract who promises to pay losses or benefits. **
  • Investment maturity
    Échéance de placement
    Vencimiento de la inversión
    An investment that has become due for payment to the investor. ***
  • Investments (easily convertible into cash)
    Investissements (facilement convertibles en liquidités)
    Inversiones (fácilmente convertibles en efectivo)
  • Investments (not easily convertible into cash)
    Investissements (difficilement convertibles en liquidités)
    Inversiones (no fácilmente convertibles en efectivo)
  • Lapse
    Déchéance
    Vencimiento
    The termination or discontinuance of an insurance policy due to non-payment of a premium. *
  • Lapsed policy
    Police en déchéance
    Póliza vencida
    A policy terminated for non-payment of premiums. *
  • Law of large numbers
    Loi des grands nombres
    Ley de los grandes números
    Concept that the greater the number of exposures (for example, lives insured), the more closely will actual results approach the results expected from an infinite number of exposures. Thus, the larger the number of people in the insured risk pool, the more stabile the likely results of risk event occurrences. *
  • Liabilities and equity
    Passif et capitaux propres
    Pasivo y capital
  • Life
    Vie
    Vida
  • Life expectancy
    Espérance de vie
    Esperanza de vida
    The average number of years of life remaining for a group of people of a given age according to a particular mortality table. **
  • Life insurance
    Assurance-vie
    Seguro de vida
    Coverage providing for payment of a specified amount on the insured’s death, either to the deceased’s estate or to a designated beneficiary; or in the case of an endowment policy, to the policyholder at a specified date. *
  • Life savings
    Economies d'une vie
    Ahorros de vida
    A life insurance product with the benefit linked to the amount of savings that a person has in an account. Popularised by credit unions as a means to promote savings, premiums on this group policy are paid by the financial institution to an insurer based on a multiple of the total value of savings accounts.*
  • Limited policy
    Police limitée
    Póliza de cobertura limitada
    A contract that covers only certain specified diseases, accidents, or other losses. **
  • Liquidity ratio
    Ratio de liquidité
    Índice de liquidez
  • Loading
    Chargement
    Recargo
    The amount that must be added to the pure premium for expenses, profit, and a margin for contingencies. *
  • Loan insurance
    Assurance emprunteur
    Seguro de crédito
    Insurance coverage that repays the outstanding balance on loans in default beyond a specified period, regardless of the cause of default. Also called credit insurance but not to be confused with outstanding balance life insurance. **
  • Management Information System (MIS)
    Système d'Information et de Gestion(SIG)
    Sistema de Gestión de Información
  • Mandatory
    Obligatoire
    Obligatorio
  • Mandatory insurance
    Assurance obligatoire
    Seguro obligatorio
    See compulsory cover.
  • Market research
    Etude de marché
    Investigación de mercado
    Techniques used to determine a) the strength and characteristics of the demand for insurance, and b) information about insurance and insurance substitutes available in both the formal and informal markets. *
  • Master policy
    Police principale
    Póliza principal
    A policy that is issued to an employer or trustee, establishing a group insurance plan for designated members of an eligible group. **
  • Member
    Membre
    Miembro
    Insured participants in an insurance scheme which is owned by the insureds. ****
  • Membership fees
    Frais d'adhésion des membres
    Cuotas de afiliación
    Some member-owned programmes charge an initial and/or a periodic fee. ***
  • Microfinance institution
    Institution de microfinance
    Institución de microfinanzas
  • Monetary context
    Contexte monétaire
    Contexto monetario
  • Moral hazard
    Risque moral
    Riesgo moral
    Hazard arising from any non-physical, personal characteristic of a risk that increases the possibility of loss or may intensify the severity of loss for instance bad habits or low integrity. An example might include failing to properly care for an insured goat because it is insured, thereby increasing the chance it will die of disease. **
  • Morbidity
    Morbidité
    Morbilidad
    The relative incidence of disease. **
  • Mortality
    Mortalité
    Mortalidad
  • Mortality table
    Table de mortalité
    Tabla de mortalidad
    An actuarial table, based on mortality statistics over a number of years, showing how many members of a group, starting at a certain age, will be alive at each succeeding age. To be appropriate for a specific group, it should be based on the experience of individuals having common characteristics, such as sex or occupation. *
  • Mutual insurer
    Compagnie d'assurance mutuelle
    Aseguradora mutual
    Insurance in which the ownership and control is vested in the policyholders, who elect a management team to conduct day-to-day operations. **
  • Mutual schemes
    Systèmes de mutualité
    Esquema mutualista
    An insurance scheme where the insured persons are also the owners of the scheme. ***
  • Net accrued liabilities reserve
    Provision nette pour charges futures
    Reserva neta de pasivos causados
  • Net earned premium
    Prime acquise nette
    Prima neta devengada
    Earned premium from which the various components such as commissions have been deducted. Net earned premium represents the portion of the premium that should have financed all past incurred claims from date of coverage for which the premium was paid to the accounting date for which the earned premium is calculated. As such, it can be used as a proxy for estimating past incurred claims for that period, but will be inaccurate to the extent that the product was mispriced, due to statistical fluctuations, and others. ****
  • Net fixed assets
    Immobilisations nettes
    Activos fijos netos
  • Net in course of settlement claims reserve
    Provision nette pour sinistres en cours
    Reserva neta para siniestros en curso de liquidación
  • Net income
    Revenu net
    Ingresos netos
    The earned premium in the applicable period plus investment income in the period plus other income in the period minus incurred claims in the period minus incurred expenses in the period. ***
  • Net income (after donations and taxes)
    Revenu net (après donations et impôts)
    Ingresos netos (después de donaciones e impuestos)
  • Net income (before donations and income taxes)
    Revenu net (avant donations et impôts)
    Ingresos netos (antes de donaciones e impuestos)
  • Net income (non-extraordinary)
    Revenu net (non exceptionnel)
    Ingresos netos (no extraordinarios)
  • Net income ratio
    Ratio de revenu net
    Indice de ingreso neto
  • Net income ratio (after donation and taxes)
    Ratio de revenu net (avant donations et impôts)
    Indice de ingreso neto (déspues donaciones e impuestos)
  • Net income ratio (before donations and taxes)
    Ratio de revenu net (après donations et impôts)
    Indice de ingreso neto (antes de donaciones e impuestos)
  • Net income ratio (non-extraordinary)
    Ratio de revenu net (non exceptionnel)
    Indice de ingreso neto (no extraordinario)
  • Net incurred but not reported claims reserve
    Provision nette pour sinistres survenus mais non déclarés
    Reserva neta de siniestros ocurridos pero no reportados
  • Net unearned premium reserve
    Provision nette pour primes non acquises
    Reserva neta para primas no devengadas
  • NGO
    ONG
    ONG
  • No previous year
    Pas d'exercice précédent
    Sin año anterior
  • Non risk carrier (intermediary)
    Opérateur autre qu'entreprise d'assurance (intermédiaire)
    Sin tomador del riesgo (intermediario)
  • Non-admitted assets
    Actifs non-admis
    Activos no admitidos
  • Non-contributory plan
    Régime non contributif
    Plan no contributivo
    Group insurance plan under which the holder of the master policy does not require the insured to share in the cost of the policy. **
  • Non-operating expenses
    Charges hors exploitation
    Gastos no operativos
  • Non-operating income
    Produits hors exploitation
    Ingresos no operativos
  • Non-permanent subsidies
    Subventions non permanentes
    Subsidios no permanentes
    Subsidies that are scheduled to stop at some future period. ***
  • Not for profit
    Sans but lucratif
    Sin fines de lucro
  • Notify loss
    Déclarer sinistre
    Notificar siniestro
  • Number of active policies
    Nombre de polices souscrites
    Número de pólizas activas
  • Number of claim recipients
    Nombre de bénéficiaires qui ont reçu d'indemnisation
    Número de beneficiarios que recibieron indemnización
  • Number of claims rejected
    Nombre de demandes d'indemnisation rejetées
    Número de reclamos rechazados
  • Number of claims reported
    Nombre de sinistres déclarés
    Número de siniestros reportados
  • Number of incurred but not reported claim events
    Nombres de sinistres survenus mais non déclarés
    Número de siniestros ocurridos pero no reportados
  • Number of insured
    Nombre d'assurés
    Número de asegurados
  • Number of microinsurance products offered
    Nombre de produits de micro-assurance offerts
    Número de productos de microseguros ofrecidos
  • Number of policies
    Nombre de polices
    Número de pólizas
  • Number of potential renewals
    Nombre de renouvellements potentiels
    Número de renovaciones potenciales
  • Number of renewed policies
    Nombre de polices renouvelées
    Número de pólizas renovadas
  • Operating expenses
    Charges d'exploitation
    Gastos operativos
  • Operating income
    Produits d'exploitation
    Ingresos operativos
  • Option
    Option
    Opción
    When an insurance company gives the policyholder the right to make some choice in the future that the company guarantees to honour. A common type is the continuation option, whereby policyholders can continue an insurance cover after the original period has concluded. *
  • Other admitted assets
    Autres actifs admis
    Otros activos admitidos
  • Other capital accounts
    Autres comptes de capital
    Otras cuentas de capital
  • Other liabilities
    Autres passifs
    Otros pasivos
  • Other non-admitted assets
    Autres actifs non-admis
    Otros activos no admitidos
  • Other operating expenses
    Autres charges d'exploitation
    Otros gastos operativos
  • Other operating income
    Autres produits d'exploitation
    Otros ingresos operativos
  • Other operating income (non-extraordinary)
    Autres produits d'exploitation (non exceptionnels)
    Otros ingresos operativos (no extraordinarios)
  • Outsourcing
    Externalisation
    Tercerización
    The practice of subcontracting work to outside individuals or firms. Many insurance activities are effectively and efficiently outsourced, such as sales and service, actuarial evaluation, and even some risk (to reinsurance). **
  • Outstanding balance life insurance
    Assurance-vie à soldes en suspens
    Seguro saldo deudor
    Insurance coverage that repays the outstanding balance on loans in default due to death of the borrower. Occasionally, partial or complete disability coverage is also included (see credit life insurance).**
  • Paid-up share capital from shareholders
    Capital social versé par les actionnaires
    Aporte de capital pagado por los accionistas
  • Partial disability
    Invalidité partielle
    Incapacidad parcial
    A disability that prevents a person from performing one or more functions of his or her regular economic activity. **
  • Participation rate
    Taux de participation
    Índice de participación
    An alternative term used for coverage rate or penetration rate. ****
  • Partner-agent model
    Modèle partenaire-agent
    Modelo de socio-agente
    A method used by organisations to deliver insurance. The insurer maintains the risk and contracts with a partner or agent to deliver the product and/or administrative services to the target market. ****
  • Pay-out period
    Durée des versements
    Periodo de pago de renta
    The period during which one receives the income from an annuity contract. **
  • Payment delay
    Retard de paiement
    Retraso en el pago
    Average days from the submission of an insurance claim to payment of that claim.**
  • Penetration rate
    Taux de pénétration
    Índice de penetración
    An alternative term used for coverage rate or participation rate. ****
  • Performance of the organisation
    Performance de l'organisation
    Desempeño de la organización
  • Performance ratios
    Ratios de performance
    Índices de desempeño
    Key figures used to monitor the performance (financial and other types of indicators) of insurance programmes and insurers. *+
  • Period of investigation
    Période d'investigation
    Período de investigación
  • Persistency ratio
    Taux de fidélité
    Índice de persistencia
    The persistency ratio is analogous to the renewal ratio indicator and is defined as the number of insureds from a cohort continuing their coverage at a later date divided by the number of insureds from the same cohort with coverage in period X. ****
  • Personnel expenses
    Frais de personnel
    Gastos de personal
  • Pilot test
    Test pilote
    Prueba piloto
    The implementation of a new product in selected branches for an initial period of time to ensure that the product design and implementation strategy works well before rolling it out to all branches. *
  • Policy
    Police
    Póliza
    The printed or legal document issued to the policyholder by the company stating the terms and conditions of the insurance contract. **
  • Policy term
    Durée de la police
    Vigencia de la póliza
    The period for which an insurance policy provides coverage. **
  • Policy-years
    Années de la police
    Años de la póliza
    The average number of policies during each sub-period of an experience rating investigation multiplied by the length of the sub-period in years (for example, a quarter is ¼ of a year). *
  • Policyholder
    Titulaire du contrat
    Titular de la póliza
    A person or entity that pays a premium to an insurance company in exchange for the coverage provided by an insurance policy. *
  • Portfolio insurance
    Assurance du portefeuille
    Cartera de seguros
    A method for lenders used to manage the mortality risk of borrowers affecting their loans portfolio, it is insurance coverage that reimburses the lender for a portion of a deceased borrower’s outstanding loan balance. +
  • Positive selection
    Sélection positive
    Selección positiva
    The design of an insurance product so that low risk individuals subscribe to it, such as only insuring persons who have been deemed eligible for microenterprise loans since they are presumably healthy enough to run their own businesses. *
  • Potential renewals
    Renouvellements potentiels
    Renovaciones potenciales
  • Pre-existing condition
    Maladies pré-existantes
    Condición preexistente
    A physical and/or mental condition of an insured that first manifested itself prior to insurance coverage. *+
  • Premium
    Prime
    Prima
    One or more payments required to activate insurance coverage and keep it in force. *+
  • Premium income
    Recettes de primes
    Ingreso por primas
    Premium income is any type of premium received from sale of insurance products. This term should be not be used interchangeably with cash premiumsince the latter term literally refers to premium received as cash during an accounting period. ****
  • Premium rate denominator
    Dénominateur du taux de prime
    Denominador de taza de prima
  • Premiums receivable
    Primes à recevoir
    Primas por cobrar
  • Prepaid claims
    Sinistres prépayés
    Siniestros pre pagados
  • Primary insurer
    Assureur direct
    Asegurador principal
    The primary insurer is the institution that directly assumes the insurance risk and retains at least a portion of it. This may be a licensed insurer or some type of institution, such as a community risk fund. +
  • Probability
    Probabilité
    Probabilidad
    Probability is a mathematical quantity representing the likelihood that an event will occur within a specified period of time. +
  • Product awareness and client satisfaction
    Connaissance du produit et satisfaction client
    Conocimiento del producto y satisfacción del cliente
  • Product manufacturing
    Conception du produit
    Desarrollo de producto
    The process of determining the product’s features, such as the insured event, the waiting period, exclusions, the term, the benefit and the price. *
  • Product servicing
    Administration du produit
    Prestación de servicios para productos
    Product servicing refers to all servicing following enrolment such as assistance with filing claims, changing designated beneficiaries, registering complaints, providing information updates, and any other types of interactions or transactions with the insured. +
  • Product value
    Valeur du produit
    Valor del producto
  • Profit and loss statement of the period
    Compte de résultats de la période
    Estado de pérdidas y ganancias del ejercicio
  • Promptness of claims settlement
    Rapidité de règlement des sinistres
    Puntualidad de la liquidación de siniestros
  • Proof of loss
    Preuve du dommage
    Prueba de pérdida
    Documentation presented to the insurance company by the insured in support of a claim so that the insurer can determine its liability under the policy. *
  • Property
    Biens
    Propiedad
  • Property insurance
    Assurance des biens
    Seguro de propiedad
    Insurance providing financial protection against the loss of, or damage to, real and personal property caused by such perils as fire, theft, windstorm, hail, explosion, riot, aircraft, motor vehicles, vandalism, malicious mischief, riot and civil commotion, and smoke. **
  • Protection
    Protection
    Protección
    Ability of an insurance product to provide compensation for losses incurred. Protection can be full or partial. **
  • Provisions
    Provisions
    Provisiones
  • Pure premium
    Prime pure
    Prima pura
    See risk premium.
  • Random fluctuations
    Fluctuations aléatoires
    Fluctuaciones aleatorias
    The occurrence of insured random events do fluctuate naturally so that within a specified period of time the number of claims and amount of claims are naturally lower or higher than statistically calculated expected values. The magnitude of random fluctuations decreases as the number of insured in a programme increases. As well, the smaller the probability of the insured events, the greater the magnitude of fluctuations. Increased magnitude of claims fluctuations for a programme reflects increased uncertainty and thus requires greater premium loadings. +
  • Rate-making
    Tarification
    Tarificación
    The process of estimating the expected costs involved in providing insurance coverage in order to set appropriate premium rates. **
  • Recurring premium
    Prime récurrente
    Prima recurrente
    The payment for insurance that occurs in instalments, such as monthly or quarterly payments, as opposed to single premiums, which are paid at the beginning of the term to cover the whole period. *
  • Regulation
    Réglementation
    Regulación
    Government defined requirements for an insurer, such as minimum capital requirements and necessary expertise; also provides consumer protection through the oversight of insurers, including pricing policies, form design and appropriate sales practices. *
  • Reimbursement
    Remboursement
    Reembolso
    Reimbursement refers to claims payment by an insurance programme after the insured has already paid for the loss with savings or by some other means. This is most commonly observed for health insurance claims which reimburse the insured wholly or partially for expenses incurred while undergoing medical treatment, using receipts and provider billings as a basis. **+
  • Reinsurance
    Réassurance
    Reaseguro
    Reinsurance is essentially insurance protection purchased for insurance programmes. Often, it is not wise for an insurance programme to retain all of the risk it assumes since random fluctuations in claims, covariant events, or natural catastrophes could bankrupt the programme. Some types of reinsurance amount to direct cession of a portion of the primary underwritten risk (also called co-insurance or risk-sharing), while others are additional protection without the reinsurer assuming any portion of the primary risk such as catastrophe insurance. +
  • Reinsurance expenses
    Frais de réassurance
    Gastos de reaseguro
  • Reinsurance liabilities and deposits < 3 months
    Passif et dépôts de réassurance < 3 mois
    Pasivos y depósitos de reaseguro < 3 meses
  • Reinsurance liabilities and deposits > 3 months
    Passif et dépôts de réassurance > 3 mois
    Pasivos de reaseguro y depósitos > 3 meses
  • Reinsurance premium paid
    Prime de réassurance payée
    Primas de reaseguro pagadas
  • Reinsurance receivable
    Réassurance à recevoir
    Primas de reaseguro cobradas
  • Reinsured
    Réassuré
    Reasegurado
  • Renewal of policies
    Renouvellement de polices
    Renovación de pólizas
  • Renewal ratio
    Taux de fidélisation
    Índice de renovaciones
  • Reporting delay
    Délai de déclaration
    Periodo entre ocurrencia de un siniestro y la solicitudes de reclamo
    Average number of days from the occurrence of the insured event to the submission of the completed claim covering that event. **
  • Reserves
    Provisions
    Reservas
  • Retailer
    Détaillant
    Minorista
  • Retained earnings (accumulated losses)
    Bénéfices non distribués (pertes reportées)
    Utilidades retenidas (pérdidas acumuladas)
  • Rider
    Avenant
    Cláusula adicional
    An amendment to an insurance policy that modifies the policy by expanding or restricting its benefits or excluding certain conditions from coverage. **
  • Risk
    Risque
    Riesgo
    A risk is defined as exposure to events that may possibly result in losses. In insurance parlance it is also used to refer to insured persons or assets. +
  • Risk carrier
    Assureur
    Tomador del riesgo
  • Risk classification
    Classification des risques
    Clasificación del riesgo
    The process by which a company decides how its premium rates for insurance should differ according to the risk characteristics of individuals or items insured (for example, by age, occupation, sex, state of health) and then applies the resulting rules to individual applications (see underwriting). **
  • Risk exposure
    Exposition au risque
    Exposición al riesgo
    The possibility of financial loss based on the probability of an event occurring. **
  • Risk management
    Gestion du risque
    Gestión del riesgo
    Systematic process for the identification and evaluation of pure loss exposures faced by an organisation or individual, and for the selection and implementation of the most appropriate techniques for treating such exposures. **
  • Risk pool
    Groupe de risques
    Riesgo compartido
    From an insurer’s perspective, a risk pool is a collection of sold insurance contracts with similar risk characteristics and grouped together as one financial account. It can also be used to describe a fund that has been set up between two or more insurers to co-share risk. At a community level, a risk pool is a fund to which several contribute regularly and seek compensation for certain types of losses- in other words, it is a self-insured programme. ****
  • Risk pooling
    La mise en commun des risques
    La distribución de riesgos
    Spreading of losses incurred by a few over a larger group, so that in the process, each individual group members' losses are limited to the average loss (premium payments) rather than the potentially larger actual loss that might be sustained by an individual. Risk pooling effectively disperses losses incurred by a few over a larger group. **
  • Risk premium
    Prime de risque
    Prima de riesgo
    The portion of the premium that is used to fund claims and is equal to the expected claims. **
  • Risk-based capital
    Capital fixé sur base du risque
    Capital basado en riesgo
    An amount of capital calculated based on the insurance business an insurer has assumed. The amount of capital should theoretically be sufficient to protect the insureds from various classes of risks that could threaten the company. To protect from catastrophic events and other types of covariant risks, the insurer must also buy appropriate reinsurance. ****
  • Risk-managing financial services
    Services financiers de gestion des risques
    Gestión de riesgos de servicios financieros
    Besides insurance, emergency loans and accessible savings accounts can help low-income persons to manage their risks. *
  • Sales distribution method
    Méthode de vente et distribution
    Metodología de distribución y ventas
  • Screening
    Sélection
    Selección
    Also known as underwriting, the process by which insurance applicants are filtered. For example, applicants may be required to sign a "declaration of health" asserting their good health. High-risk individuals may be excluded or charged more. *
  • Self-administration
    Autogestion
    Autoadministración
    Maintenance of all records and assumption of responsibility, by a group policyholder, for those covered under its insurance plan. Responsibilities include preparing the premium statement for each payment date and submitting it with a check to the insurer. The insurance company, in most instances, has the contractual prerogative to audit the policyholder's records. **
  • Service provider
    Prestataire de services
    Proveedor de servicios
    An organisation that provides a service which could be administrative, data processing, claims management or any other function required to deliver insurance. They may be the insurer or another organisation bearing no risk. ***
  • Service quality
    Qualité de service
    Calidad del servicio
  • Settlement
    Règlement
    Liquidación
    Payment of the benefits specified in an insurance policy. **
  • Short description of the policy and coverage
    Résumé de la police et de la couverture
    Breve descripción de la póliza y la cobertura
  • Solvency ratio
    Ratio de solvabilité
    Índice de solvencia
  • Stand-alone risk-bearing microinsurer
    Compagnie de micro-assurance directe indépendante
    Independiente microaseguradora con retención de riegos
    A microinsurer that retains all the insured risk. ***
  • Starting date fiscal year
    Date de début de l'exercice fiscal
    Fecha de inicio del año fiscal
  • Stop-loss policy
    Réassurance en excédent de pertes
    Póliza por exceso de pérdidas
    An agreement from a reinsurer to cover total claims over a certain agreed upon value of an aggregate pool of policies. **
  • Sum assured
    Somme assurée
    Suma asegurada
    See total insured benefit.*
  • Surplus requirements
    Excédents obligatoires
    Requisitos de excedente
  • Surrender payouts
    Valeur de rachat
    Pagos de cancelación
    The amount of money which the policyholder will receive as a refund if the insured cancels the coverage. ***
  • Take up rate
    Taux de souscription
    Índice de suscripción
    With voluntary insurance, the percentage of possible customers who do purchase the coverage. *
  • Taxation on income and profits
    Impôt sur le revenu et les bénéfices
    Impuestos sobre ingresos y beneficios
  • Technical provision
    Provision technique
    Provisión técnica
    Some prefer to use the term technical provision for reserve (see reserve). ****
  • Tender offer
    Offre publique d'achat
    Oferta pública
    A method of objectively analysing prospective insurance partners or consultants whereby the MFI clearly identifies what activities or interventions it requires and then requests qualified candidates to bid on fulfilling those activities. *
  • Term insurance
    Assurance temporaire
    Seguro temporal
    An insurance plan that covers an insured person or asset for only a certain period of time (term). **+
  • Term life
    Assurance-vie temporaire
    Seguro temporal de vida
    Life insurance under which the benefit is payable only if the insured dies during a specified period. No benefit is payable if the insured is alive at the end of that period. ***
  • Term of cover
    Durée de la couverture
    Periodo de cobertura
    The period within which the insured event must occur for a claim to become payable; could be either a fixed term (for example, one year, five years) or whole life. *
  • Third party administrator
    Gestionnaire des contrats d'assurance
    Administrador tercero
    A party outside the original contracting parties of the insured and the insurance companies that handles an administrative function of the insurance transaction. For example, in the case of health insurance, claims processing may be handled by a third party administrator (TPA). ***
  • Time limit
    Limite de temps
    Límite de tiempo
    The period of time during which a notice of claim or proof of loss must be filed. **
  • Total disability
    Invalidité totale
    Incapacidad total
    A disability that prevents a person from performing any and all occupational duties. The exact definition varies among policies. **
  • Total insured benefit
    Capital total assuré
    Beneficio total asegurado
    Also referred to as the total sum assured, this is the sum of all individual benefits. *
  • Total number of claims
    Nombre total de sinistres
    Número total de siniestros
  • Total number of claims processed
    Nombre total de sinistres traités
    Número total de siniestros procesados
  • Total value of in-kind donations
    Valeur totale des donations en nature
    Valor total de donaciones en especie
  • Trend analysis
    Analyse des tendances
    Análisis de tendencias
    A method of evaluating the organisation’s performance over time to see if key indicators such as profitability and claims ratios are improving or worsening; in analysing trends, careful attention should be given to seasonal fluctuations. *
  • Underwriter
    Assureur
    Suscriptor
    a) A company that receives the premiums and accepts responsibility for the fulfilment of the policy contract; b) The company employee who decides whether or not the company should assume a particular risk or c) The agent who sells the policy. **
  • Underwriting
    Souscription; Sélection des risques
    Suscripción
    A process of selecting risks for insurance and determining in what amounts and on what terms an insurance programme will accept the risk. **+
  • Unearned premium
    Prime non acquise
    Prima no devengada
    The portion of a premium that a company has collected but has yet to earn because the policy still has unexpired time to run. **
  • Unearned premium reserve
    Provision pour primes non acquises
    Reserva de primas no devengadas
  • Uninsurable
    Non assurable
    No asegurable
    High-risk persons, items, or activities, which fall outside the parameters of risks of standard underwriting practices. **
  • Unit costing
    Imputation des coûts par unité
    Costo unitario
    A method of allocating income and expenses, including a proportion of overhead costs, to specific products or services to assess their profitability; may also include disaggregating costs for different steps in the product delivery process to identify inefficiencies. *
  • Universal life insurance
    Assurance-vie universelle
    Seguro de vida universal
    Unlike traditional cash-value policies (see also whole life), universal life policy returns were freed from long-term, fixed-rate contracts and replaced with policies whose returns were tied to short-term interest rates and periodically adjusted. The insurer can also change mortality and expense assumptions at any time, unlike in whole life policies where these are fixed throughout. In addition, the policyholder can change the amount of premium payments and change the coverage, and may even have the option of specifying how the built up equity is invested. **+
  • Verification
    Vérification
    Verificación
    The process by which claims are determined as being valid, for example, for life insurance requiring a death certificate and/or attending the funeral of the deceased. Verification needs to balance two objectives: a) to provide proof that the insured event occurred from two independent parties, b) without causing undue hardship for beneficiaries. Also known as claims validation, claims underwriting or adjusting. *
  • Voluntary cover
    Couverture facultative
    Cobertura voluntaria
    Allows consumers to chose the amount, term and type of insurance that they want; contrasted with mandatory or compulsory insurance. *
  • Voluntary or mandatory
    Facultatif ou obligatoire
    Voluntario o obligatorio
  • Waiting period
    Délai de carence
    Periodo de carencia
    The length of time an insured must wait before one’s coverage becomes effective. Designed to control adverse selection for life insurance, for example, a waiting period reduces the risk that someone who knows he/she is about to die will purchase the insurance. For some life insurance plans, however, coverage for accidental death is provided during the waiting period. *+
  • Whole life insurance
    Assurance-vie entière
    Seguro de vida entera
    A plan of insurance for life, with premiums payable for a person's entire life. **
  • Written premium
    Primes souscrites
    Primas suscritas
    When an insurer assumes a term contract, premiums expected to be received over the life of the contract are called gross written premium. After reinsurance premium is deducted from this it is called net written premium. ****
  • Year-to-date
    Année jusqu’au date aujourd'hui
    Año hasta fecha