Insured/Insured Person
Any individual or company in the interest of whom the policy is issued or the individual whose life / physical integrity is insured.

INSURANCE
It is a set of operations carried out by any Company authorised to carry out such operations (Insurers) with a view to issuing Insurance Policies and being bound to fulfil all the obligations arising under such Insurance policies.

INSURANCE CONTRACT
A set of clauses that sets out and regulates any issues that is specific to each contract.

Insured Sum
The maximum amount that the Insurer pays should any claim arise, even if the loss exceeds this amount. Usually, this amount is specified in the policy's specific conditions.

INSURANCE SALESPERSON
An intermediary who carries on his/her business of proposing and preparing contracts and supporting the making of such contracts. The insurance salesperson should only carry out his/her business with the Insurer, or by way of the insurance broker, in which he/she works as an insurance worker, except where such insurer is working in the sector or sectors which such insurance workers are not allowed to pursue.

INSURANCE AGENT
An intermediary carrying on his/her business for one or more insurers.

INDEMNITY
An amount paid by the Insurer in case of a claim.

INTERMEDIARY
A person or entity carrying on business as an agent.

INDEMNITY PERIOD
The period that starts on the claim date and ends on the date when normal conditions of operation of the insured activity are reinstated or restored.