Dictionary of Insurance Terms

NOTE: The terms defined in this glossary are specifically applicable to the insurance sector.

• Actuary – a specialist who determines the principles of calculating insurance premiums through economic-mathematical calculations and also calculates insurance reserves.
• Annuity insurance – a type of insurance that provides periodic insurance payments in the form of a pension or annuity in the event that the insured reaches a certain age, loses work capacity due to age, disability, or illness, loses a breadwinner, becomes unemployed, or faces other circumstances leading to a reduction or loss of personal income.
• Motor vehicle insurance – a type of insurance that provides insurance payments in case of damage, destruction, theft, or hijacking of a vehicle, resulting in harm to the property interests of the insured.
• Motor vehicle owners' liability insurance – a type of insurance that provides insurance payments in case of damage caused to third parties while using the insured motor vehicle by the insured or a person entrusted with its use, in relation to the obligation to compensate for the damage to their property interests.
•