Alejandra Cano, Seguros SURA advisor

Insurance glossary to decide with more clarity

Understand the terms that usually appear in quotes and policies so you can ask better questions and review conditions before buying.

Your protection priorities

Document that contains the conditions, coverage, exclusions, limits and obligations of the insurance contract.

Amount paid for the contracted protection, according to the product, risk and selected conditions.

Amount or percentage that may be assumed by the insured in certain events, according to policy conditions.

Protection described in the policy for specific events, subject to limits, exclusions and requirements.

Situation, event or condition that is not covered by the policy.

Reference amount of protection or maximum limit, depending on the product and policy conditions.

Person designated to receive a benefit when the policy conditions are met.

Person or company that contracts the insurance and assumes obligations such as payment.

Person or asset covered by the policy, according to the contracted product.

Event reported to the insurer for analysis according to policy conditions.

Time that may need to pass before certain coverage can be used.

Protection related to damages caused to third parties, subject to policy conditions.

Why review insurance terms before quoting?+

Because terms such as deductible, exclusion and insured value affect real protection, cost and claim expectations.

Does the glossary replace policy conditions?+

No. It is educational and does not replace the general or particular conditions of any product.

Start with a guided review of your need, urgency and context so the quote request is more useful for you.