Accident = unforeseen, unplanned and unexpected event which is not under the control of the insured and which results in the occurrence of damages and / or injuries.
Actuary = expert analyst (usually a statistician mathematician) in the analysis, evaluation and forecast of the insurance market, the activity of which is focused on establishing the premium rates, tariffs, market strategies, marketing of insurance, as well as of financial and investment policies.
Accident insurance = provides financial protection to the insured persons from the consequences of unforeseen accidents affecting their life, bodily integrity or work capacity.
Agricultural year = sowing/planting period until harvesting.

Anniversary = date on which a full number of years since the date of concluding the insurance contract is celebrated.  
Annuitant = life annuitant under a life contract.
Annuity =   annuity paid to the insurer on a periodical basis or received by the insured (with regard to life insurance).
Arrears = financial obligations remaining unpaid, after they reached maturity. Outstanding debts.

“All risk” insurance = a coverage that is not limited only to expressly indicated insured events (as is the case of a “named perils” policy), compensating any type of losses – material damage and mechanical breakdown occurring due to any cause, except for those expressly indicated as excluded.

Business Interruption insurance = covers the loss of gross profit further to a reduced turnover resulting from a damage of the insured property. The Business Interruption indemnity enables the company to pay its due expenses, including salaries, and recover its net profit throughout the indemnity period, period which is necessary to resume the normal commercial activity.
Bancassurance = the activity of mediating insurance products that are complementary to the products of credit institutions and non-banking financial institutions, carried out through the network of such institutions as provided by Law;
Beneficiary = party appointed under an insurance contract to receive any benefit payment, if the insured event occurs; person entitled to collect the indemnity or insured amount further to the occurrence of the insured event. The third party becoming the beneficiary of the insurance is expressly indicated under the insurance contract.
Bodily injury = violent damage of the body that occurs further to an accident.

Brokerage mandate = contract between an insured or a potential insured as the principal and the insurance and/or reinsurance broker, as the mandatary, whereby is entrusted to the mandate of negotiation or conclusion of insurance or reinsurance contracts, providing support before and throughout the period of insurance contracts or in regard to the claims settlement, as the case may be;

Contractual coverage = commercial insurance for legal expenses, covering the costs and expenses incurred throughout the monitoring or defense of contractual litigations.  
Car insurance = insurance of motor vehicles and of the liabilities for prejudices resulting from the use of vehicles. Complex policies cover damages / losses to the vehicle insured, the liability towards third parties and other sections, according to the type of vehicle.
Cargo = Insurance of goods and/or merchandise that is/are the subject matter of sea, land or air transportation.
Casco = Name generically used in reference to facultative insurance of means of transportation (aircrafts, ships, vehicles), engines and the equipment thereof.
Catastrophe = an event or a series of events inflicting substantial damages within a short period of time.
Co-insurance = operation whereby two or more insurers underwrite to the same risk, each assuming a share thereof.
"CMR" Convention = is the "Agreement regarding the contract for international cargo transportation on roads" to which Romania is a party.
Collected gross premiums = total collected premiums, inclusively reinsurance premiums collected within the reference period, before deducting any amounts from them.
Collected net premiums = collected gross premiums out of which are deducted the amounts paid as reinsurance premiums.
Damage = material or financial prejudice suffered by the insured as the result of the occurrence of an insured event.
Deductible = part of the damage, established as a flat amount or percentage from the insured amount, on the account of the insured for each and every event. The deductible is established and stipulated in the policy, in the same currency as the insured amount. 
Daily indemnity – The amount which the insured is entitled to receive for each temporary disablement day, according to the insurance terms.
Damage = value of the loss suffered by the insured.
Due date = term used for the date on which the payment of the premium rate is due.
Endorsement = clause or memorandum added to a policy, which provides an amendment of the policy terms.
Earthquake = sudden seismic, horizontal, vertical or torsion movement of the terrestrial crust due to a physical imbalance caused inside this, being of volcanic, tectonic or crash origin.
Exclusion = policy provision eliminating the coverage for goods, persons, hazards, specified damage forms or particular circumstances. The excluded risks may be uninsurable or may be considered as particular.
Explosion = the sudden issuance of energy caused by the tendency of gases or vapors to dilate. The explosion of a tank (boiler, pipeline and so on) may be deemed as such only if its walls are cracked to such an extent that a sudden balancing of the pressure inside and from outside the tank occurs, or the sudden, accidental, uncontrolled and continuous evacuation of fluids and substances at the level of the earth surface or water bottom occurs followed by the continuous and uncontrolled leakage and due to the underground pressure.
EXW (ex-works) = delivery term which indicates the fact that the price for the goods under a sales contract is their cost at the factory gate. The buyer assumes the liability for the goods from that point on and pays all transportation costs, including insurance. The trade contract usually specifies whether packaging is included.
Force majeure = the situation invoked by either party, proven with documents issued by the relevant public authorities, which is unforeseeable, insurmountable and beyond the will of the parties, exempting them of liability.
Franchise = specific value that, when exceeded, transfers liability for the entire loss / expense to.the insurer.
Flood = the covering of a part of land with a big water quantity.
Global vehicle insurance = this form of insurance is designed for legal entities holding specialized in international cargo transportation or passenger transportation. It includes in a single contract the following types of insurance: CASCO, GREEN CARD, Transporter’s Liability and, for passenger transportation, Transported Persons + Luggage Insurance.
Green card = document proving the motor liability insurance coverage when a vehicle is used outside the borders of the registration country.
Grace period = a number of days for which the insurance coverage continues after the due date recorded under the contract in regard to the payment of the insurance premium, in view of extending the payment term of the insurance premium and valid continuity of the insurance period.
Gross written premiums = collected premiums and such to be collected, inclusively collected reinsurance premiums and such to be collected, related to all insurance contracts and reinsurance contracts that become effective in the financial year, before deducting any amounts from them.
Insurance activity = activity performed in or from Romania, which mainly consists in the offering, mediation, negotiation, conclusion of insurance and reinsurance contracts, the collection of premiums, claims settlement, the recourse and recovery activity, as well as the investment or turning to account of own funds and of funds attracted by the carried out activity;
Insurance agent – individual or legal entity authorized by virtue of an insurer, licensed to negotiate or conclude insurance contracts, on behalf and on the account of the insurer, according to the terms provided in the its mandate contract without having the capacity of an insurer or of an insurance broker; his remuneration shall be performed by salary or sales commission.
Insurance = operation whereby an insurer sets up on the principle of mutuality an insurance fund by the contribution of a number of insured persons, exposed to the occurrence of certain risks and indemnifies those suffering a prejudice on behalf of the fund made up of the collected premiums, as well as on behalf of the other income resulting further to the carried out activity;  
Insurer = legal entity licensed under the terms of the law to perform insurance and / or reinsurance activities

Insured = person having an insurance contract concluded with the insurer.
Illness = State of health of an insured person that needs a diagnosis and/or treatment according to the opinion of a licensed physician.
Insurance broker = legal entity licensed under the Law to negotiate for its Clients, individuals or juridical persons, insured or potential insured, the conclusion of insurance or reinsurance contracts, providing support before and throughout the period of insurance contracts or in regard to claims settlement, as the case may be;     
Indemnity = amount paid by the insurer, as the case may be, to the insured or beneficiary of the insurance, for the damages occurring as a result of an insured risk.
Insured event = insured risk defined in the contractual terms from the occurrence of which resulted damages to the insured interest; the manifestation of an imprudence or negligence act, committed by the insured or his assigns throughout the insured period, which causes prejudices to a third party.
Insured period = period throughout which the insurer, in exchange of collecting the insurance premium, takes over the liability for the insured risks and it represents the time interval between 0:00 o’clock of the day on which the insurance contract is effective and 24:00 o’clock of the last day of the period for which the insurance policy and the insurance premium was paid.
Insurance policy = document issued by the insurer whereby are established the terms (liability limit/policy, insurance period, insurance premium, deductible etc.) in which the insurance of a specified risk is concluded. The insurance policy usually includes: the policy form, the insurance terms, the risk inspection as well as other appendixes or supplements that are agreed between the insured and insurer as being part of the insurance contract.
Insurance portfolio = totality or part of the insurance contracts concluded by an insurer.
Insurance premium = amount of money that has to be paid by the insured according to the premium schedule in exchange of the taking-over by the insurance company of the insured risks.
Insured risk = event stipulated in the insurance terms as possible to occur.
Insured amount = the amount specified in the insurance policy, which is received by the insured or beneficiary in case the insured event occurs.
Landslide = smooth movement of the land without facing any resistance further to tectonic movements or natural erosion.
Life insurance = policy whereby is paid an amount specified on the death of the insured or on his/her’s survival over a certain term, according to the policy type.
Luggage insurance = coverage for belongings and luggage generally insured under travel insurance policies.
Leasing = operation by which a party called lessor transfers, for a limited period, the usage right upon an owned asset to the other party, called lessee, on the request of the latter, against a periodic payment, called leasing installment, and at the end of the leasing period, the lessor undertakes to observe the option right of lessee to purchase the asset, renew the leasing contract for a new asset or terminate the contractual relations.
Liability limit = maximum amount which the insurer may pay to the Insured if an insured risk occurs, the maximum limit up to which the insurer is liable in case the insured event occurs during the insurance period.
Liability limit per event = The total value of the Insurer’s liability on the occurrence of one single event
Life annuity = amount which the Insurer undertakes to pay on a periodic basis to the insured, at the end of the insurance period, or to the beneficiary in case the insured dies within the insurance period, according to the insurance plan established in the insurance application of private pension.
Lessee = legal entity or individual to whom it is transferred by the lessor the right to use the assets that are the subject matter of a leasing contract.
Motor vehicle = vehicle used for inland transportation, except from that circulating on rails, equipped with a propulsion engine, travelling on the road by own means and which is subject to registration according to the law.
Medical expenses = expenses incurred for the treatment of an accident or sickness for which are necessary medical examination, hospitalization, ambulatory treatment, medicine and bandages prescribed by the physician, radiotherapy, thermal therapy or phototherapy, radiographic diagnostic, surgery etc.
MTPL policy (RCA) = is a mandatory insurance policy concluded by individuals and legal entities, owners of motor vehicles registered in Romania.
Mutual insurance company = legal entity of which the associates are concurrently insured and insurers.
No Claims Bonus = reward for low claims ratio or no damages claimed under a policy.
Net written premiums = gross written premiums out of which are deducted the paid amounts and such to be paid as reinsurance premiums.
New replacement value = trading value of new asset on the date of concluding the insurance (established according to the invoices, catalogues or price lists remitted by the producers).
Occupational disease = medical condition occurring further to the performing of a handicraft or profession caused by physical, chemical or biological harmful factors characteristic to the working place, as well as the overstressing of varied organs or systems of the body in the working process.
Pre-existing medical conditions – Any illness or injury that: - was diagnosed by a physician or needed medical treatment (inclusively the prescription of medicine) before the effective date of the insurance contract; - manifested itself by symptoms or signs – recorded by a legal medical authority or proven with witnesses – before the effective date of the insurance contract, for which a normal and prudent person would have resorted to a medical consultation or treatment.
Premium rate = a percentage which is applied to the insured amount or limit of indemnity to determine the value of the insurance premium. The rate varies according to the risk evaluation and the level of coverage.
Prejudice amount = represents the amount which the insured is obliged by Law to compensate for material damage, bodily injury and / or moral damage for which the insured is liable.
Partial damage (motor vehicles) = damage of the insured motor vehicle, so that the remake thereof to the condition before the occurrence of the insured risk may be performed by repair, reconditioning or replacement of a component part;
Professional liability = the obligation of the insured to repair the prejudice caused to its clients due to its fault by committing acts of imprudence or negligence while performing of its professional activity.
Risk inspection = the check-up of the general condition and the documents of insured assets.
Reinsurance = transfer of a part of the risk or of the entire risk portfolio assumed by an insurance company to another insurance company, called reinsurer.
Residual value = the purchase price of a new identical asset (excluding any price discounts, but including costs for packaging, transportation, assembling, installation and start-up, as well as the taxes, commissions and the related customs duties) out of which is deducted the tear and wear according to the age, usage, maintenance condition and normal lifespan of the insured asset.
Sub-contractor = the company which is under contract with the insured to fulfill certain obligations stipulated in the contracts with the clients of the insured.
Third-party liability insurance = insurance which provides indemnity for the amounts which the insured is obliged to pay to compensate the loss suffered by third parties or employees as a result of breach of legal obligations by the insured.
Total damage (motor vehicles) = the theft of the insured motor vehicle or the deterioration thereof to such an extent that the cost of repairs to which transportation costs may be added, as well as such for measures to limit the damages estimated based on a pre-computation estimation is equal to or exceeds the real value of the motor vehicle, on the date when the insured risk occurs;
Theft by robbery deeds = theft committed by one person or group of persons that: use(s) violence against the insured, forcing the insured to abandon the insured property; by threat with bodily injury or death, committed in the building or place where the insured property is located, determines the insured to abandon the insured property; due to action by threat and/or injury, cancels the resistance force of the insured in order to take over the insured property.
Theft by forcible entry = theft after which traces remain that the perpetrators committed such by entering into the locked room by breaking walls, doors, links or locking devices (locks, keys, padlocks, bolts etc).

Temporary disablement
= total temporary incapacity of the Insured to perform usual activities, caused by an accident or sickness.
Under-insurance = situation, further to the occurrence of an insured event, by which is assessed that the insured amount is smaller than the new replacement value of the insured asset.
Vignette = detachable part of the MTPL (RCA) policy applied on sight on the motor vehicle, certifying the existence of a RCA insurance policy for the concerned motor vehicle;
Waiting period – Time period computed in the number of days or weeks and provided in the policy, for which no indemnities are paid.
Work disablement = temporary or permanent interruption of the employee’s activity as the result of the occurrence of an event (accident or sickness).
Wear and tear = depreciation of the qualities of an asset, established according to age, use and the maintenance condition thereof.