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The dictionary of terms of insurance
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Insurant

1. A physical person or a legal entity with an insurable interest when such person or entity enters civil law relations with an insurer by law or a bilateral deal (contract); 2. Owner (holder) of an insurance policy.

Insured amount

A sum adequate in size to the insurable interest and insurable risk which is the amount of insurance of property, civil liability, life or health of the insurant. In international insurance practice, insured amount is referred to as insurance coverage.

Insured event

An actualized risk which entails the insurer’s liability to make a payment of insurance indemnity from the insurance fund. The payment is usually preceded by a detailed investigation of the facts and circumstances of the insured event from the standpoint of its credibility and to eliminate intended action or inaction (actual malice) on the part of the insurant as may have resulted in destructive of harmful consequences.

Insurer

A legal entity which provides insurance and in charge of creation and expenditure of the insurance fund. By the form of their organization, insurers can be joint-stock companies, benefit societies and state-funded insurance companies. In market economy, joint-stock insurers are the major type of insurance companies.

Insured value

Actual value of the insured object.

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