Glossary

OCCUPATIONAL DISABILITY
The permanent impairment of the ability to work due to illness, physical injury or loss of strength.

OCCUPATIONAL DISABILITY INSURANCE
By taking out occupational disability insurance, you protect yourself against the financial consequences of occupational disability. In the event of an insured event, an annuity is generally paid in the agreed amount from a minimum of 50 percent occupational disability without further premium payments.

COVERAGE SUM
In private liability insurance, the coverage amount is the fixed maximum limit up to which insurers will cover the costs of settling claims.

DAMAGED
In the language of insurance companies, injured parties are persons who causally suffer damage caused by other persons. The latter, in turn, must pay for the settlement of the claim themselves or through their personal liability insurance.

COMMERCIAL LIABILITY
Damage that occurs in a commercial environment can often be particularly expensive for the party causing the damage if third parties claim damages. Commercial liability protects business owners against liability with their private assets.

LIABILITY
Liability is the term used when a party is required by law to pay for damages claimed by third parties following a loss. Private liability insurance assumes liability for insured parties within the scope of the insurance contract.

PERSONAL INJURY
If damage occurs after an accident or other incident, the consequential costs are particularly high in the case of personal injury. As a generic term, they define injuries, health impairments or deaths that befall injured parties.

PROPERTY DAMAGE
Property damage is damage to property and objects that results in partial or complete damage to the substance or even destruction. Not all property damage is covered by liability insurance.

DAMAGE
Damage that is settled by private liability insurance can be of different nature. Thus, in addition to personal injury, there is also property damage and damage to property. Overlapping categorization is possible.

KEY DAMAGE
Key damage refers to damage caused by the loss of privately provided keys or keys belonging to third parties. These can be insured under a personal liability policy.

COMPENSATION FOR PAIN AND SUFFERING
The term compensation for pain and suffering refers to the payments to which an injured party is entitled after an insured event from the insurance company of the party causing the damage.

DEDUCTIBLE
The deductible is the personal contribution that insured persons may have to pay to cover costs after an insurance claim. Insureds can achieve a reduction in premiums by paying this deductible.

PROPERTY DAMAGE
Property losses are losses that do not fall into the categories of property damage or bodily injury. However, they may be the consequence of other damages.

SUM INSURED
After accidents and other common damages, the costs for polluters can be dramatically high.