Every term explained in a single clear sentence – if you need a deeper explanation, the linked articles take you further. The list runs alphabetically; use the magnifying-glass button in the header to search for any term across the whole site.
In brief:
- The quick version, with 15 terms: the basics in minutes.
- For international correspondence: the HU–EN–DE mini-dictionary.
A–F
- Underinsurance: the sum insured is lower than the property's real value – the consequence is the average (pro-rata) rule: details.
- Average (pro-rata) rule: in the case of underinsurance, the insurer may settle the loss in proportion to the ratio between the sum insured and the real value.
- Depreciation: the value-reducing effect of wear and tear; deducted when settling on an actual-cash-value basis.
- Burglary: theft committed by forcible entry into a locked space – the marks of forced entry serve as evidence: article.
- Sum insured: the upper limit set for each asset group – the ceiling on the payout.
- Insured: the party whose property the cover protects: roles.
- Tenant improvement: improvements built into a leased property by the tenant – an item that must be listed separately: article.
- Electronic equipment insurance: all-risks cover for electronic equipment: article.
- Assignment: transferring the right to a claim payout – for financed equipment, to the benefit of the financing party: article.
- Cover: the range of risks the insurance extends to.
G–K
- Machinery breakdown insurance: cover for the sudden, internal breakdown of machinery: article.
- Indexation: the annual adjustment of sums at renewal to reflect price changes: article.
- Claim notification: reporting the loss to the insurer – primarily via the insurer's claims line or online portal: how it works.
- Loss mitigation: reasonably preventing a loss from spreading further – a contractual duty.
- Loss adjustment (inspection): the insurer's expert's on-site or remote assessment: article.
- Stock: raw materials, work in progress and finished goods, merchandise – with its own rules: article.
- Exclusion: what the cover does not extend to: exclusions map.
- Place of risk: the address where the cover applies: article.
- Inception of cover: the date from which the insurer bears the risk: article.
- Duty of disclosure: truthfully stating material circumstances at binding and whenever they change: article.
L–Ö
- Limit (sub-limit): a separate upper limit set for specific property or losses (e.g. cash, outdoor storage).
- Financing endorsement (loss-payee clause): a policy addition setting out the financing party's rights: article.
- MNB: the National Bank of Hungary – supervisor of the insurance market and intermediaries.
- Deductible: the part of a loss borne by the company: deductible logic.
P–Ü
- Replacement value: the amount needed today to replace the property with the same technical specification.
- Robbery: theft committed using force against a person – an event named separately from burglary.
- Policyholder: the party who takes out the contract and pays the premium: roles.
- Off-premises cover: protection for the company's equipment away from the premises, subject to a limit: article.
- Overinsurance: a sum above the real value – it does not increase the payout: article.
- Reinstatement value (new value): the cost of buying or building the same thing new today: article.
- Glass breakage insurance: cover for breakage of the building's glazing: article.
- Business interruption insurance: cover, following insured property damage, for certain costs of the resulting stoppage – typically fixed costs and a limited, time-capped wage burden; it does not replace lost profit: myth-buster.
- Asset group: the main categories of insured property: buildings, machinery and equipment, stock: article.
- Waiting period: for certain types of cover, protection only takes effect a set time after binding cover: article.
- Water damage from pipes: loss from water escaping due to broken pipes or fittings: article.
- Loss payee: a party holding a lien or charge over the property (e.g. a lending bank).
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This article is for information purposes only and contains general information; it does not constitute an offer or insurance advice. The precise content of insurance contracts is determined by the insurers' policy terms in force at any given time.
