INSURED PARTY. An individual with usual place of residence in any European country or country bordering the Mediterranean, listed in the Specific Terms and Conditions, who contracts a flight with VUELING and subscribes the travel assistance insurance herein associated with the aforementioned flight, prior to the commencement of the date of travel and whose details are notified to EUROP ASSISTANCE.
INSURED PARTY. A physical person with usual place of residence in any European country or country bordering the Mediterranean, indicated in the Specific Terms and Conditions, who purchases a flight with VUELING and is notified
INSURED PARTY. The natural person outlined in the Particular Conditions who, in default of the Policyholder, assumes the obligations derived from the contract.
INSURED PARTY. Also referred to as sponsor, the insured party undertakes to make (periodic) payments – ‘insurance premiums’ – to the issuer of insur- ance linked securities. In return, the insured party receives insurance cover for a specific insured event. Insurance linked securities are securities, whose yield or redemption is dependent on the probability of occurrence or the actual occurrence of one or several insured events (e.g. natural catastrophes, explosion and fire catastrophes, aviation catastrophes or similar, unusual in- sured events). Please note that if an insured event, which has been predefined in detail by contract, occurs, this may result in a total loss of individual investments. ILS are characterised by a significant intra-asset class independence, as the risks from different insurance classes (natural hazards, space, satellites, mortality, fire & explosion, etc.) do not correlate to one an- other and the individual risk classes of an insurance class (earth- quake, winter storm, hurricane, etc.) are independent from one an- other. Cat bonds are typically structured so as to be issued by a special pur- pose vehicle (SPV). The graphical representation below illustrates the monetary flows be- tween the insured party, the special purpose vehicle as the issuer of the insurance linked security and the investor, the Plenum CAT Bond Fund: Upon issue, investors pay the par value of the ILS (actuarial reserve) issued by the SPV, to the special purpose vehicle. The nominal capi- tal is held by the special purpose vehicle in the form of gilt-edged in- vestments, which collateralise the obligations of the special purpose vehicle as securities. Within the scope of an insurance contract, the insured party periodically pays an insurance premium to the special purpose vehicle. The investors (here the Fund) receive a periodic dis- tribution (coupon), which corresponds approximately to the insurance premium plus the interest earned from the securities. If during the term of an ILS no relevant insured event has occurred, the bearers of the ILS are paid back the par value upon maturity of the ILS. If a qual- ifying insured event occurs, the special purpose vehicle must pay the contractually agreed cover to the insured party; the return of capital on the ILS at maturity decreases accordingly. Typical probabilities of default of individual ILS, evaluated by means of risk models, are between 0.5% and 5%, i.e. statistically defaults are anticipated between once every 200 year...
INSURED PARTY. The individual listed in the Specific Policy Schedule who, in the absence of the Policyholder, assumes the obligations arising from the contract.
INSURED PARTY. Natural person who, having reserved the rental of a holiday home through any of the Agencies listed on theTAIS platform of ATTIS L’HOTELLERIE CORREDURÍA DE SEGUROS, S.L. (hereinafter “ATTIS”), stipulates this optional insurance and is notified to EUROP ASSISTANCE.
INSURED PARTY. The Private Party (the Private Party shall ensure the Construction Subcontractor and the Operations Subcontractor shall purchase equivalent cover).
INSURED PARTY. The individual person, who is a client of GLOBAL EXCHANGE, changes currency at one of the establishments thereof in order to undertake a journey away from the usual place of residence and who is notified to EUROP ASSISTANCE.
INSURED PARTY. The natural person outlined in the Particular Conditions who, in default of the Policyholder, assumes the obligations derived from the contract. Definition of Relatives The Insured Party’s family, their spouse or person who lives with them, their ascendants and descendants in the first degree - parents, children, grandparents, grandchildren - brothers, sisters, uncle, aunt, nephew, xxxxx, brothers-in-law, sisters-in-law, sons-in-law, daughters- in-law or in-laws of both are considered covered. Policy The contractual document that contains the Regulatory Insurance Conditions. They are an integral part of the General Conditions, the Particular Conditions that individualise each risk, and any appendixes or annexes that are attached to complete or modify them. Premium The price of the insurance. The receipt will also contain legally applicable surcharges and taxes. ARAG Cancellation Hotel Reservations 5 Contents General Conditions
INSURED PARTY. The natural person outlined in the Particular Conditions who, in default of the Policyholder, assumes the obligations derived from the contract. Policy The contractual document that contains the Regulatory Insurance Conditions. They are an integral part of the General Conditions, the Particular Conditions that individualise each risk, and any appendixes or annexes that are attached to complete or modify them. Premium The price of the insurance will vary according to the different coverage areas, which will be determined in the Particular Conditions of the policy. The receipt will also contain legally applicable surcharges and taxes. Family members The INSURED PARTY’S spouse, de-facto partner or live-in partner, and relatives up to the third degree - parents, children, grandparents, grandchildren, siblings, uncle and aunts, nephews and nieces and in-laws - are considered the INSURED PARTY’S family. Serious illness Serious illness is defined as an alteration of health, verified by a medical professional, requiring that the patient remain in bed or implying the cessation of any activity, professional or personal, seven days before the planned trip begins. When the disease affects any of the aforementioned persons, other than the INSURED PARTY, the illness is considered serious when it implies, aLer taking out the insurance, hospitalisation or entails risk of imminent death, and this situation is maintained for the seven days prior to the trip. General Conditions Serious accident Serious accident is defined as a bodily injury that derives from a violent, sudden, external and unintentional action, verified by a medicalprofessional, requiring hospitalisation or need for bed-rest; this situation has been maintained for the seven days prior to the trip and ARAG’s medical team confirms that it prevents the Insured Party from travelling on the contracted dates. When the accident affects someone other than the INSURED PARTY, the illness is considered serious when it implies, aLer taking out the insurance, hospitalisation or entails risk of imminent death, and this situation is maintained for the seven days prior to the trip. Contents General Conditions
