Liability: in insurance, this is a very important concept. The Civil Code (article 1382) states that "Any act of man which causes damage to another shall oblige the person through whose fault the damage was caused to compensate for it." Liability is determined on the basis of three factors: fault, damage and causal link. A person can only be held liable for a loss when it can be proven that he made a mistake (e.g. not being a good housefather) that led to the loss. Thus, there must be a causal link between the fault and the damage.

Assumed value (aangenomen waarde): the conventionally agreed value of the object to be insured.

Abex index: index of construction costs, established every six months by the Belgian Association of Experts.

Accidental damage (accidentele schade): damage resulting from a sudden, unforeseeable and unintentional event.

Surrender value (afkoopwaarde): the amount that is paid out upon early termination of a life insurance policy. The payment refers to the value built up in the policy minus any costs.

Waiver of recourse (afstand van verhaal): the renunciation of the right to recourse against the person responsible for the damage.

Beneficiary (Begunstigde): this term belongs to the life insurance sector. The beneficiary of such a contract is the person designated to receive the insured amount if the insured risk materialises. A distinction is usually made between life and death. For example, with pension savings you are always the beneficiary during your life. If you die prematurely, the benefits of the contract go to the beneficiary mentioned in the policy appointed by yourself.

Third party (Derde): any party other than the parties to the insurance contract (insurer and insured). The notion of third party mainly plays a role in liability insurance.

Franchise (Franchise): see deductible.

Good housefather (Goede huisvader): this concept applies in liability insurance. In order to determine whether someone has made a mistake, one examines what a "prudent man" would have done in that case. (see also Private Third Party Liability Insurance)

Broker (Makelaar): a broker is an independent insurance advisor. He is not bound to one insurance company, which allows him to search among the different insurance companies for the insurance that best meets the customer's needs.

Policy (Polis): the policy is your insurance contract with the insurance company. It contains the general and special conditions of your contract. Important items in your policy include the inception date, the insured risks and the premium.

Indemnity insurance (schadevergoedende verzekeringen): this is insurance that compensates you for damage according to the terms of your policy, irrespective of fault or guilt. For example, if the roof of your home is damaged by a storm or if a short circuit causes a fire in your home, the fire insurance will compensate the damage.

Branch 21 groups together life insurance policies with a capital guarantee and a guaranteed return.

Branch 23 groups together the life insurances linked to one or more investment funds.

Right of recourse (Verhaalrecht): in some cases, insurers have the right to recover damages from the liable party. E.g. when you have dampness spots due to a water leak in your neighbour's home, your fire insurance will pay for your damage, but afterwards it will "recover" from your neighbour's fire insurance.

Insurer (Verzekeraar): the insurer is the insurance company with whom your insurance is concluded. They insure the risk and reimburse the damage according to the conditions of your contract. Examples include Baloise, AG Insurance, Euromex, Axa Insurance, ...

Insured persons (verzekerden): persons who are covered by the insurance risk. E.g. in the case of a Civil Liability motor insurance, the policyholder as well as his or her partner and cohabiting children belong to the insured persons.

Policyholder (verzekeringsnemer): the person who concludes the contract with the insurer.

Deductible (Vrijstelling): almost all insurance policies include a deductible. That is the amount you have to pay yourself in case of a claim. The deductible in fire insurance is approximately €290. For example, if the roof of your house is damaged by a storm and the cost of the repair is €500, you will receive €500 - €290 from the fire insurance policy. With a lot of insurances it is possible to take a higher deductible. In return, you will receive lower premiums. This is the case, for example, with hospitalisation insurance.