Meaning of the word: Participation
Participation is a supplement in the treaty, where is listed the information about the contribution to the indemnity by the insured person himself. If the damage caused by the insured, the indemnity shall be reduced just about participation. Participation is measured as a percentage, the amount ranges from 10% to 1%.
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Penalty fee
A penalty fee indicates financial penalty for failure to comply with the conditions of the client´s side. Penalty fees are listed in the tariff of…
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