Insurance Glossary
We have explained the terms you often encounter in insurance policies and quotes in a short, clear way. Type a term to filter quickly.
37 terms
- Accident Report
- The official document showing the parties' and damage details in a traffic accident; can also be filled out amicably.Traffic Insurance page
- Beneficiary
- The person to whom the indemnity or accumulation right under the contract is paid.Life Insurance page
- Co-Payment
- The proportional or fixed part of a health expense that the insured pays.Health Insurance page
- Coinsurance
- Sharing the risk among several insurers, or the insured participating in a set proportion of the loss.
- Complementary Health Insurance
- Health insurance covering the difference fees not met by social security at contracted facilities.Health Insurance page
- Coverage
- The risks and guarantees the insurer undertakes to cover under the policy.
- DASK (Compulsory Earthquake Insurance)
- Compulsory Earthquake Insurance covering dwellings against earthquake and earthquake-related risks.Compulsory Earthquake Insurance (DASK) page
- Deductible
- The portion of a loss borne by the insured and deducted from the indemnity.
- Diminished Value
- The drop in a repaired vehicle's resale value due to an accident; it can be claimed as compensation from the at-fault party's traffic insurance. Standard kasko does not cover it automatically; coverage varies by policy.Comprehensive Auto Insurance page
- Endorsement
- An addendum documenting a change, addition or correction to an in-force policy.
- Excess Deductible
- A deductible where losses up to a set amount or rate are not paid and only the excess is covered.
- Green Card
- The international insurance certificate making Turkish traffic insurance valid abroad; whether it is required depends on the destination country.Traffic Insurance page
- İMM (Voluntary Liability)
- Optional cover paying the part of the damage caused to the other party that exceeds the compulsory traffic insurance limits; usually added to a kasko policy.Comprehensive Auto Insurance page
- Indemnity
- The amount the insurer pays the entitled party for a covered loss.
- Insurable Value
- The actual (market) value of the insured asset, used as the basis for setting the sum insured.
- Kasko Value List
- The reference list published by the Insurance Association of Türkiye (TSB) showing vehicles' market values by make/model/year; the kasko sum insured is generally set according to it.Comprehensive Auto Insurance page
- Loss / Claim
- The damage arising when a risk covered by the policy materialises.
- Loss Adjuster
- An authorised professional who independently assesses and reports the cause, scope and amount of a loss.
- Loss Ratio
- The ratio of paid losses to earned premium in a period; indicates portfolio profitability.
- Motor Own Damage (Kasko)
- Optional insurance covering the vehicle's own damage from risks such as collision, theft and fire.Comprehensive Auto Insurance page
- No-Claims Discount (Bonus-Malus)
- A premium discount for claim-free insureds; after a claim the tier drops and the premium may rise.Traffic Insurance page
- Notification Obligation
- The insured's obligation to notify the insurer of a loss within the prescribed time after it occurs.
- Over-Insurance
- Where the sum insured exceeds the insurable value; no indemnity is paid for the excess part.
- Policy
- The official document showing the terms, covers and parties of the insurance contract.
- Policyholder / Insured
- The policyholder concludes the contract and pays the premium; the insured is the person whose interest is covered (may be the same person).
- Pre-Authorisation
- In health insurance, the insurer's approval before a procedure that the expense is within cover.Health Insurance page
- Premium
- The amount the policyholder pays to the insurer in return for cover.
- Reinsurance
- The transfer by an insurer of part of its assumed risk to another (reinsurer) company.
- Release / Discharge
- A document by which the indemnified party declares it has no further claim against the insurer.
- Risk Group (DASK)
- The group used in calculating the DASK premium, based on the building's earthquake zone/soil class.Compulsory Earthquake Insurance (DASK) page
- Salvage
- The remaining valuable part after a loss (e.g. a wreck); taken into account when calculating the indemnity.
- Subrogation
- The insurer's right to recover the paid indemnity from the third party responsible for the loss.
- Sum Insured
- The maximum amount the insurer will pay for a loss, stated in the policy.
- Temporary / Permanent Disability
- Temporary or permanent loss of working capacity due to accident or illness; indemnity may be paid per the cover.
- TRAMER
- The central system holding traffic-insurance records and claims history; affects premium and no-claims tier. Today it is known as SBM (Insurance Information and Monitoring Center); records can be checked via e-Devlet.Traffic Insurance page
- Under-Insurance
- Where the sum insured is below the insurable value; the indemnity may be paid proportionally (average rule).
- Waiting Period
- The period that must pass from policy inception before certain covers become effective.Health Insurance page