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Insurance dictionary

1st pillar

The first pillar is the mandatory national precaution in Switzerland and serves the protection of one’s own existential needs as well as the needs of the relatives in case of disability or death. It consists of the old age and survivor’s insurance (OASI), the disability insurance (DI) as well as the supplementary benefits. The 1st pillar is financed by an apportionment procedure by the Confederation, the cantons and taxes.

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2nd pillar

The second pillar of the Swiss welfare system is also called occupational precaution or pension fund and serves the preservation of the living standard for the insurant as well as its relatives in case of loss of earnings or retirement.

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3rd pillar

The third pillar is a private precaution and serves, complementary to the national and occupational precaution, the protection of the individual living standard. It is voluntary and is promoted with tax incentives by the Confederation as well as by the cantons. You can further distinguish between the tied precaution (pillar 3a) for the retirement provision and the free precaution (pillar 3b).

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A

Abdication of suspension

Suspension is in Switzerland also referred to as the deposit of the licence plates at the road traffic licensing department. During this time, the insurance is at rest and there are no premiums to be paid. To save oneself this administrative effort, some insurances offer the possibility to pay an annual premium for motor cycle insurances. This annual premium also considers the rare use of the vehicle during winter. Benefit of this model is the saving of the annual administrative suspension effort.

Ability to judge

A person who can reasonably evaluate his actions is considered to be capable of judgment. According to the Swiss Civil Code, this is any person who is not prevented from acting rationally due to childhood, mental disability, mental disorder, intoxication or similar conditions. It is not exactly defined by law when a child is considered capable of judgement. A child or adolescent is considered capable of judgment if he or she is able to judge a situation for himself or herself, to draw reasonable conclusions from it and to act appropriately. Adults who are incapable of judgement require legal assistance.

Accident

An accident is a sudden event that can be defined in terms of time and place, in which a natural person involuntarily suffers bodily injury as a result of external influences or an object is unintentionally damaged.

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Accident insurance

Accident insurance serves to cover medical expenses in the event of occupational and non-occupational accidents as well as occupational diseases. It is concluded by the employer from a workload of at least 8 hours per week. Persons who are not gainfully employed must include this accident cover in the basic health insurance of the health insurance fund. It should be noted that cleaning women, babysitters and au pairs must also be covered by the employer from a workload of 8 hours per week.

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Accident insurance law (UVG)

UVG is an abbreviation for the Swiss accident insurance law.

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Accident suspension

The accident coverage of the basic health insurance can be excluced from a workload of eight hours per week, as this then must be covered by the employer.

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Additional insurance

Supplementary health insurance supplements the basic insurance benefits depending on individual needs. In contrast to compulsory basic insurance, these additional covers are voluntary.

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Additional terms and conditions

In addition to the general terms and conditions of insurance, other terms and conditions, so-called additional terms and conditions, may also apply to an insurance contract.

Alternative insurance

Besides the mandatory basic insurance, health insurance companies offer diverse complementary insurances, also referred to alternative, naturopathic or complementary medicine. They serve as a need-oriented supplement to the basic health insurance and compensate for for methods of treatment outside conventional medicine, of which the effectiveness has been scientifically proven.

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Annual right of termination

The annual right of termination can be included in insurance contracts and enables at proper notice of termination a termination independent of the contract runtime.

B

Backup team

The insurance client and the consultant together build the backup team. Fundamental for double-sided satisfaction is reciprocative trust. The consultant relies on honest and detailed description of the personal situation of his client, whereas the client relies on competent consultation for the best possible protection.

Basic insurance models

The mandatory basic insurance of the health insurance can be concluded in diverse models. Besides the free choice of doctor there is the general practitioner-oriented model, the phone model and the group practice model. Similar to the general practitioner-oriented model, the insured person can profit from reduction in the basic insurance with this model.

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Bicycle insurance

Bycicles can be protected against theft, vandalism and further dangers with the help of an insurance. However, this risks are often already covered by the household insurance.

Bonus protection

The bonus protection can be taken out optionally when closing a vehicle insurance. It prevents an increase of the insurance premium after a damage event.

Breastfeeding money

Because breastfeeding babies is considered to be very beneficial to the health of the infant, some insurers compensate for this with an amount of about 100 to 200 Swiss francs following proof of a nursing supplement.

Business property insurance

The business property insurance is equal to the household insurance for companies.

Building insurance

The building insurance is mandatory in most of the cantons and protects the proprietor from financial consequences of damages caused by the insured dangers. The range of the covered dangers is variable, but usually fire and elementary dangers, water dangers, breakage of glass and theft are included in the coverage. Extended coverages for dangers caused by rodents or vandalism can be insured optionally.

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Building liability insurance

The building liability insurance is similar to the private liability insurance and protects the proprietor of the estate of the building. This insurance comes up for damages that can be lead back to the existence of the estate or the building.

Builder’s liability insurance

The builder’s liability insurance is a insurance on buildings and compensates for damages during the construction period. Covered are besides accidents during construction also theft and vandalism.

C

Capital insurance

The capital insurance, also referred to as insurance in the event of death or disability or capital insurance in the event of death or disability, complements the benefits of the social insurances in case of death or invalidity due to an accident or illness. Insured is a defined insurance sum which is disbursed in the event of death or pro-rata in case of invalidity.

Cash discount

The cash discount is a premium reduction in the single-figure percent range. It is granted by many insurance companies in the case of half-yearly or annual payment of the premiums.

Certificate of conformity

The certificate of conformity is a proof for a type approval. The six-figure certificate of conformity number, also referred to as type approval number, serves the identification of the vehicle type and is applied when concluding a vehicle insurance.

Checkup

The checkup is a medical control examination for early diagnosis of diseases.  It includes different medical examinations.

Claim

The claim, also referred to as insured event or liability case, describes a case of damage that provokes the liability of the insurer.

Crash recorder

The crash recorder records the driving style and serves the reconstruction of the sequence of events in case of an event of damage. Some insurers offer this recorder in return for a reduction of the insurance premium.

Collective contract

A collective contract can be concluded between an insurance company and an employee, society or association. The employees or members of the one contract party can profit from reduced premiums due to this contract, whereat there is no compulsory connection to main services.

Cumulus

Cumulus is the possibility that several at the same insurance company insured risks can be concerned due to one single damage event such as an earthquake. The insurance benefits which have to be paid can in this case exceed the premium earnings of the insurance company.

Community at risk

A community at risk is the basic principle for insurances and is organised by the insurance companies. A community at risk means that a big amount of different people are affected by the same risks such as a car accident or fire in the apartment. In exchange for the transfer of these risks by the insurer, the insurance premium is paid.

Comprehensive insurance policy

The comprehensive insurance policy is an optional insurance against damages to the vehicle. This insurance bears the expenses in case of damage, destruction or loss of the insured object. Furthermore, a division between comprehensive cover and part insurance cover can be made. Both models defray the costs of damages to the own vehicle.  In addition to this, the comprehensive cover also insures self-inflicted accidents as well as vandalism.

Compulsory health insurance

According to the federal law about the health insurance, every person living in Switzerland is obligated to conclude a basic health insurance. The communities are responsible for the control of the obligation. The health insurance obligation was introduced on January 1, 1996 in combination with the new health insurance law after the poll in 1994.

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Construction risks insurance

The construction risks insurance is usually taken out by the vendor and protects him against different risks during the assembly time of big facilities or machines.

Cupping

Cupping is an alternative cure in which tensions and pains should be lowered with the help of low pressure. The payment of this treatment is usually covered by an additional insurance for alternative medicine.

Current value

In contrast to the replacement value, the current or fair value describes the value of an item at a certain point in time, taking into account age and wear and tear. In Switzerland, compensation based on current value applies to personal liability insurance and motor vehicle insurance.

Current value supplement

The time value supplement is a remuneration type for comprehensive insurance for motor vehicles. The loss in value of vehicles is thus spread over several years, which means that in the event of damage a higher amount is paid than the value the vehicle would still have on paper. The calculation of the compensation depends on the respective company. From the eighth year of operation of the vehicle, however, such a supplement no longer brings any advantages for most insurance companies, which is why it can then be excluded.

D

Damaging event

The damaging event is an event that leads to a damage. Depending on the type of damage, an allocation to damage to property, persons or financial damage is possible.

Damage by scorching

Scorching is a damage that is locally bordered and caused by heat. Since fire is not causative for such a damage, it is actuarially regarded no fire damage. Examples for this are damages caused by a glowing ash from a cigarette or burn holes caused by sparks from the chimney.

Deductible

Health insurance: The deductible is independent from the chosen franchise and is applied when the franchise is exhausted. Maximally 700 CHF per calendar year and usually 10% of the treatment costs have to be paid by the insurant.

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Disability

Disability describes a full or partial inability to operate in the current occupation or areas of responsibility. Cause for this inability is an impairment of the physical or mental health.

Disability pension (income protection)

With the help of the disability pension the necessary cover income is given if the regular income falls out. It protects your usual living standard in case of illness or accident with a cover income and overtakes the premium in case of income deficiency. Furthermore, the income protection is insurable with tax reduction within the framework of the pillar 3a.

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Deduction from wages

An employer is obligated to substract the legally fixed premiums from the salary. These premiums contains contributions to the OASI, the unemployment insurance, the accident insurance as well as to the illness allowance.

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E

Economic efficiency

The principle of economic efficiency in insurance means that either the greatest possible success should be striven for with given funds (maximum principle), or a given success should be achieved with the least possible funds (minimum principle). To ensure the long-term existence of an insurance company, it is necessary to work in an economical manner. In the long term, the expense should not exceed the income.

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Elementary insurance

Natural hazards are, in compliance with the law, part of the risk “fire” and are covered in combination with fire damages by the fire insurance. The coverage is identical for several insurers and contains of several nine dangers: high tide, flood, storm, hail, landslide, snow pressure, rockslide, rockfall and landslip. Furthermore, the loss of insured objects due to one of the abovementioned dangers is insured as well.

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Establishment of a company

Anyone wanting to establish a company in Switzerland has to consider several points. Besides a market analysis and the establishing of a business plan, the matching form of organisation should be chosen, an entry into the register of companies should be taken and a proper location should be found. A professional consultation can be helpful with this undertaking.

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Exclusion

Insurance companies can define exclusions of the insurance protection for certain risks, e. g. for complaints that existed already before the conclusion of contract. The reason for this is the adequate calculation of the insurance premium.

F

Fair value supplement

The time value supplement is a remuneration type for comprehensive insurance for motor vehicles. The loss in value of vehicles is spread over several years, which means that in the event of damage a higher amount is paid than the value the vehicle would still have on paper. The calculation of the compensation depends on the respective company. From the eighth year of operation of the vehicle, however, such a supplement no longer brings any advantages for most insurance companies, which is why it can then be excluded.

Fire insurance

The fire insurance is usually concluded in combination with the elementary insurance. The insured dangers are identical within every insurance company and cover the following five fire dangers: fire, formation of smoke, lightning stroke, explosion as well as ditching space- or aircrafts. Furthermore, the loss of insured objects due to one of the abovementioned dangers is insured as well.

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First risk

The first risk insurance is an insurance form in the damage insurance and limits the insurance benefit with an insurance sum and therefore represents the first risk. If a damage is higher than the agreed sum, the insurance only has to pay for the insured amount. If a damage is smaller, the effective damage is taken over by the insurance.

Flat-rate payment

Flat-rate payment becomes due at hospital stays and recompenses the complete medical service per treatment case all in. The hospitals are not just paid for their costs but receive a fixed rate depending on the processed disease from the insurance companies.

Flexible hospital insurance / hospital department

A flexible hospital insurance is a supplementary insurance and enables the choice of the hospital department when entering the hospital. Depending on whether the general, private or half-private department is chosen, a prearranged deductible will be due.

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Foreign insurance coverage

Most of the insurances are limited to Switzerland (or the particular living country) regarding the validity of coverage. Foreign insurance coverage is given if the insurance coverage has worldwide validity.

Franchise

The franchise is a cost sharing which every adult has to pay for his medical costs per calendar year. The amount is between CHF 300.- and CHF 2500.- for adults and between CHF 0.- and 600.- for children free eligible, but often health insurances offer certain levels of franchises (between CHF 300.- and CHF 2500.-) for choice.

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Free choice of doctor

Given the free choice of doctor, the choice of doctor is not limited. This is given if in the basic health insurance no alternative insurance model was chosen.

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G

Gap

A coverage or insurance gap is given if the insured benefit is not able to cover the needs.

General insurance conditions

The general insurance conditions define mutual rights and duties of the insurance company and the insurant. Especially regarding the health insurance significant differences can be determined which is why an antecedent inspection is advisable.

General practitioner-centred model

With the choice of the general practitioner-centred model, also referred to as the family doctor model, a discount of 10 percent can be granted in the basic insurance. The insurant obligates itself in doing so to frequent a certain general practitioner for the first consultation.

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General ward

This health insurance supplement affords the insurant hospital treatments in the general ward of Swiss hospitals also outside the canton of residence. A free choice of doctors is however not given with this ward.

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Generic medicament

Generic medicaments are subsequent medicaments that are fundamentally equal to the original preparation.

Glasses and contact lenses

The basic insurance covers a premium of 180.- CHF per year for children until the completion of their 18th year of one’s life. Adults don’t receive a premium from the basic insurance anymore but can additionally contract a complementary health insurance for cost sharing. The amount of the share depends on the particular insurance company.

Glass insurance

Glasses can be included in several insurances such as household-, building- or vehicle insurance. A distinction is made between furniture glass (mirror, glass tables) and building glass (windows, glass doors, and so on)

 Gross negligence

Gross negligence is an option when taking out a vehicle insurance and covers the renunciation of the right of recourse of the insurance company in case of a damage event. In case of partial liability due to gross negligence of the insurant, the benefit will not be reduced.

Group practice model

The group practice model, also referred to as the HMO model, is a model of the basic insurance. The insurant obligates oneself to visit a certain group practice for the first consultation.

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Guest insurance

The guest insurance can be concluded voluntarly by people living in Switzerland for a limited time without registration. The benefits are similar to the health insurance and cover the costs for hospital, doctor, medicine and transport to the hospital as well as for the return to the home country.

H

Health insurance

Every Swiss citizen with a permission to stay in Switzerland is obligated to conclude a compulsory basic health insurance agreement with an insurance company. This also applies to people newly arrived in Switzerland since the mandatory condition is to conclude a compulsory health insurance agreement as soon as possible. In Switzerland, health insurance companies are private enterprises and are usually called Health insurances. In case of illness or accident, the compulsory basic insurance includes services established by the law but the insurant usually incurs a certain part of the expenses.

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Household insurance

The household insurance insures the movable property at the domicile of the insurant against certain risks such as fire or water damages for instance. Further on, the household insurance protects the insurant from financial consequences of theft at home and outwards worldwide. Further possible supplementary covers are the baggage insurance as well as the household insurance on hull. The household insurance is often contracted in combination with the personal liability insurance.

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Hospital supplementary insurance

The hospital insurance is an addition to the basic insurance. It overtakes stationary benefits in hospital. There are different models with different scope of benefits such as the general, semi-private and private hospitalisation.

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I

Illness Allowance

The illness allowance is not mandatory. If an employee is absent due to illness, there is a wage continuation obligation on behalf of the employer. During this period which differs regionally and depends on the seniority, the employer is obligated to discharge the full salary. The illness allowance can produce relief to this financial consequences, since the insurance covers the insured salary (min. 80%) due to a longer illness outage after a chosen waiting period for the first two years. Furthermore, an optional complementary insurance can be taken out additionally to the benefits of maternity insurance.

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Income Compensation (IC)

The income compensation regulates the shortfall compensation for people in military or civilian service as well as in case of maternity.

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Insurance contract law (VVG)

VVG is the abbreviation for the insurance contract law. This federal law regarding the insurance contract serves as basis for the private-law insurance contract. The additional insurances as well as the illness allowance are examples

Insurance of valuables

Valuables insurance protects the insured in the event of damage and assumes the financial consequences of theft, loss or damage to valuables. Valuables are objects and objects of high value such as jewellery, instruments and art objects.

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Insured community

The community of insured persons is the community of insured persons which is organised by the respective insurance company. The insurance company collects the individual premium payments of the customers. These are mainly used to pay for damages incurred by insured customers. In addition, the premiums collected also cover the insurer's administrative expenses so that it can ensure a professional organisation.

Integrity compensation

The integrity compensation is a capital payment and comparable to a compensation for personal suffering. An insurant is entitled to integrity compensation if he or she suffers a permanent considerable impairment of the physical, intellectual or mental integrity due to an accident.

(permanent = Expected during the whole life to at least the same extent existing)

Interruption in cover

An interruption in cover is a refusal of performance that comes about if the insurance premiums are not paid after repeated warnings.

Invalidity insurance (IV)

The invalidity insurance is part of the first pillar. With the help of this insurance, financial consequences due to sanitary constraints of the earning capacity should be lowered or eliminated with the help of integration procedures.

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Inventory insurance

The inventory insurance safeguards an enterprise against the financial consequences of a damage to property. Insured is usually the entire business inventory, that is to say all movable property owned by the insurant, including leased and rented property. The inventory insurance covers fire, elementary, burglary and theft as well as water damages. Furthermore, a possible operational failure is covered, whereby the insurance, depending on the declared transaction volume, pays financial benefits during up to two years after the damage. Contingency risks such as earthquakes, terrorism, inner unrest and glass breakage can be additionally insured.

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L

Law of large numbers

The insurance companies are based on the law of large numbers. It indicates that events in the future can be predicted more precisely the more insurants and the longer the period of the claims.

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Leasing

Leasing is a modern form of financing a consumer good or asset invested, the so called leasing object. Instead of property, the usage of the object is central. The leasing company purchases the property of the object and leaves it in return for the payment of the accorded monthly leasing rate. The property of the leasing object remains with the leasing giver. The object has to be returned when the contract is finished, alternatively it can be bought or the contract can be extended.

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Legal claim for benefits

The client closes an insurance contract with the insurance company. In this contract it is recorded which benefits are included in the insurance coverage. The client obligates itself to pay an insurance premium. The insurance company on the other hand obligates itself to come up for the financial consequences after the arrival of the insured event. With the beginning of the legal validity of the contract, the insurant has a legal claim for benefits. 

Legal insurance

Due to this insurance, you and your family are protected from financial consequences associated with conflicts and disputes in your personal life. This insurance covers your legal expenses and expenses for attorney fees. The legal insurance is also advisable for companies since it also offers consultation for legal questions. Individual solutions for contract law protection, protection for right of operation, encashment legal protection as well as vehicle legal protection are possible.

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Liability insurance for the owner of the company

Self-employed people are responsible for any insurance payments related to illness or accident. The liability insurance for the company offers optimal and worldwide insurance coverage for the consequences of disability. A daily allowance can be harmonised and fixed in relation to the personal needs. Furthermore, also the medical expenses are in supplementation of the social insurance covered in case of an accident. In the event of invalidity, capital can be insured. With the inclusion of a sum payable at death, surviving dependants can be financially secured.

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Life insurance

The life insurance serves the financial protection of the family as well as the life or business partners in case of unexpected death. The payment period can be chosen according to needs of the relatives.

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Limited tax liability

Limited liable to tax are according to the Swiss tax law system private individuals with domicile abroad but who do have an economic relation to Switzerland such as landed property or commercial unit.

M

Mandatory health insurance

The mandatory health insurance, also referred to as basic health insurance or only basic insurance, is obligatory for every person living in Switzerland. This insurance bears the expenses for treatment costs due to illness.

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Management solutions

Professional pension fund (BVG) insures a yearly income of maximally CHF 83’520.- and therefore is not optimal for many people with higher earnings. The individual plan helps to eliminate all deficiencies regarding the existing salary and the mandatory maximum salary under the occupational pension scheme. Furthermore, the age and risk benefits for death and invalidity are higher. In addition to this, the individual plan can heighten the shopping possibility into the pension fund and reduce the taxes.

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Medical products

For medical products there is, in comparison to pharmaceutical products, no official admission needed. Examples for medical products are nose spays, eye drops, bandages, wound dressings and material used in surgery. 

Military suspension

During the graduation of the military service, the health insurance is covered by the military insurance. Due to this, the basic insurance can be suspended during this time, preconditioned that the service is rendered sequently for at least 60 days. Another requirement for the suspension is the forwarding of the march order to the insurance company.

Mortgage

Who builds or buys a house of one’s own can often only partially cover the expenses with its own capital. The remaining required capital is usually leveraged with the acceptance of a mortgage. The mortgage is in this process only a lien for the real estate. The loan is thereby secured with the real estate itself.

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Mutuality

The principle of mutuality is valid in the insurance company and means that the clients of the insurance company cover all together the financial consequences of damages of individual clients.

O

OASI

As a part of the first pillar, the mandatory old age and survivors’ insurance OASI forms an important part of the social precaution. After the pensioning, the old-age pension assures a financial secured retirement. The survivor’s pension serves in case of death of the insurant the financial protection of its relatives.

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Ombudsman

The ombudsman, with female occupancy also called ombudswoman, is an impartial conciliation person. This person mediates in case of disagreement between the insurance company and the insurant.

Optional treatment

The optional treatment is an option with the supplementary health insurance, in which the insured person is granted the option of optional treatment abroad.

Orderliness

For the establishment of an insurance company, an approval is necessary. In doing so, the company needs to pinpoint how they practise business.  Furthermore, they need an adequate amount of funds to guarantee professional business activity.

Outpatient supplementary insurance

Outpatient supplementary insurances protect the insurant from medical expenses which are not covered by the mandatory basic insurance. The choice of the supplementary insurances depends on the personal needs of the insurant. Possible coverages involve insurance coverage abroad, take-over of medical transportation costs worldwide, complementary medicine, glasses, dental correction, defence and recovery and psychotherapy.

Overinsurance

Overinsurance is given when the sum insured exceeds the actual replacement value. The term is generally used in connection with property insurance, in particular also with household insurance. Since the insurance value of the household content or personal objects can change over time, it is quite possible that the overinsurance was not present at the start of the contract. Since in the case of overinsurance the premium is often too high, the sum insured should be checked continuously. 

P

Personal liability insurance

The personal liability insurance serves the worldwide protection from financial consequences in case of damages caused by the insurant to a third party or their property. Even though this insurance is not mandatory, it is often required by the landlord since tenant damages are included in the coverage. Benefits of these insurance are the worldwide validity, the possibility of a sum insured up to 10 millions as well as further additional covers.

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Premium

The insurance premium is paid by the oblige (insurant) for the insurance protection to the insurance company. The insurance company covers the insurance benefits as well as the administrative expenses with these payments.

Premium region

If a premium is calculated differently depending on the region where you live, the regions are also called premium region. Regarding the basic health insurance, the region of residence is relevant for the calculation of the premium. In addition to this, premiums are different in every canton. In some cantons, you can find up to three premium regions.

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Premium payer

The premium payer receives the invoice for the premium of the insurance policy.

Prenatal registration

The conclusion of a basic insurance with the health insurance company is also obligatory for newborns. At the birth itself, the hospital costs are covered by the mother's insurance, but in the event of complications or further care requirements of the baby, these no longer apply. It is therefore advisable to take out this insurance before birth. The cover is always valid from birth, and the premium payment is only due from the date of birth.

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Principal’s liability insurance

The principal’s liability insurance protects the principal as well as his employees in case of damage to persons or property of a third party. These damages can be caused for instance due to disregard of traffic safety duties such as poor signposting or lighting.

Private ward

With the supplementary insurance “private ward”, the insurant has the right to demand payment for a private room, better catering as well as free choice of doctors in hospital. In public hospitals, the chief physician is usually responsible for the treatment of the insurant.

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Protection and security

Besides the benefits in case of an insured event, the insurance offers us protection and security since it also financially secures us. A good example for this is the health insurance: If you had to cover the expenses for treatment all by yourself in case of an illness, you would have to save up a very high capital. Due to the insurance protection of the health insurance company, the bigger part of the expenses is covered.

Policy covering carcass work

The policy for covering carcass work covers the expenses for fire damages and natural hazards at the building during the construction time. Usually, this insurance is concluded complementary with the builder’s liability insurance.

Predictability

For the identification of an adequate premium, the insurance company uses statistics and probability calculation. Therefore, actuaries can make a prediction for future cases with the help of the insurance claims from past years.

Professional liability insurance

If a company or its employees causes damage to a third party, the company is responsible with all its property. A professional liability insurance protects the company from these unpredictable risks. It protects the company from financial consequences of justified damage claims, wards off unjustified claims and offers defence and recovery in case of criminal or administrative proceedings.

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Property transfer tax

The property transfer tax refers to the change of ownership of houses and land. The calculation of the tax depends on the canton of residence. 

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Psychotherapy

For the treatment and healing of mental disorders and illnesses, people can take themselves to psychotherapy. There are different forms of support, the most common are the psychiatrist, psychologist or psychotherapist.

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R

Randomness of the insured event

For costs to be covered, the occurrence of an insured event must be accidental (uncertain). By chance are all the dangers of which many are threatened, but in fact only affect a few. In addition, it must be independent of the will of the insured person, otherwise it is referred to as insurance fraud. Uncertain also means that it will certainly happen, but the time has not yet been determined, which is the case, for instance, with death.

Rate addition

Insurances that can be paid annually but are paid in smaller tranches by the premium payer carry back a rate addition. This rate addition usually adds up to approximately 20 CHF per tranche. 

Refusal

The requested coverage can for all insurance products subordinated to the insurance contract act (VVG) be accepted or refused. Reason for the refusal is in most cases the high probability of risk.

Regress

A transfer of the claim in case of damage to the originator is called a regress.

Rental deposit insurance

The rental deposit insurance is an interesting alternative to the payment of the rental deposit, which often amounts up to three months rent. In return for the annual premiums, the insurance company assumes the guarantee for the amount of the rental deposit to the landlord.

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Replacement value

The replacement value of an object corresponds to the valuation at replacement cost of a consistent object in mint condition. In contrast to the current market value, there is no deterioration and hence no loss of value of the insured object. In regard to the household insurance for instance, the amount of the sum insured adds up to the replacement value of all the objects in the household.

Retirement planning

The retirement planning serves the wealth preservation after the retirement. Further important themes are the retirement pay, the estate regulation and if needed the amortization of mortgages. With the help of this plan, you can build a base with which you can enjoy your retirement according to your wishes and needs.

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Return

The return describes the transport of an injured person (mostly by plane or helicopter) to its country of residence. The reason for this procedure is usually the assumption that a local treatment would not be reasonable.

Risks

Risks in the insurance environment refer to dangerous sports or activities with an increased risk of injury. A distinction is made between relative and absolute risks. Absolute daring refers to sports whose dangers cannot be reduced to a reasonable level (such as base-jumping or motocross). A relative risk is considered to be a high-risk sport in which the rules or precautions have been grossly disregarded. In the case of accidents involving absolute risks and serious disregard of the usual rules or precautions in the case of relative risks, a 50% reduction in cash benefits must be expected.

Rule against unjustified enrichment

Since the compensation paid is only a replacement for damages suffered, the insurant must not realise a profit and thereby be better off financially than before the claim. The insurer is therefore obligated to not replace more than the damage. This regulation is important with regard to the equal treatment of all premium payers.

S

Search and exposure costs

These costs incur when locating and uncovering the defective location. As additional cover for the building insurance, these costs are covered by the insurance up to a fixed amount.

Semi-private ward

Semi-private is a level at hospital insurance and covers the treatment in a semi-private hospital department. Advantages of this department are besides the payment of a twin room amongst others the free choice of doctor in hospital. In public hospitals, the deputy is responsible for the care of semi-private insurants.

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Serial number

The serial number consists of 9 numbers and serves the identification of the vehicle. It is required when concluding a vehicle insurance.

Suspension waiver

The term “Suspension” is used in Switzerland to describe the depositing of licence plates at the road traffic office. During this time, the insurance is suspended and no premiums are charged. In order to save yourself this administrative effort, some motorcycle insurance companies offer the possibility of year-round premiums in which the rare use in winter is also taken into account. The advantage of this model is that a suspension can be dispensed with it.

Supplementary benefits

Supplementary benefits are part of the first pillar and are performed if the OASI or the DI cannot cover the subsistence level.

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Supplementary insurance

Supplementary insurances for health insurance add additional benefits to the basic insurance, depending on the individual needs. In contrast to the mandatory basic insurance, additional covers are supplementary.

Surrender value

The surrender value is usually used for the life insurance and denominates the amount that one receives back in case of a premature cancellation of the contract.

Swiss Pension Law

The Swiss pension law, in Switzerland referred to as the BVG, is the federal law regarding the occupational pension plan.

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T

Tax at source

People with their tax-based domicile in Switzerland who do not yet own the residence permit or do not have a tax-based domicile in Switzerland for their income (cross-border commuters, weekend commuters, etc) are obligated to pay the tax at source. Magisterial for the calculation is the monthly gross wage. The employer is obligated to subtract the owing taxes from the wage and discharge it to the tax authority. If the gross wage is higher than the limit of 120’000 CHF, the payoff is calculated afterwards instead of the deduction of the tax at source.

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Tax liability

According to the Swiss tax system, natural persons with residence or tax residence in Switzerland are subject to unlimited tax liability. The tax residence is given with at least 30 days with gainful activity or 90 days without gainful activity.

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Tax return

The tax return includes all information on the income of the previous year and serves the tax office as the basis for the individual calculation of the tax amount. In addition to the detailed declaration of income, the tax office also requires certain documents such as salary statements, account statements and securities vouchers. It should be noted that the tax laws vary from canton to canton and provide for different types of deductions (travel expenses to the place of work, meals at work, pension contributions and so on). The tax return can be completed by hand, with special software or online.

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Telephone model / Telmed

The telephone model is an alternative model of basic health insurance. This requires prior medical consultation over the telephone, on the basis of which the further course of action is decided. The advantage of this model is a premium discount of about 10-20%.

Termination

A termination means an application for the cancellation of the contract. When handing in the application, there are insurance specific notice periods which need to be considered.

Travel insurance

The travel insurance serves the protection of financial consequences in front of and during the travel or leisure time. The cancellation cost insurance compensates costs for hotel ad journey, if you or a family member cannot start or proceed a journey due to illness or an accident. The personal assistance covers expenses for medical transportation which are not covered by the health insurance.  With the extended vehicle assistance, you can protect yourself in case of a breakdown or accident in Switzerland or Europe since this insurance covers the expenses for further transportation to your destination, hotel costs as well as the return of your car.

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Total loss

If the repair costs exceed the value of the insured object, this is referred to as total loss.

Transfer tax

The property transfer taxes, also referred to as road traffic taxes or vehicle taxes, have to be discharged annually by car drivers. The height of these taxes depend on the canton of residence, the power of the car, the cubic capacity, the weight of the car as well as further criteria.

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Trust

A trust relationship exists when a full legal power is contractually transferred “in trust" from the settlor to the trustee. In the external relationship, a complete transfer of the right, such as the ownership of an object, takes place. It is conditioned that the trustee does not act contrary to the interests of the settlor. The trustee may act independently on behalf of the settlor and acts as the lawful owner or administrator. An example of a fiduciary relationship is the transfer of a company's accounting to a trustee.

U

Underinsurance

Underinsurance, also called deficient cover, describes the opposite scenario of an overinsurance. In this case, the insurance sum is smaller than the actual replacement value. Underinsurance is often the case with household insurances. It should be avoided since in the event of a claim, the expenses are only overtaken commensurate to the underinsurance. It should also be noted here that underinsurance may result from a change in the insured value over time. The sum insured should therefore be reviewed on an ongoing basis.

V

Vaccination

The basic insurance takes over the expenses for recommended vaccinations, including diphtheria, tetanus, poliomyelitis and MMR (measles, mumps and rubella). Vaccations for travel abroad are not covered with the basic insurance, supplements such as a complementary health insurance frequently bear 90 percent of the amount.

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Vasectomy

Vasectomy is the medical term for a male prevention. This intrusion can be undertaken ambulatory or stationary. The goal of the vasectomy is the sterilisation of the man.

Vehicle insurance

The vehicle insurance protects you from financial consequences associated with your vehicle. Most of the insurance companies offer you three types of insurance. The liability insurance is compulsory and covers damages to third parties that are caused by the insured vehicle. The comprehensive insurance policy is only mandatory for leased vehicles and covers different cases of damage, depending on the model. The partial insurance cover  covers damages in which the insurant is not involved such as breakage of glass, theft and fire. With a comprehensive coverage, self-inflicted collision damages are covered as well. The passenger insurance bears the expenses for treatment as well as disability and death allowance.

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W

Waiting period

The waiting period describes the period between the entry into force of the contract and the granting of cover by the insurance company. The policyholder can only make use of the insurance benefits after the completion of the waiting period. In Switzerland, this waiting period is often given in the area of illness allowance.

Wishful liability

Desired liability for the liability of the head of the family applies above all to private liability insurance. Desire liability is limited to a certain amount and is liable for damages despite the absence of a liability condition. This is the case, for example, if a child of the head of the family, who is incapable of judgement and is co-insured, causes damage to third parties despite the parents' fulfilled duty of supervision.

Write-off

If the costs for repair exceed the value of the insured object, it is called a write-off.

Q

Qualifying period

The qualifying period describes a certain time span during which a certain coverage is excluded, starting at the inception of insurance cover. In Switzerland, the qualifying period is usually applied to additional insurances such as benefits in case of motherhood, dental insurances as well as legal insurances.

 

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