Insurance Terms
 THIRD PARTY LIABILITY INSURANCE FOR MOTOR VEHICLE OWNERS Obligatory third party liability insurance for motor vehicle owners is regulated by Decree No. 103/2008/ND-CP and Circular 26/2008/TT-BTC with standard policy provisions, insurance benefits and premium rates. Moreover, owners of motor vehicles are encouraged to purchase voluntary third party liability insurance to better protect them against legal responsibilities.
PRE-EXISTING CONDITION Rrefers to any medical condition sustained within three consecutive months immediately preceding the date the Insured person joins the International SOS programme. Notwithstanding this, the Pre-existing Condition exclusion shall be waived after the Insured person has joined the International SOS programme for twelve (12) consecutive months.
INSURANCE CONTRACT This often includes: policy provisions, insurance certificate, insurance schedule, and endorsements if any.
INSURANCE PERIOD The insurance coverage will take effect from the time (i) the insurance certificate is issued or (ii) from the beginning of the insurance period, whichever comes last, and will continue until the end of the insurance period.
PARTIAL THEFT The loss of and/or damage to the components of the vehicle caused by theft or an attempt thereat, and is confirmed to have been stolen with no chance to recover; or to have been damaged by the stealing attempt.
TOTAL THEFT A vehicle is considered as a Total Theft if (i) it is confirmed by the authorities that it is stolen and unrecoverable, or if (ii) the insurable loss by theft in aggregate equals or exceeds 75% of the sum insured
DEDUCTIBLE This is out-of-pocket money that the Policyholder pays for in an insurance claim as a form of co-insurance. Deductible is used to encourage Policyholders to take better care of their insured object. In addition, deductible helps to lower premiums paid.
SERIOUS MEDICAL CONDITION Refers to a condition which in the opinion of International SOS constitutes a serious medical emergency requiring urgent remedial treatment to avoid death or serious impairment to the Insured person’s immediate or long-term health prospects. The seriousness of the medical condition will be judged within the context of the Insured person’s geographical location, the nature of the medical emergency and the local availability of appropriate medical care or facilities.
PARTIAL DAMAGE Occurs when the value of the insurable loss in aggregate is less than 75% of the sum insured.
TOTAL DAMAGE A vehicle is considered as a total damage when the value of the insurable loss in aggregate equals or exceeds 75% of the sum insured. |
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