Glossary entry (derived from question below)
Spanish term or phrase:
regla de equidad
English translation:
condition of average
Added to glossary by
Comunican
Aug 18, 2018 10:35
5 yrs ago
7 viewers *
Spanish term
regla de equidad
Spanish to English
Bus/Financial
Business/Commerce (general)
insurance policy
En las coberturas previstas… cuando las circunstancias del riesgo sean distintas de las conocidas por el Asegurador, el pago de los gastos garantizados se reducirá conforme a la regla de equidad establecida en el artículo 9.
After much research, I've ascertained that this is "es aquella que se aplica cuando la información que facilita el asegurador sobre un bien, como puede ser una casa, no se corresponde con el riesgo real de dicho elemento. Si esta información incorrecta hubiera hecho que se aplicase a otra tarificación más elevada en el seguro, en caso de que se produzca un siniestro la indemnización se verá reducida proporcionalmente de acuerdo con la relación entre la prima pagada y la que se tuviera que haber pagado."
But what do we call that in English?
Thanks for any help
After much research, I've ascertained that this is "es aquella que se aplica cuando la información que facilita el asegurador sobre un bien, como puede ser una casa, no se corresponde con el riesgo real de dicho elemento. Si esta información incorrecta hubiera hecho que se aplicase a otra tarificación más elevada en el seguro, en caso de que se produzca un siniestro la indemnización se verá reducida proporcionalmente de acuerdo con la relación entre la prima pagada y la que se tuviera que haber pagado."
But what do we call that in English?
Thanks for any help
Proposed translations
(English)
| 2 +1 | Condition of average |
Enrique Bjarne Strand Ferrer
|
| 4 | principle of average |
Stuart and Aida Nelson
|
Proposed translations
+1
1 hr
Enrique Bjarne Strand Ferrer
Spain
Spain
Native in Spanish
Specializes in field
Spain
Sworn T. & Chartered Financial Analyst
Native in: Norwegian 
, Spanish
Works in: English to Norwegian, Spanish to Norwegian, English to Norwegian (Bokmal), and 3 more.
Related KudoZ points
:
4
Selected
Condition of average
This is some kind of condition of average, but used in an other way that in the anglican world.
Note from asker:
| Many thanks for this |
Peer comment(s):
| neutral |
Stuart and Aida Nelson
: Yes, came to the same conclusion. See discussion, cheers, Aida
5 hrs
|
| agree |
Francois Boye
: https://en.wikipedia.org/wiki/Condition_of_average
10 hrs
|
4 KudoZ points awarded for this answer.
Comment: "Many thanks for everyone's help with this."
7 hrs
Stuart and Aida Nelson
United Kingdom
United Kingdom
Native in Spanish
&
English
Works in field
United Kingdom
English lawyer and German national
Native in: English (Variant: British) , Spanish (Variants: Latin American, Standard-Spain)
Works in: German to English, Italian to English, French to English, and 13 more.
Related KudoZ points
:
2
principle of average
What is the principle of “average”?
"If an item or property is underinsured, the insured must bear a rateable proportion of each and every loss. Technically, you become your own insurer for the balance of the loss."
http://www.insurancechat.co.za/2011-03/what-is-under-insuran...
Applying average:
"The insurer may choose to "apply average" to the claim under an "average clause". This means that where the sum insured is inadequate, the insurer can reduce its liability for a claim by applying a proportionate approach"
http://www.financial-ombudsman.org.uk/publications/technical...
See also proportionate reduction
http://www.coeusinsurance.com/wp-content/uploads/2016/07/Ins...
Qué es la regla de equidad y cuando se aplica?
https://www.elenabeser.com/blog/Posts/show/que-es-la-regla-d...
"If an item or property is underinsured, the insured must bear a rateable proportion of each and every loss. Technically, you become your own insurer for the balance of the loss."
http://www.insurancechat.co.za/2011-03/what-is-under-insuran...
Applying average:
"The insurer may choose to "apply average" to the claim under an "average clause". This means that where the sum insured is inadequate, the insurer can reduce its liability for a claim by applying a proportionate approach"
http://www.financial-ombudsman.org.uk/publications/technical...
See also proportionate reduction
http://www.coeusinsurance.com/wp-content/uploads/2016/07/Ins...
Qué es la regla de equidad y cuando se aplica?
https://www.elenabeser.com/blog/Posts/show/que-es-la-regla-d...
Note from asker:
| Many thanks for these helpful references. |
Discussion
true value at risk x loss = claim sum paid
I wonder if it would be more appropriate to use 'equation' or 'formula' in this context as the ST says that the 'principle / formula' is specified in clause 9, probably the average clause?