FAQ area for ethical and solidarity-based insurance

Making the terminology and concepts used in the insurance world comprehensible is a way of being transparent and closer to users to help them find answers to their queries. In the insurance FAQ area you will find the answers to the most common queries.

It is the period of time calculated from the date the policy takes effect during which certain cover is not effective for the insured person.

It is any illness, injury or disability suffered by the insured party before the insurance is taken out, whether or not it has been diagnosed by a doctor.

It consists of paying a sum of money every time we use services on our medical insurance depending on the kind of visit we make to the doctor. So we must add possible copayment costs to the cost of our premium.

In return for this additional expense, medical insurance with copayment offers more economical policies than insurance that does not include it.

This is insurance allowing you to enjoy services from outside the institution’s medical guide with reimbursement of the costs included in the contractual limit.

This is the person who signs and, therefore, has to comply with the obligations deriving from the contract, such as making the agreed payments.

In some insurance with financial benefits, the beneficiary is a third party chosen by the insured party who will receive the cover specified if the circumstances described in the conditions occur.

This is the person who is covered and enjoys the insurance services.

The general conditions of the contract include the rights and obligations of the two parties – the insurance company and the insured person or beneficiary.

This is a sum of money which the insured party does not receive from the insurance company if there is a claim. For having assumed part of the risk, the insured party will see a reduction in the premium to be paid.

These are agreements in which insurance companies offer a return in exchange for a premium for a specific period. There is a great variety of savings products, from guaranteed provision plans (PPA) to annuities for life, individual systematic savings plans (PIAS), etc. They all have in common the fact that, together with the financial aspect of providing capital to generate a return, they always have life insurance associated with them which will compensate their heirs if the saver dies.

The Directorate General of Insurance and Pension Funds is the main body in Spain regulating and supervising insurance activity in Spain. It is responsible to the Secretary of State for the Economy and forms part of the Ministry of the Economy and Competitiveness.

REAS – Red de Redes runs the solidarity economy portal which is an area aimed at all social, economic, political and individual sectors as a place for coming together, reflecting, participating, joining and communicating about economic structures in solidarity with human beings, society and the planet.
http://www.economiasolidaria.org/

The Solidarity Economics Network (XES) is an organisation formed by more than 300 members. It upholds an economic system that respects people, the environment and local areas operating under democratic, horizontal, transparent, fair and participatory criteria.
http://xes.cat/

UNESPA is the Spanish Union of Insurance and Reinsurance Companies. The association was founded in 1977 and represents more than 200 organisations which, together, account for 96% of insurance business in Spain.
http://www.unespa.es

Forética is an association of businesses and corporate social responsibility and sustainability professionals established in Spain and Latin America whose mission is to promote the integration of social, environmental and good governance aspects in the strategy and management of businesses and organisations.
http://www.foretica.org/

GRI is an independent international organisation working with businesses, governments and other organisations to understand and publicise the impact of businesses on critical issues of social and environmental sustainability, such as human rights, climate change and corruption.
https://www.globalreporting.org

Principles for the sustainability of insurance – United Nations Environment Programme Finance Initiative (UNEP FI)
http://www.unepfi.org/psi/wp-content/uploads/2013/06/PSI-document_Spanish.pdf

Questions about the EthSI mark

It is a mark patented at European level. However, at the moment the only certified organisations are in Spain.

The EthSI mark lasts for one year from when it is approved. To continue to have the mark, you need to repeat the certification process.

Obtaining the EthSI stamp has technical requirements to fulfil the criteria and financial requirements of the payment of a fee calculated depending on the premiums or turnover of the business that wants to obtain certification. This is used to cover the Observatory’s costs for carrying out assessments and monitoring, as well as other publicity activities linked to the world of ethical insurance.

At the Ethical Finance Observatory, we consider that, in order to maintain impartiality and avoid a conflict of interests over whether or not to grant certification, this decision must be the duty of the EthSI assessment committee consisting of a group of independent experts in the area of ethical responsibility and the social and solidarity-based economy.