- Indemnity Tazminat
- The principle that insurance restores the insured to the same financial position as before the loss, without profit or penalty. Under the indemnity principle, payment is limited to the actual economic loss suffered. Fixed-sum benefits (such as life insurance or accident benefit lump sums) are exceptions to this principle.
- Insurance Brokerage Sigorta Brokerliği
- An intermediary service in which a licensed broker acts on behalf of the insured (policyholder) to identify, negotiate and place appropriate insurance coverage in the market. Unlike an insurance agent, who represents the insurer, a broker owes a duty of care to the client. In Turkey, brokerage is regulated under Law No. 5684 and supervised by SEDDK.
- Full explanation →Service page →
- Insured Sigortalı
- The person or entity protected by the insurance policy and entitled to receive indemnification in the event of a covered loss. The insured and the policyholder (the party who contracted and pays for the policy) are often the same but may differ, as when an employer purchases group health coverage on behalf of employees.
- Insurer Sigorta Şirketi (Sigortacı)
- A licensed entity that assumes risk from policyholders in exchange for premium and indemnifies them for covered losses according to policy terms. In Turkey, insurers must hold a licence from SEDDK. The insurer is distinct from the broker (who represents the insured) and the agent (who represents the insurer).
Looking for expert advice?
Neolife is an independent, SEDDK-licensed insurance and reinsurance broker in Turkey, acting exclusively in the client's interest.
Free Consultation →