Recourse: in  motor third party liability insurance, insurer’s right to recover the amounts paid to injured third parties from the insured when, by contract, the insurer should have had the right to refuse or reduce its obligations, but has not been able to do so given the unenforceability of contract exceptions for third parties envisaged by the law.
Retail: segment of the market which primarily includes individuals, professionals, shopkeepers and craftsmen.
Retirement products:
life insurance products that cater for supplementary retirements needs.
Risk: likelihood that a future and uncertain event leading to harmful consequences (in non-life insurance) or related to human life (in life insurance) will occur. Risk is the main element of an insurance contract: the insurer must fulfil its obligation to pay insurance benefits upon its occurrence.
Risk Management: systematic application of management policies, procedures and practices aiming to identify, analyse and monitor risks.
Road show: a series of meetings between companies and institutional investors (or agents, etc.) which take place in different locations.
RoEV (Return on embedded value): (embedded value at period end - embedded value at beginning of period +/- capital movements/dividends) / embedded value at beginning of period.
Shareholders agreement: agreements among shareholders concerning the company management, i.e. the existence over time of the same shareholders as a “group”.
Speed of claims settlement: the percentage of claims reported in a financial year and settled in the same year.
Stakeholders: individuals and groups who can influence the success of a company, or who have an interest in the decisions made by the company: shareholders, employees, clients, suppliers, public institutions, competitors, local communities, lobbies, mass media, etc.
Stock Exchange capitalization: when referring to a company, it is the value obtained by multiplying the market price of a share by the number of shares outstanding.
Stock option: option contracts for purchasing the shares of a company – issued with an increase of capital for this express purpose – which grant the right to purchase the shares at a set price within an established period of time. They are used as a means to supplement salaries and as a loyalty tool for individual employees, special categories, or all staff members.
Subagent: a professional agent working at his/her own risk and expenses who mainly and usually deals with the task given to him/her by the agent to underwrite insurance contracts. He/she does not perform any other professional or working activity, whether in an employed or self-employed capacity.
Subsidiary agency: an agency depending directly on the Company and managed by a salaried member of staff (agent), employing internal members of staff, who are also company employees.
Supplementary retirement scheme: a form of retirement savings, designed to create income to supplement pensions paid by the public pension system during retirement.
Sustainable development: “development that meets the needs of the present without compromising the ability of future generations to meet their own needs” (from: Brundtland Report, World Commission for Economic Development, 1987).