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regla de equidad

English translation: condition of average

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:regla de equidad
English translation:condition of average
Entered by: Comunican

10:35 Aug 18, 2018
Spanish to English translations [PRO]
Bus/Financial - Business/Commerce (general) / insurance policy
Spanish term or phrase: regla de equidad
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
Comunican
United Kingdom
Local time: 14:38
Condition of average
Explanation:
This is some kind of condition of average, but used in an other way that in the anglican world.
Selected response from:

Enrique Bjarne Strand Ferrer
Spain
Local time: 15:38
Grading comment
Many thanks for everyone's help with this.
4 KudoZ points were awarded for this answer



Summary of answers provided
4principle of average
Stuart and Aida Nelson
2 +1Condition of average
Enrique Bjarne Strand Ferrer


Discussion entries: 1





  

Answers


1 hr   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +1
Condition of average


Explanation:
This is some kind of condition of average, but used in an other way that in the anglican world.



    https://en.wikipedia.org/wiki/Condition_of_average
Enrique Bjarne Strand Ferrer
Spain
Local time: 15:38
Specializes in field
Native speaker of: Native in NorwegianNorwegian, Native in SpanishSpanish
PRO pts in category: 4
Grading comment
Many thanks for everyone's help with this.
Notes to answerer
Asker: Many thanks for this


Peer comments on this answer (and responses from the answerer)
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
Login to enter a peer comment (or grade)

7 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
principle of average


Explanation:
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...


Stuart and Aida Nelson
United Kingdom
Local time: 14:38
Works in field
Native speaker of: Native in EnglishEnglish, Native in SpanishSpanish
PRO pts in category: 2
Notes to answerer
Asker: Many thanks for these helpful references.

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