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adquirida

English translation: (wiil be) forfeit to

08:25 Oct 26, 2023
Spanish to English translations [PRO]
Bus/Financial - Insurance / Home insurance
Spanish term or phrase: adquirida
"adquirida" in this context is ambiguous to me. What does it actually mean? Can anyone help, please?
Many thanks

Cláusula final
Con fecha de efecto 17/8/2023 a las 24:00, quedan en suspenso las garantías del seguro. Si dentro del año siguiente a dicho efecto no secontrata nuevo seguro, la póliza se considerará anulada, siendo adquirida por la Compañía la fracción de prima correspondiente al período no transcurrido del seguro en curso.
Comunican
United Kingdom
Local time: 09:07
English translation:(wiil be) forfeit to
Explanation:
I would rearrange the word order:

(1) ... and the Company will acquire the proportion of the premium corresponding to the unexpired period of the current insurance

(2)(rearranged) ... and the proportion of the premium corresponding to the unexpired period of the current insurance will/shall be forfeit to the Company

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Note added at 4 hrs (2023-10-26 12:58:57 GMT)
--------------------------------------------------

Example sentences:

First Aid Hourly Premium
HR Insider
https://hrinsider.ca › dwqa-question › first-aid-hourly-...
This premium will be forfeit the moment certification expires. In the event that a first-aid attendant's certificate lapses, the position will be vacated ...

Marine Insurance: Law and Practice - Page 80 - Google Books result
google.co.uk
https://books.google.co.uk › books
Francis Rose · 2013 · ‎Law
... premium will be forfeit, rather than recoverable by the assured.36 5.22 Since in practice the insurer's remedy of avoidance/rescission is sufficient for him ...

--------------------------------------------------
Note added at 4 days (2023-10-30 17:15:42 GMT)
--------------------------------------------------

To Asker: Yes, "retain" will also work
Selected response from:

AllegroTrans
United Kingdom
Local time: 09:07
Grading comment
Thanks everyone!
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +1covered
neilmac
4earned by X ; X entitled to
Adrian MM.
4acquired
Iker Pellicer
3 +1(wiil be) forfeit to
AllegroTrans


  

Answers


29 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
covered


Explanation:
If you really don't want to use "acquired", which to me would mean the abbreviated form of "acquired the responsibility for payment of…", i.e., the Company covers said payment/instalment.

So, we would end up with something like this:
,... the fraction of the premium for the unexpired period of the current insurance policy being covered by the company."

--------------------------------------------------
Note added at 30 minutos (2023-10-26 08:56:16 GMT)
--------------------------------------------------

Then again, maybe I've got the wrong end of the stick and I should have posted a lower confidence level...

neilmac
Spain
Local time: 10:07
Native speaker of: Native in EnglishEnglish
PRO pts in category: 76

Peer comments on this answer (and responses from the answerer)
agree  Andrew Bramhall: No, that's fine IMhO Neil;
33 mins
agree  Nelson Soares
4 hrs
disagree  AllegroTrans: Have to disagree; the company doesn't cover anything here, they keep the proportion of premium already paid for the unexpired period, and cover terminates
4 hrs
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3 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
adquirida por X
earned by X ; X entitled to


Explanation:
It's not really ambiguous in the context.

Again, if the policy is cancelled, the ins.co. gets to keep the premium for the unexpired part of the current period: '...período no transcurrido del seguro en curso'..

Adquirir in this sense means literally 'acquired' in the sense of forfeited (hum, hum!), impounded, so accruing to or vested in, but feel fre to pick another answer!

Example sentence(s):
  • As the insurer earns the premium, the amount will be moved from the liability account to the revenue account. When is Unearned Premium Not Returned.

    Reference: http://www.proz.com/?sp=gloss/term&id=1465143
Adrian MM.
Austria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 24

Peer comments on this answer (and responses from the answerer)
neutral  AllegroTrans: Surely "is forfeit to" or "accrues to" are vastly superior to "earned by" (you even used them in your explanation); or are you just idly playing around again?
1 day 3 hrs
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4 days   confidence: Answerer confidence 4/5Answerer confidence 4/5
acquired


Explanation:
The new company will obtain the remaining part of the premium factor of the remaining insurance.
Acquire is to buy or obtain (an asset or object).
.

Example sentence(s):
  • siendo adquirida por la Compañía la fracción de prima correspondiente al período no transcurrido del seguro en curso.
  • The premium fraction corresponding to the unexpired period of the insurance in force shall be acquired by the Company.
Iker Pellicer
Spain
Local time: 10:07
Works in field
Native speaker of: Native in BasqueBasque, Native in SpanishSpanish

Peer comments on this answer (and responses from the answerer)
neutral  AllegroTrans: too literal; English legalese has better words
7 hrs
Login to enter a peer comment (or grade)

4 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
(wiil be) forfeit to


Explanation:
I would rearrange the word order:

(1) ... and the Company will acquire the proportion of the premium corresponding to the unexpired period of the current insurance

(2)(rearranged) ... and the proportion of the premium corresponding to the unexpired period of the current insurance will/shall be forfeit to the Company

--------------------------------------------------
Note added at 4 hrs (2023-10-26 12:58:57 GMT)
--------------------------------------------------

Example sentences:

First Aid Hourly Premium
HR Insider
https://hrinsider.ca › dwqa-question › first-aid-hourly-...
This premium will be forfeit the moment certification expires. In the event that a first-aid attendant's certificate lapses, the position will be vacated ...

Marine Insurance: Law and Practice - Page 80 - Google Books result
google.co.uk
https://books.google.co.uk › books
Francis Rose · 2013 · ‎Law
... premium will be forfeit, rather than recoverable by the assured.36 5.22 Since in practice the insurer's remedy of avoidance/rescission is sufficient for him ...

--------------------------------------------------
Note added at 4 days (2023-10-30 17:15:42 GMT)
--------------------------------------------------

To Asker: Yes, "retain" will also work

AllegroTrans
United Kingdom
Local time: 09:07
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 101
Grading comment
Thanks everyone!
Notes to answerer
Asker: Thanks, and I'm thinking that "retain" would be simpler, wouldn't it - ie the Insurer will retain the proportion of the premium....?


Peer comments on this answer (and responses from the answerer)
agree  Luis M. Sosa
1 hr
  -> thanks
Login to enter a peer comment (or grade)



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