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cessione di credito

English translation: assignment of benefit

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Italian term or phrase:cessione di credito
English translation:assignment of benefit
Entered by: Ivana UK

19:40 Oct 23, 2016
Italian to English translations [PRO]
Bus/Financial - Insurance / Car Insurance
Italian term or phrase: cessione di credito
Document outlining workflow for a car insurance company. This section describes the process for arranging repairs to a damaged vehicle on behalf of a claimant, using the insurer's authorised repairer.

"Il riparatore procederà ad effettuare l’intervento [...] emettendo fattura di riparazione intestata al danneggiato.
La fattura verrà inviata unitamente alla eventuale cessione di credito [...]"

The insurer has agreed to pay for the repairs as per a previous estimate, so as I understand it, the claimant has a credito with the insurer, which is transferred to the repairer, meaning that ultimately the repairer receives payment directly from the insurer (indeed, it later describes the carrozzeria convenzionata as the cessionaria del credito.

So, it is really the transfer of the right to expect payment from the insurer, which seems different from previous questions on this or similar terms. Any ideas how this would be expressed in English (British for preference)?

Thanks in advance.
James Stuart
United Kingdom
Local time: 13:35
Assignment of debt
Explanation:
Assignment of Debt – When a third-party is assigned a debt by a company (such as an invoice) with the intent of handling the debt on behalf of the company. See ‘Factoring’ and ‘Invoice Discounting’

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Note added at 7 hrs (2016-10-24 03:30:58 GMT)
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Assignment is simply the legal term for transferring legal rights in a contract, but it is crucial to understand from the outset that it relates to rights only and not responsibilities. The concept of transferring the burden of a contract is known as novation, whereas assignment relates to the transfer of the benefit of a contract.

http://www.darlingtons.com/blog/assignment-of-a-contract

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Note added at 17 hrs (2016-10-24 12:53:25 GMT)
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Hi James,

Looking at this sgain, it seems that the phrase you are looking for is Assignment of insurance benefits (rather than 'debt'), whereby the insurer pays the company/contractor carrying out the work directly rather than paying out the insurance benefit to the insured, who then pays the company/contractor.

Hope this helps!
Selected response from:

Ivana UK
United Kingdom
Local time: 13:35
Grading comment
Based on some feedback from the client, in this case we are talking about a document signed by the claimant that effectively transfers the credit they have with the insurance company to the repairer. As Ivan says, in more technical language, I believe this would be a case of "assigning the benefit" of the insurance policy.
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +4Credit transfer
Andrew Bramhall
5Assignment of debt
Ivana UK
3assignment of credit
Marco Solinas


Discussion entries: 3





  

Answers


12 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
assignment of credit


Explanation:
This should do it

Marco Solinas
Local time: 05:35
Native speaker of: Native in EnglishEnglish, Native in ItalianItalian
PRO pts in category: 24
Notes to answerer
Asker: Thanks Marco. Ideally I would have split the points for this. I went with Ivana's suggestion of "assignment of benefit (of the policy)" ... because it appears that this is (effectively) what they are talking about.

Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +4
Credit transfer


Explanation:
'cessione di credito 'is the transfer of credit; 'cessionaria del credito' is the transferee, the person or body from whom the transfer of credit/ money stems, i.e, in this case the authorised body repair shop is the transferee, or transferor of credit. So the body shop issues the credit, which falls to the insurer to pay.
That is my understanding; it's simply a credit transfer between the body repair shop and the insurer. I wouldn't call it ' assignment' as that implies a party being judged on their entitlement to credit, as that is slightly different than what the case is here..

Andrew Bramhall
United Kingdom
Local time: 13:35
Native speaker of: Native in EnglishEnglish
Notes to answerer
Asker: Thanks Oliver. Not my specialist subject, but as far as I can tell, based on feedback from the client, we are talking about an "assignment" of some sort of obligation to pay, in this case (at least part of) the benefit of the insurance policy.


Peer comments on this answer (and responses from the answerer)
agree  Peter Cox
2 hrs
  -> Thanks!
agree  Sabrina Bruna
9 hrs
agree  Giovanni Pizzati (X)
11 hrs
agree  Helen Pringle
12 hrs
Login to enter a peer comment (or grade)

4 hrs   confidence: Answerer confidence 5/5
Assignment of debt


Explanation:
Assignment of Debt – When a third-party is assigned a debt by a company (such as an invoice) with the intent of handling the debt on behalf of the company. See ‘Factoring’ and ‘Invoice Discounting’

--------------------------------------------------
Note added at 7 hrs (2016-10-24 03:30:58 GMT)
--------------------------------------------------

Assignment is simply the legal term for transferring legal rights in a contract, but it is crucial to understand from the outset that it relates to rights only and not responsibilities. The concept of transferring the burden of a contract is known as novation, whereas assignment relates to the transfer of the benefit of a contract.

http://www.darlingtons.com/blog/assignment-of-a-contract

--------------------------------------------------
Note added at 17 hrs (2016-10-24 12:53:25 GMT)
--------------------------------------------------

Hi James,

Looking at this sgain, it seems that the phrase you are looking for is Assignment of insurance benefits (rather than 'debt'), whereby the insurer pays the company/contractor carrying out the work directly rather than paying out the insurance benefit to the insured, who then pays the company/contractor.

Hope this helps!


    Reference: http://www.freshbusinessthinking.com/invoice-finance-glossar...
Ivana UK
United Kingdom
Local time: 13:35
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in ItalianItalian
PRO pts in category: 86
Grading comment
Based on some feedback from the client, in this case we are talking about a document signed by the claimant that effectively transfers the credit they have with the insurance company to the repairer. As Ivan says, in more technical language, I believe this would be a case of "assigning the benefit" of the insurance policy.
Login to enter a peer comment (or grade)



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