Effective Date
The effective date, also known as the inception date, is when an insurance policy becomes active and coverage begins.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Exclusion
An insurance exclusion is a provision in an insurance policy that specifically states certain risks, events, or circumstances that are not covered by the policy.
Exposure
In insurance, exposure refers to the possibility of loss or damage to something or someone that is covered by an insurance policy.
Foreign Insurer
A foreign insurer is an insurance company that is incorporated or formed in another state or country, but is authorized to do business in the state where it’s selling insurance.
Hazard
In insurance, a hazard is a condition or situation that increases the likelihood of a loss occurring or makes the loss more severe if it does occur.
Health insurance
Health insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses.