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.
An Experience Modification Factor (commonly called Experience Mod or X-Mod) is a numerical rating factor used in Workers’ Compensation (WC) insurance in the United States to adjust an employer’s premium based on its historical loss (claims) experience compared to the industry average.
Experience rating is a method used by insurance companies to adjust insurance premiums based on the past loss experience of the insured.
In insurance, exposure refers to the possibility of loss or damage to something or someone that is covered by an insurance policy.
Extended term insurance is a non-forfeiture option available in some life insurance policies that allows the policyholder to use the cash value of their policy to purchase a term life insurance policy with the same death benefit as the original policy, but for a limited term.
Extra expense insurance is a type of coverage that helps businesses cover the additional costs they incur to continue operating after a covered loss, such as a fire, natural disaster, or other event that disrupts their normal operations.
Facultative insurance, also known as facultative reinsurance, is a type of reinsurance where the ceding company (the primary insurer) and the reinsurer negotiate coverage for individual risks on a case-by-case basis.
Fantasy Sports Prize Indemnity Insurance protects fantasy sports platforms, tournament organizers, or sponsors against the financial cost of paying high-value prizes when a rare player performance milestone or special contest outcome occurs.
A type of insurance that provides coverage for farms and agricultural businesses, including protection for property, liability, livestock, and crops.
A fidelity bond is a type of insurance that protects businesses from financial losses caused by dishonest or fraudulent acts committed by their employees.
Fire insurance is a type of property insurance that covers damage or loss to property caused by fire.
The initial notification to an insurance company that a loss has occurred.
First-party coverage is a type of insurance that protects the policyholder’s own property or person, rather than covering their liability for damages or injuries caused to others.
