Experience Rating
Experience rating is a method used by insurance companies to adjust insurance premiums based on the past loss experience of the insured.
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.
Exposure
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
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
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
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
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.
Farm Insurance
A type of insurance that provides coverage for farms and agricultural businesses, including protection for property, liability, livestock, and crops.
Fidelity Bond
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
Fire insurance is a type of property insurance that covers damage or loss to property caused by fire.
First Notice of Loss / Claim Intimation
The initial notification to an insurance company that a loss has occurred.
First-Party Coverage
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.
Flat Cancellation
A flat cancellation in insurance refers to the cancellation of a policy with no premium charge and a full refund to the policyholder, even though the policy was in effect for a period of time.
