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.
Event insurance is a type of insurance that provides coverage for losses or liabilities associated with the organization and hosting of events, such as conferences, festivals, weddings, concerts, and sporting events. It helps protect event organizers, vendors, and participants from financial losses due to unexpected events, accidents, or cancellations.
Insurance Glossary Before you begin reading, please note: The term Excess and Surplus (E&S) Lines Insurance is specific to the United States insurance market.It refers to coverage offered by insurers that are not licensed (non-admitted) in a particular state but are legally allowed to write policies for risks that the regular or admitted market cannot…
Excess insurance, also known as excess liability insurance, is a type of insurance that provides coverage above and beyond the limits of an underlying insurance policy.
The expense ratio is a key metric used to assess the efficiency and profitability of an insurance company.
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.
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.
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.
