🗂️Class Rating

Setting premiums based on the average risk of a group.

🤝Coinsurance

A cost-sharing arrangement where the insured pays a percentage.

📊Combined Ratio

A measure of insurer profitability combining losses and expenses.

🔗Contingent Business Interruption

Coverage for losses due to disruption of a supplier or partner.

💳Copayment

A fixed amount paid by the insured for a covered service.

🛡️Coverage

The scope of protection provided by an insurance policy.

🔝Coverage Limit

The maximum amount an insurer will pay for a claim.

🌾Crop Insurance

Coverage that protects farmers against loss of crops.

🌾Crop Insurance Program

A government-backed program protecting farmers from crop losses.

💻Cyber Insurance

Coverage for losses from cyberattacks and data breaches.

💰Deductible

The amount the policyholder pays before insurance covers the rest.

🚫Deductible Waiver

An option that removes the deductible under certain conditions.

🏦Deposit Insurance

A guarantee protecting depositors if a bank fails.

💵Deposit Premium

An initial premium paid subject to later adjustment.

👔Directors and Officers Insurance

Coverage protecting corporate leaders from liability claims.

♿Disability Insurance

Coverage that replaces income if the insured cannot work.

✅Earned Premium

The portion of premium corresponding to elapsed coverage time.

🌍Earthquake Insurance

Coverage for damage caused by earthquakes.

👥Employment Practices Liability

Coverage for claims of wrongful employment practices.

✍️Endorsement

A written amendment that changes the terms of a policy.

📝Errors and Omissions

Coverage for mistakes or failures in professional services.

📝Errors and Omissions Insurance

Coverage for mistakes or failures in professional services.

🔝Excess of Loss

Reinsurance that covers losses above a specified retention.

🚫Exclusion

A specific condition not covered by an insurance policy.

📉Expense Ratio

The percentage of premiums used for administrative costs.

🔢Experience Modification Rate

A factor adjusting premiums based on an employer's claims history.

🎯Exposure

The extent to which an insured is subject to potential loss.

📏Exposure Unit

A measure used to determine premium based on risk quantity.

1️⃣Facultative Reinsurance

Reinsurance negotiated for individual risks.

🏠Fair Access to Insurance Requirements

A program providing property insurance in high-risk areas.