🔐Fidelity Bond

Coverage protecting against dishonest acts by employees.

1️⃣First Party

The policyholder or insured person in an insurance contract.

🌊Float

The time between premium collection and claim payment.

🌊Flood Insurance

Coverage specifically for flood damage, often separate from homeowners.

🚨Fraud

Intentional deception to obtain insurance benefits illegally.

🎭Fronting

An arrangement where one insurer issues a policy and cedes most risk.

⏳Grace Period

A set time after a due date before coverage lapses.

💰Gross Premium

The total premium paid by the policyholder including expenses.

👥Group Insurance

Coverage provided to a group of people under one policy.

🏥Health Insurance

Coverage that pays for medical expenses.

🏠Homeowners Insurance

Coverage that protects a home and its contents from damage.

🏦IBNR Reserve

Funds set aside for incurred but not reported claims.

⏳Incurred But Not Reported

Claims that have occurred but have not yet been reported to the insurer.

📉Incurred Loss

The total amount of losses a policyholder has experienced.

💵Indemnity

Compensation for loss or damage provided by an insurer.

🛡️Insurance Guaranty Fund

A fund protecting policyholders if an insurer becomes insolvent.

🏊Insurance Pool

A group of insurers sharing risks too large for one company.

🏢Insurer

A company that provides insurance coverage in exchange for premiums.

📈Investment Income

Earnings from investing premiums before claims are paid.

🤝Joint Underwriting Association

An entity providing coverage when the market will not.

🧠Judgment Rating

Setting premiums based on the underwriter's experience and judgment.

🔑Key Person Insurance

Coverage protecting a business from the loss of a key employee.

⛔Lapse

The termination of a policy due to nonpayment of premiums.

⚖️Liability Insurance

Coverage that protects against claims of negligence or harm.

📐Loss Adjuster

An expert who assesses the value of a claim.

🔍Loss Adjustment Expense

Costs incurred by an insurer to investigate and settle claims.

💵Loss Cost

The portion of a premium expected to cover claims.

📉Loss Ratio

The ratio of claims paid to premiums collected.

📉Loss Ratio Method

A rating approach using historical loss ratios to set premiums.

🏦Loss Reserve

Funds an insurer sets aside to cover estimated future claims.