: Specific conditions, circumstances, or items that are explicitly not covered by the insurance policy.
: A fundamental principle requiring both the insurer and the insured to act with total honesty and disclose all material facts.
: Coverage primarily concerned with legal liability for injuries to others or damage to their property. Dictionary of Insurance Terms
: A measure of profitability for an insurer, calculated by dividing the sum of incurred losses and expenses by earned premiums.
: The right of an insurer to pursue a third party that caused an insurance loss to the insured. Essential Policy Components : Specific conditions, circumstances, or items that are
: A receipt for a premium payment that makes the policy effective from that date, provided the application is later approved.
: A requirement that the person buying insurance must suffer a financial loss if the insured event occurs. : A measure of profitability for an insurer,
Foundational concepts that govern the legal and ethical framework of insurance contracts: