The total amount of premiums for all exposures that the insurer can safely write in a given period. This figure is also restricted based on state regulations as well as the generally accepted accounting principles applicable to property-casualty (P&C) insurers. The insurer’s written premium to policyholder’s surplus is often calculated to ascertain this capacity. Reinsurance is frequently purchased to assist insurers in this area.

Insurers earn the premium paid for an insurance policy over the life of the policy. In other words, one-twelfth of an annual premium is earned each month. An unearned premium reserve is maintained on an insurer’s balance sheet to reflect the unearned premiums that would be returned to policyholders if all policies were canceled on the date the balance sheet was prepared.

A property loss control term referring to the maximum loss expected at a given location in the event of a fire at that location, expressed in dollars or as a percentage of total values.

A period from the policy date to a specified time, usually 15 to 30 days, during which no sickness coverage is effective. It is designed to eliminate a sickness actually contracted before the policy went into effect.
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MEDICAL, US: See: eligibility waiting period.

US: A term commonly used for an agent, broker, or other insurance representative who has responsibility for selling insurance.
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A term for a person who sells insurance; for example, an agent.
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A term identifying the insurance agent, field rep, or other employee who sells insurance.
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An Agent for an insurance company.

legal liability incurred by a manufacturer, merchant, or distributor because of injury or damage resulting from the use of its product.

An agreement by an insurance carrier to protect an insured against legal liability for damage by an insured automobile to the property of another.
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An insurance policy that pays for damage caused to the property of others, including cars, as a result of a motor vehicle accident. Property damage coverage is often mandatory.

US: A claims adjuster who represents the interests of an insured in a property loss. Public adjusters negotiate settlement of such claims with the insurer’s claim representative. Public adjusters are compensated with a percentage of the payable loss that they are able to secure for their clients (2 to 15 percent, depending upon the size and complexity of the claim). They are frequently retained in situations involving business interruption (BI) claims, which involve special expertise in the areas of accounting and insurance coverage analysis.
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An adjuster who represents the insured in settling a claim for loss covered by an insurance policy.
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An adjuster who works on a fee basis on behalf of an insured.
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An individual or member of a firm who contracts with private parties to aid with the preparation of loss statements and presentation to insurers. Contrast with Independent adjuster.

US: a court awarded amount that exceeds the economic losses and general damages of a defendant and is intended solely to punish the plaintiff
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An award for damages above and beyond the requirements for compensating third parties for injury or damage. As the word implies, the award is meant to punish the offender. Most states and territories do not permit punitive damages awards to be covered by liability insurance. When the award is against an insurer, it is usually related to the conduct of the insurer in the handling of a claim, and can arise in both first party and third party coverage situations.
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Damages levied to “punish” the defendant for acts of gross negligence or outrageous conduct, normally intentional, irrespective of the amount of actual or compensatory damages. Punitive damages are commonly levied on the basis of the amount of assets of the defendant. Also called “exemplary” damages.
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MEDICAL,USA: Reimbursement (award by a court) for damages because of gross negligence in handling a claim by an insurance company.