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Glossary
General average : Insurance Glossary
A loss that arises from the reasonable sacrifice at a time of peril of any part of a ship or its cargo for the...
Freedom of services : Insurance Glossary
The right to provide services on a cross-border basis within the European Union (EU). The essential feature so far as the provision of insurance...
Freedom of establishment : Insurance Glossary
In the context of insurance the right of an insurer located in one member state of the European Union (“EU”) to sell insurance in...
Franchisee : Insurance Glossary
A managing agent.
Following underwriter : Insurance Glossary
An underwriter of a syndicate or an insurance company that agrees to accept a proportion of a given risk on terms set by another...
Fidelity insurance : Insurance Glossary
A type of insurance which is designed to protect a firm from losses caused by the dishonest acts of its employees.
Fee for service : Insurance Glossary
Where a broker is remunerated on the basis of a fee agreed with its client instead of brokerage. The benefit to the broker is...
Facultative/obligatory treaty : Insurance Glossary
A reinsurance contract which allows the reassured to select which risks of a given type are to be ceded to the reinsurer. The reinsurer...
Facultative risk : Insurance Glossary
A reinsurance risk that is placed by means of separately negotiated contract as opposed to one that is ceded under a reinsurance treaty.
External member : Insurance Glossary
A member who is not a working member or a nominated member.
Extended reporting period : Insurance Glossary
The period after the expiry of a claims made policy in which claims under that policy must be made if they are to be...
Exclusion : Insurance Glossary
A term in an insurance or reinsurance contract that excludes the insurer or reinsurer from liability for specified types of loss. An exclusion may...
Excess of loss : Insurance Glossary
A type of reinsurance that covers specified losses incurred by the reassured in excess of a stated amount (the excess) up to a higher...
Excess : Insurance Glossary
The amount or proportion of some or all losses arising under an insurance or reinsurance contract that is the insured or reassured must bear....
Ex gratia payment : Insurance Glossary
A payment made by underwriters “as a favour” or “out of kindness” without an admission of liability so as to maintain goodwill.
European Union/European Economic Area – definition of a risk : Insurance Glossary
A risk is deemed to be located in an European Union or European Economic Area member state if it is:
(a) a building (and its...
European Economic Area : Insurance Glossary
The member states of the European Union plus Norway, Iceland and Liechtenstein.
European Union : Insurance Glossary
The European Union is made up of 27 Member States: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland,...
Establishment business : Insurance Glossary
See freedom of establishment.
Freedom of establishment : Insurance Glossary
In the context of insurance the right of an insurer located in one member state of the European Union (“EU”) to sell insurance in...
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