The amount of the premium that as been paid for in advance that has been "earned" by virtue of the fact that time has passed without claim. A three-year policy that has been paid in advance and is one year old would have only partly earned the premium.

The time which must pass after filing a claim before policyholder can collect insurance benefits. Also known as "waiting period."

Coverage against common law liability of an employer for accidents to employees, as distinguished from liability imposed by a workers' compensation law.

Items or conditions that are not covered by the general insurance contract.

The ratio of underwriting expenses (including commissions) to net premiums written. This ratio measures the company's operational efficiency in underwriting its book of business.

Measure of vulnerability to loss, usually expressed in dollars or units.

This option extends replacement cost loss settlement to personal property and to outdoor antennas, carpeting, domestic appliances, cloth awnings, and outdoor equipment, subject to limitations on certain kinds of personal property; includes inflation protection coverage.