Definition and meaning of Hard Market :

Hard Market: That part of the insurance sales cycle in which competitive pricing is at a minimum as companies charge the premiums necessary to meet their underwriting losses in order to avoid insolvency and boost capacity; usually associated with a sharp decline in capacity (see "Soft market").

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Hard Market , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - H

Definition and meaning of Guaranteed Purchase Option :

Guaranteed Purchase Option: Benefit that can be added to a life insurance policy permitting the issured to purchase additional amounts of life insurance at specified times in the future without requiring evidence of insurability.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Guaranteed Purchase Option , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - G

Definition and meaning of Guaranteed Investment Contract :

Guaranteed Investment Contract: An investment contract with an insurer in which the insurer guarantees both principal and interest on a pension contribution.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Guaranteed Renewable :

Guaranteed Renewable: A contract that the insured has the right to continue in force by the timely payment of premiums (1) until at least age 50 or (2) in the case of a policy issued after age 44 for at least five years from its date of issue, during which period the insurer has no right to make unilaterally any change in any provision of the contract while the contract is in force, except that the insurer may make changes in premium rate by classes.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Guaranteed Renewable , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - G

Definition and meaning of Guaranteed Renewable Contract :

Guaranteed Renewable Contract: A contract that the insured person or entity has the right to continue in force by the timely payment of premiums for a substantial period of time, during which period the insurer has no right to make unilaterally any change in any provision of the contract, while the contract is in force, other than a change in the premium rate for classes of policyholders.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Guaranty Fund :

Guaranty Fund: A fund, derived from assessments against solvent insurance companies, to absorb losses of claimants against insolvent insurance companies.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Guaranty Fund , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - G

Definition and meaning of Guaranteed Renewable Contract :

Guaranteed Renewable Contract: A health policy which the company guarantees to renew for life or until the insured reaches a specified age, usually 65.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Guaranteed Renewable Contract , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - G

Definition and meaning of Gross Negligence :

Gross Negligence: the intentional failure to perform a manifest duty in reckless disregard of the consequences as affecting the life or property of another

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Gross Negligence , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - G

Definition and meaning of Gross estate :

Gross estate: All of the assets and liabilities owned at death.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Gross estate , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - G

Definition and meaning of Experience Rating :

Experience Rating: The process of determining the premium rate for a group risk, wholly or partially on the basis of that group's experience.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Experience Rating , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Experience Modification Factor :

Experience Modification Factor: Used in workers compensation rating to reflect the degree to which a particular employer has experience that is better or worse that expected for that industry. Weighted by employer's credibility factor.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Experience Modification Factor , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Experience Refund :

Experience Refund: A provision in most group policies for the return of premium to the policyholder because of lower than anticipated claims.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Experience Refund , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Exposure Unit :

Exposure Unit: Unit of measurement used in insurance pricing.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Extended Nonowned Coverage :

Extended Nonowned Coverage: Endorsement that can be added to an automobile liability insurance policy that covers the insured while driving any nonowned automobile on a regular basis.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Extended Coverage Insurance :

Extended Coverage Insurance: Protection for the insured against property damage caused by windstorm, hail, smoke, explosion, riot, riot attending a strike, civil commotion, vehicle and aircraft. This is provided in conjunction with the fire insurance policy and the various "package" policies.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Extended Coverage Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Experience :

Experience: A term used to describe the relationship, usually expressed as a percent or ratio, of premium to claims for a plan, coverage, or benefits for a stated time period.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Experience , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Expense Ratio :

Expense Ratio: The ratio of a company's operating expenses to premiums.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Exclusive Provider Organization, EPO :

Exclusive Provider Organization (EPO): People who belong to an EPO must receive their care from affiliated providers; services rendered by unaffiliated providers are not reimbursed.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Exclusive Provider Organization, EPO , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Exclusive Agent :

Exclusive Agent: An agent who is employed by one and only one insurance company and who solicits business exclusively for that company.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Exclusive Agent , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Exclusive Remedy Doctrine :

Exclusive Remedy Doctrine: Doctrine in workers compensation insurance which states that workers compensation benefits should be the exclusive or sole source of recovery for workers who have a job-related accident or disease; doctrine has been eroded by legal decisions.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Exclusive Remedy Doctrine , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Expected claim cost :

Expected claim cost:  the expected value of the loss distribution for a particular group of insurance contracts

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Expected claim cost , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Expense Loading :

Expense Loading: See Loading.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Expense Loading , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E