1.1.1 Basic Insurance Terms

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Last updated 3:30 PM on 7/7/26
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10 Terms

1
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Premium

  • amount paid by the insured for insurance coverage

  • Written premium: The total premium of all policies issued during a specific period.

  • Earned premium: The portion of the written premium for which coverage has already been provided up to a specific point.

  • Unearned premium: The portion of the written premium for which coverage has not yet been provided.

  • In-force premium: The full-term premium for active policies as of a given point in time.

2
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Written premium

  • total premium of all policies issued during a specific period.

3
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Earned premium

  • portion of the written premium for which coverage has already been provided up to a specific point

4
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Unearned premium

  • portion of the written premium for which coverage has not yet been provided.

5
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In-force premium'

  • full-term premium for active policies as of a given point in time

6
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Exposure

  • basic unit of risk that underlies the insurance premium.

7
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Written exposure

  • The total exposures of all policies issued in a specific period.

8
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Earned exposure

  • The portion of written exposures for which coverage has already been provided.

9
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Unearned exposures

  • The portion of written exposures for which coverage has not yet been provided.

10
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In-force exposure

  • The number of insured units exposed to loss as of a certain date.