Glossary

C
• Claim prescribing date
  The time limit for making a claim under an insurance policy.
F
• First notice of loss (FNOL)
  The first notice of loss (FONL) is the initial report made to an insurance provider following loss, theft, or damage of an insured asset. The first notice of loss (FNOL), also known as the first notification of loss, is normally the first step in the formal claims process lifecycle.
L
• Loss adjuster
  An insurance agent who assesses the amount of compensation that should be paid after a person made a claim on their insurance policy and recommends settlement options based on estimates of damage and insurance policies held.
R
• Reserve
  The part of the reserve of an insurance company to be absorbed from the initial reserve in any year in payment of losses.
S
• Settlements
  Making a settlement with the insurance company means that both the insured client and the insurance company agree to a payment amount, which is almost always less than the amount the client originally claimed.
T
• TP Liable
  Third-party insurance is an insurance policy purchased for protection against the claims of another.