What term refers to the types of losses or risks specifically not covered by an insurance policy?

The term that describes the types of losses or risks that are specifically not covered by an insurance policy is "exclusions." Exclusions are critical components of an insurance contract as they clearly outline what is not protected under the policy. This clarity helps policyholders understand potential gaps in their coverage and manage their expectations regarding claims. By defining exclusions, insurance companies limit their liability and risk management, allowing them to provide coverage for other perils.

The presence of exclusions in a policy is essential for both consumers and insurers, as it delineates the boundaries of coverage, ensuring that policyholders are aware of risks they must address through other means, such as additional coverage or alternative insurance products. Understanding exclusions is vital for public adjusters when advising clients on their insurance options and navigating claims processes.