What term describes losses for which the insured is not covered?

The term that describes losses for which the insured is not covered is "exclusions." In an insurance policy, exclusions are specific conditions or circumstances for which the policy will not provide benefits. They delineate what is not covered, ensuring both the insurer and the insured have a clear understanding of the limits of coverage. For instance, a common exclusion might be flood damage in a standard homeowners insurance policy. By clearly outlining exclusions, the policy helps to manage expectations and avoid disputes about coverage.

The other terms do not convey the same meaning. Conditions generally refer to the obligations or requirements that both the insurer and insured must follow for the policy to be valid; provisions detail specific aspects of the insurance agreement; and parameters typically relate to limits or guidelines rather than exclusions from coverage. Understanding exclusions is crucial for policyholders to comprehend the full scope of their coverage and to avoid surprises when they file a claim.