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Financial

Simple definitions of common financial and loss-related terms.

Terms  

Direct Financial Loss

The actual monetary loss directly caused by a covered cyber event.

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Insurance Premium

Insurance Premium is the amount paid by the insured to the insurer in exchange for coverage under the policy for a specified period.

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Loss

Loss is the financial harm, damage, or liability incurred by an insured.

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Loss of Income

Loss of Income is a reduction in business earnings or revenue.

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Loss of Profits

Shortfall in expected profits.

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Quantified Loss

Quantified Loss is the financial loss calculated using documented methodologies and supporting evidence, expressed in specific dollar amounts.

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Sum Insured

Sum Insured is the maximum amount an insurer will pay under a policy for an insured event.

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Underinsurance

Underinsurance is when the sum insured is less than the actual value at risk.

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© 2026 upcover Pty Ltd ABN 17 628 197 437, Corporate Authorised Representative (CAR 1299211) of Experience Insurance Services Pty Ltd ABN 41 657 596 506, AFSL 539078. upcover arranges insurance products with selected insurers and underwriters. upcover does not compare all general insurers or insurance products available in the market.

The information contained on this website is general advice only and has been prepared without taking into account your individual needs, objectives and financial situation. It should not be relied upon as advice. All insurance products are subject to the terms, conditions, limits and exclusions contained in the relevant policy wording and Product Disclosure Statement.  Before deciding whether a particular insurance product is right for you, please consider your personal circumstances and read the relevant Product Disclosure Statement, Target Market Determination, Policy Wording, and Financial Services Guide.