| |
| Earned Premium ... |
The portion of the total property and casualty premium which has been earned by the insurance company. This is determined by the amount of premium that applies to the expired portion of each underwritten policy. |
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| Earthquake Insurance ... |
| Insurance coverage that provides protection against earthquake damage to a structure, its contents or both. Usually available by endorsement or as a separate policy. |
| • • • • • |
| Effective Dates ... |
| The dates on the declarations page that denote when the coverage provided by the insurance policy will begin and end. (See also, In Force, Policy Period.) |
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| Electronic Data Processing Policy ... |
| Non-Filed Inland Marine policy coverage for computer hardware, software and data. It usually includes business interruption coverage, the extra expense involved in recovering what was insured and the liability arising out of handling or storing data for other entities. |
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| Employee Dishonesty Coverage Form ... |
| A Commercial Crime form that covers losses arising out of dishonest acts of employees. This coverage is excluded under other crime forms. |
| • • • • • |
| Employees as Insureds Endorsement ... |
| A Commercial Auto endorsement that provides liability coverage for employees driving their own vehicles in the conduct of business related activities. |
| • • • • • |
| Employers Liability Coverage ... |
| Coverage included in a Workers Compensation And Employers Liability policy that provides an employer liability at common law arising out of employee work-related injuries and occupational diseases. |
| • • • • • |
| Endorsement ... |
| A document that changes the original contract for insurance, which becomes a legal amendment to the insurance policy. (Compare, Rider.) |
| • • • • • |
| Errors and Omissions Insurance ... |
| Professional Liability coverage that protects the Insured against liability for making a mistake or forgetting something important in the performance of professional responsibilities. |
| • • • • • |
| Estimated Premium ... |
| Premium payment that is submitted with the application for insurance. It is based on an estimate of the actual premium. (See also, Deposit Premium). |
| • • • • • |
| Estopple ... |
| The forfeiture and removal of a right because it is inconsistent with a stated position. |
| • • • • • |
| Excess Insurance ... |
| When two or more policy coverages apply to the same loss, the coverage that applies after the primary insurance coverage limits have been reached. |
| • • • • • |
| Excess Limits ... |
| Policy coverage against losses in excess of a specified dollar amount. |
| • • • • • |
| Excess Lines Agent ... |
| Agent licensed by the state to handle placement of business with non-admitted insurers. (See Also, Surplus Lines Agent). |
| • • • • • |
| Exclusion ... |
| A provision in an insurance policy that specifies what locations, persons or properties are not insured. It also specifies what perils are not insured against for the locations, persons and properties that are insured. |
| • • • • • |
| Exclusive Agent ... |
| An insurance agent who markets and sells insurance policies for a specific insurance company. (See also, Captive Agent). |
| • • • • • |
| Exemplary Damages ... |
| Damages levied against a defendant intended to serve as an example to discourage similar misconduct from others. (See also, Punitive Damages.) |
| • • • • • |
| Expenses ... |
| An overhead cost incurred by an Insurance Company to investigate and settle loss claims. |
| • • • • • |
| Expense Ratio ... |
| The ratio of insurance company losses, including losses and adjusting expenses, to written premium. |
| • • • • • |
| Experience ... |
| The loss record of a particular Class of policies or a specific Insured policyholder. |
| • • • • • |
| Experience Modification Factor ... |
| The factor applied, in experience rating, to reduce the premium amount when the loss experience in the particular class of policies is better than anticipated. |
| • • • • • |
| Experience Rating ... |
| A merit rating that bases calculation of the policy premium on previous loss experience. (See also, Merit Rating.) |
| • • • • • |
| Expiration Date ... |
| The ending policy period date shown on the Declarations page that indicates the date when coverage stops at 00:00:01 in the morning. |
| • • • • • |
| Exposure ... |
| A measure of the loss potential or possibility of loss determined by inherent types of risk, their use and their surroundings. |
| • • • • • |
| Extended Coverage Insurance ... |
| An extension to a fire insurance policy that protects against damage caused by additional named perils. (See also, Additional Coverages). |
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