(2) The extent of exposure to loss as measured by payroll, receipts, area, etc. Most common is on workers' compensation coverage.ĮXPERIENCE RATING – Determination of the premium rate for an individual risk partially or wholly on the basis of that risk's own experience.ĮXPIRATION DATE – The date on which the insurance contract terminates.ĮXPLOSION INSURANCE – Insurance against loss of property caused by explosion does not cover explosion of steam boilers, pipes, or certain kinds or pressure vessels.ĮXPOSURE – (1) The state of being exposed to the chance of loss. Many of the exclusions can be removed by endorsement.ĮXEMPLARY DAMAGES – (See also PUNITIVE DAMAGES)ĮX GRATIA PAYMENT – A payment made by an insurer for which the insurer is not liable under the terms of the policy.ĮXPEDITING EXPENSE –Expenditures to speed the repair of damaged property in order to resume operations more quickly.ĮXPENSE LOADING – That part of the premium rate the purpose of which is to take provision for meeting the expenses of the insurer.ĮXPENSE RATIO – The ratio of the insurer's expenses to premiums.ĮXPERIENCE – Classified statistics of events connected with insurance, of outgo, or of income, actual or estimated.ĮXPERIENCE MODIFIER – Premium adjustment factor based on past experience of the insured by class of coverage. There mayor may not be other insurance for losses less than this specified amount.ĮXCLUSION – A part of the insurance policy that refers to hazards, circumstances or property not covered by the policy. For example, an insurer may be estopped from refusing a claim that happened after expiration of the policy if the insurer or his agent acted in some way as though the policy would be renewed.ĮXCESS INSURANCE – Insurance in excess of a specified amount.
An endorsement supersedes the printed policy text and if two endorsements contradict each other, the one with the latest date prevails.ĮNDOWMENT – A life insurance contract providing for the payment of the face amount of the policy at a specific age, at the end of a specified period, or upon the death of the insured.ĮQUITY – The value of property owned in excess of the indebtedness against it.ĮRRORS AND OMISSIONS INSURANCE – Insurance against loss due to failure, through error or unintentional omission.ĮSTOPPEL – Being stopped from asserting a right because of misleading conduct upon which another party relied. It diminishes the interest of the person owning the property.ĮNDORSEMENT – An amendment in writing added to and made a part of the insurance policy to modify the policy.
Public agencies are currently (2/81) excluded from the act.ĮMPLOYERS LIABILITY INSURANCE – Insurance against loss due to claims for damages by employees for bodily injuries, including death, and excludes liability under workers' compensation law.ĮNCUMBRANCE – Any outside interest in, or right to, property founded on legal grounds e.g., mortgage, lien for work and materials, or a right of dower.
EARNED PREMIUM – That part of the premium paid which covers the portion of time for which protection has been furnished.ĮFFECTIVE DATE – The date on which a contract goes into effect and from which time protection is afforded.ĮLECTRICAL EXEMPTION CLAUSE – A clause attached to a fire insurance policy stating that, in the event of electrical injury or disturbance to electrical appliances (including wiring) caused by artificially generated electrical currents the insurer shall be liable only if fire ensues and then for the damage by fire only.ĮLEVATOR LIABILITY INSURANCE – Insurance against loss due to claims for damages arising out of the ownership, maintenance, or use of elevators or other hoisting devices.ĮMBEZZLE – To fraudulently appropriate money or property in one's care.ĮMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (ERISA) – A Federal act imposing obligations on employers having employee benefit plans.
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