Earned Premium: The amount of premium that has been used for certain periods of time
Earth Movement or Earthquake Exclusion: An exclusion found in most property insurance policies eliminating coverage for earth movement or earthquake, except ensuing fire
Effective Date: The date on which an insurance binder or policy goes into effect
Electrical Damage or Injury Exclusion: An exclusion usually contained in property insurance policies eliminating coverage for damage to electrical appliances caused by artificially generated currents, except for ensuing fire or explosion
Employee Dishonesty Coverage: Coverage for theft of money, securities or property by an employee
Employee Leasing: A staffing method which an employee leasing company provides all or most of its client's employees
Employers Excess Indemnity Insurance: Insurance coverage purchased by employers that do not subscribe to the Texas Workers' Compensation law
Employers Liability Coverage: Part 2 of the Workers' Compensation policy which pays on behalf of the employer all sums that the employer becomes legally obligated to pay because of bodily injury by accident or disease sustained by any employee of the insured arising out of and in the course of his employment by the insured
Employment Practices Liability Insurance: A form of liability insurance covering wrongful acts arising from employment practices such as wrongful termination, discrimination and sexual harassment
Endorsement: A document attached to an insurance policy that changes the original policy provisions
Equipment Floater: A property insurance coverage for equipment that is often moved from place to place
Estimated Premium: A preliminary premium amount that could be adjusted based on a variance in exposures
Evidence of Insurability: Any statement or proof of a person's physical condition, occupation, etc., affecting acceptance of the applicant for insurance.
Excess and Surplus Lines Insurance: Coverage that is provided by insurers not licensed in the states where the risk is located
Excess Liability Policy: A policy that provides additional limits in excess of an underlying liability policy
Exclusions: Specified hazards listed in a policy for which benefits will not be paid.
Expected or Intended: An exclusion for injury or damage that is expected or intended
Expediting Expense Coverage: Coverage providing reimbursement of expenses for temporary repairs and costs incurred to speed up the permanent repair or replacement of covered property or equipment
Expense Constant: A small flat expense charged to Workers' Compensation policies
Experience Modifier: A debit or credit factor developed by measuring the difference between the insured's actual past experience and the expected or actual experience of the class of business
Expiration: The ending date of an insurance policy
Exposure Base: The basis of rates that are applied to determine premium. Some exposures may be measured by payroll, receipts, sales, square footage, area, man-hours or per unit
Extra Expense Coverage: Coverage for reimbursement of expenses in excess of normal operating expenses that are incurred to continue operations after a direct damage loss
Extraterritorial Coverage: The coverage for extending workers' compensation law to provide benefits for workers hired in one state but injured while working in another state
Abandonment: As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for repair or disposal.
Accelerated Benefits Rider: An adjustment (rider) to a life insurance policy that allows for the early payment of some portion of the policy's face amount should the insured suffer from a terminal illness or injury.
Accidental Death Benefit Rider: An adjustment (rider) to a life insurance policy that provides for payment of an additional cash benefit when death occurs by accidental means. This amount depends on the value of the policy.
Accidental Death Insurance: An Insurance poicy that provides payment if the insured's death occurs as a results from an accident.
Accounts Receivable Coverage: Covers loss of sums owed to the insured by its customers that are uncollectible due to damage by an insured peril to accounts receivable records
Actual Cash Value (ACV): Cost to repair or replace damaged property with materials of like kind and quality, less depreciation
Additional Insured: A person or organization for whom insured status is arranged by endorsement
Advertising Injury: General liability coverage that insures against libel, slander, invasion of privacy, copyright infringement and misappropriation of advertising in connection with the insured's advertising of its goods or services
Agent: An authorized representative of an insurance company.
Aggregate: The maximum amount an insurance company will pay during the policy
All Risk Coverage: Property insurance covering loss arising from all causes of loss except those that are specifically excluded
Annually Renewable Term: Term insurance that provides coverage for one year and allows the policy owner to renew his or her coverage each year.
Application: A form with the information needed for an insurance company to underwrite and rate a specific policy
Assignment Assignment: The transfer of ownership of a Life Insurance policy from one person to another.
Attained Age: Your current age. Your attained age is a factors life insurance companies use to determine premiums.
Audit: A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums
Automobile: A land motor vehicle, trailer or semi-trailer designed for travel on public roads, not including 'mobile equipment'