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EARTHQUAKE
INSURANCE - Insurance
covering damage caused by an earthquake as defined in
the contract.
EFFECTIVE DATE
- The date on which an insurance policy or bond goes
into effect, and from which protection is furnished.
EMBEZZLEMENT
- The fraudulent use of money or
property, which has been entrusted to one's care.
EMPLOYERS LIABILITY
INSURANCE - Coverage
against common law liability of an employer for
accidents to employees, as distinguished from liability
imposed by a workers' compensation law.
ENDORSEMENT
- Amendment to the policy used to
add or delete coverage. Also referred to as a "rider."
ERRORS & OMISSIONS
INSURANCE - Insurance
covering the legal liability of professionals not
usually involved with the care of the human body such as
architects, engineers, accountants.
EXCESS INSURANCE
- Insurance which does not
participate until all other similar insurance on the
same subject is exhausted, or until the loss exceeds a
previously agreed upon amount. Where there are two
policies at risk and both contain a provision that they
are “excess to all other insurance,” the problem is
resolved by the general “guiding principles.” This is
usually interpreted so that each insurer contributes pro
rata to the loss.
EXCLUSIONS
- Certain causes and conditions,
listed in the policy, which are not covered.
EXPIRATION
- The date upon which a policy
will end.
EXPOSURE
- Degree of hazard threatening a
risk because of external or internal physical
conditions.
EXTENDED COVERAGE (EC)
- A common extension of property insurance beyond
coverage for fire and lightning. Extended coverage adds
insurance against loss by the perils of windstorm, hail,
explosion, riot and riot attending a strike (civil
commotion), aircraft damage, vehicle damage, smoke
damage and volcanic eruption. |
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