Earned Premium
Premium for which protection has been provided. When a premium is paid in advance for a policy period, the company 'earns'' a portion of that premium only as time elapses during that period.
Effective date
The date upon which the policy is put in force, the inception date
Employers liability
Legal liability imposed on an employer making him or her responsible to pay damages to an employee injured by the employer's negligence. Generally, replaced by 'workers compensation', which pays the employee whether the employer has been negligent or not.
Endorsement
A written amendment affecting the declarations, insuring agreements, exclusions, or conditions of an insurance policy: a rider.
Escalation
Provision for automatic increases on some defined basis in premiums and sums insured.
Estimated Maximum Loss (EML)
An expression used in fire, explosion and material damage policies only. An estimate of the monetary loss which could be sustained by insurers on a single risk as a result of a single fire or explosion considered by the underwriter to be within the realms of possibility.
Ex Gratia
A payment made where there is no legal liability
Excess (also refer Deductibles)
Agreed amount upto which no claim is paid under a policy.
Excess of loss reinsurance
A form of reinsurance whereby the reinsuring company reimburses the ceding company for the amount and only the amount of loss the ceding company suffers over and above an agreed aggregate sum in any one loss or in a number of losses arising out of any one event.
Exclusion
That which is expressly eliminated from the coverage of an insurance policy
Expense ratio
The proportionate relationship of an insurer's expenses to premium expressed as a percentage.
Extended coverage insurance
Protection for the insured against loss or damage of his property caused by windstorm, hail, smoke, explosion, riot, riot attending a strike, civil commotion, vehicle and aircraft: this is provided in conjunction with the fire insurance policy.
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