Earned Premium  :: For an insurance policy, the part of the premium that relates to an expired period of cover. 

 

Economic Loss :: Total financial loss resulting from the death or disability of a wage earner, or from the destruction of property. Includes the loss of earnings, medical expenses, funeral expenses, the cost of restoring or replacing property, and legal expenses. It does not include non economic losses, such as pain caused by an injury.

 

Electronic Data Interchange (EDI)  :: Method by which companies or people communicate with their banks, clients and suppliers using computers. 

 

Embezzlement  :: Fraudulent use or taking of another’s property or money which has been entrusted to one’s care. 

 

Employment Practices liability Coverage :: Liability insurance for employers that covers wrongful termination discrimination, or sexual harassment toward the insureds employees or former employees.

 

Endorsement :: A written amendment affecting the declarations, insuring agreements, exclusions, or conditions of an insurance policy: a rider.

 

Environmental Impairment Liability Coverage :: A form of insurance designed to cover losses and liabilities arising from damage to property caused by pollution.

 

Errors and Omissions Insurance (E & O Insurance)  :: Insurance that covers liability for errors and omissions, such as incorrect records or accounting. 

 

Estimated Maximum Loss (EML)  :: Used in fire, explosion and material damage insurance policies, it is an estimate of the monetary loss that could be sustained on a single risk as a result of a single perils, which is considered by the underwriters to be possible. 

 

Excess of loss  :: In reinsurance, an agreement that requires the reinsurer to bear any loss over a certain stated amount. 

 

Excess  :: Amount of any loss that is not included in the cover provided (e.g. a loss falling below the excess is not a claim). A deductible on the other hand eats into the cover. This difference only really matters where there is an upper limit on the amount of cover such as reinstatements or an annual aggregate. 

 

Exchange Gain  :: Profit made by an importer if there is an favorable change in the exchange rate. 

 

Exchange Loss  :: Loss made by an importer if there is an unfavorable changes in the exchange rate. 

 

Exgratia Payment  :: In insurance, a payment made to settle an issue(such as an insurance claim) but without admitting liability.

 

Expense Ratio  :: The ratio of a company’s operating expenses including acquision costs to premiums written or earned. 

 

Extended Reporting Period Endorsement  :: Added to a claims-made policy of liability insurance to provide the original amount of insurance for a limited period of time.