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Insurance Glossary E

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Earned premium

The amount of policy premium that has been earned at any point in time from inception of term to the end. A disproportionate amount will have been "earned" during the early days of contract that is subject to short rate cancellation. 

 
Effective date

The date shown in the declarations of policy upon which coverage is to take effect. 

 
Employee dishonesty coverage

Insurance protecting employers from loss due to theft by their employees. 

 
Employers liability insurance

A feature of standard workers compensation policies, this coverage applies to liability that may be imposed on an employer outside the provisions of a worker compensation law. 

 
Employers non-ownership liability

Employers who buy commercial auto coverage on a basis other than "any auto" have this exposure whenever an employee uses his or her own auto on the employer’s behalf. 

 
Employment practices liability

Coverage against allegations of illegal or discriminatory hiring firing practices, sexual harassment of employees, an so on. 

 
Endorsement

A written attachment to an insurance policy that alters the policy’s coverage, terms, or conditions.  Also called a rider. 

 
Errors and omissions coverage

A type of professional liability insurance protecting the insured against claims alleging bodily injury or property damage caused by the professional or technical incompetence of the insured. 

 
Excess insurance

Coverage that applies on top of underlying insurance that is primary, i.e., that pays until its coverage limit is exhausted at which point that excess coverage takes over. 

 
Excess or surplus lines market

The range of insurance available through non-admitted insurers, i.e., insurance companies that are not licensed in a particular state or territory. Specific provisions of state or territorial law control placements. 

 
Exclusion

Conditions or situations which are not covered by the insurance policy. 

 
Experience

A record of losses. 

 
Experience modification

The rising or lowering of premiums under term of an experience rating plan. 

 
Extended period of indemnity

A time of recovery of proved business income loss after physical property is restored and business reopened. The 30-day extension of business income forms may be extended by endorsement. 

 
Extended transportation expense

Pays for the use of rental vehicle while your damaged auto is being repaired. 

 

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