Glossary

Exclusive remedy is a component of workers compensation statutes that bars employees injured on the job from making a tort liability claim against their employers.

An exculpatory clause is a provision in a contract that relieves one party of all liability to the other in connection with the performance of the contract.

As defined in the standard commercial general liability (CGL) policy, an executive officer is a person holding any of the officer positions created by the named insured organization's governing document.

The executor is the fiduciary specified by a will to settle a deceased's given estate.

Exemplary damages are damages in excess of that amount needed to compensate for the plaintiff's injury and are awarded to punish the defendant for malicious or wanton conduct.

An exempt motor carrier is a "for-hire" motor carrier that is exempt from economic regulation because of commodities being hauled (e.g., ordinary livestock or agricultural commodities).

Exhibitor insurance provides a variety of coverages for those who exhibit at trade shows, craft fairs, and other events, including general liability, property on exhibit (including while in transit to and from shows), and cancellation insurance.

Existential cost of risk (XCOR) is the "premium" that would be charged by an insurer if a company insured all of its risk exposures.

An expatriate is a person living and working in a country other than their own homeland.

The expected loss (EL) is the estimated loss frequency multiplied by estimated loss severity and summed for all exposures.