Glossary

Expiration is the termination date of an insurance contract.

An expiration file is a record kept by agents of policies that have expired or are about to expire.

An expiration notice is a written or electronic communication to the insured that coverage is about to expire.

The exportability of premium/risk refers to the percent of premium in a multinational insurance program that is allowed by each jurisdiction (country) to be exported from a local policy to a nonadmitted (master) policy.

Exporter's packages are intended for an insured whose primary foreign exposure is exported products.

Export and/or import embargo indemnity is coverage of loss that occurs when import restrictions imposed by the government of the buyer's country or an export embargo in the seller's country frustrates an overseas contract.

Exposure-in-residence theory is a legal theory, applicable in certain latent injury cases, holding that injury occurs continuously while the injurious substance is within the injured person's body.

Exposure refers to the state of being subject to loss because of some hazard or contingency.

The exposure base is the basis to which rates are applied to determine premium.

Exposure rating is a method of rating, usually applied to excess of loss reinsurance, under which the rate is determined based on an analysis of the exposure inherent in the business to be covered and not on the loss experience the business has demonstrated in the past.