Glossary

An exposure survey is the act of preparing an inventory of the risks faced by an organization.

Express authority stipulates the rights and powers of an agent explicitly provided in the agency contract.

Expropriation is the nationalization or confiscation by a host country government of a multinational's assets (e.g., plant, inventory, or equipment).

Under a health insurance plan, extended benefits are those that continue or become payable after the termination of coverage from a plan or insurance policy—for example, a hospitalization that continues after coverage would normally cease.

An extended coverage (EC) endorsement to a standard fire policy adds coverage for the following perils: windstorm, hail, explosion (except of steam boilers), riot, civil commotion, aircraft, vehicles, and smoke. The EC perils are now included in a standard commercial property policy without the need for a separate endorsement.

The extended discovery period (EDP) is a provision of coverage in claims-made policies for claims brought against the insured following cancellation of the policy if the event(s) that caused the damage or injury occurred prior to the policy's cancellation.

An extended discovery provision is a clause that allows an insured to report (and ultimately receive coverage for) claims that are made against it after the expiration of a claims-made policy period.

An extended period of indemnity endorsement or option adds coverage under a business interruption policy for loss of income suffered during a specified period of time (e.g., 30, 60, or 90 days) after the damaged property has been repaired.

The extended reporting period (ERP) is the designated time period after a claims-made policy has expired during which a claim may be made and coverage triggered as if the claim had been made during the policy period.

Extended term insurance is a nonforfeiture provision in a whole life policy that uses cash value to purchase term insurance equal to the existing amount of life insurance.