Glossary

The excess loss premium (ELP) factor is a factor used to calculate the charge to an insured under a retrospective rating plan to limit individual losses to a specified level.

Excess of loss occurs when the reinsurance limit attaches above a per occurrence or aggregate limit.

Excess of loss reinsurance is a form of reinsurance that indemnifies the ceding company for the portion of a loss that exceeds its own retention.

Excess per risk reinsurance indemnifies the ceding company against the amount excess of the specified retention with respect to each risk involved in each occurrence.

The excess point is the dollar attachment point for the reinsurer.

Excess workers compensation insurance is a type of coverage available for risks that choose to self-insure the majority of workers compensation loss exposures.

Exchange transfer embargo indemnity is insurance on the transfer risks created when an overseas sale by the insured is paid in the currency of the buyer's country and the payment is deposited to the insured's account in the buyer's country.

An exclusion is a provision of an insurance policy or bond referring to hazards, perils, circumstances, or property not covered by the policy.

An exclusive agency system is an insurance distribution system through which agents represent only one company or a group of companies under similar management.

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.