Glossary

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. The benefits provided under workers compensation are the sole remedy available to injured employees. There are exceptions to this rule varying from state to state that do provide the employee with a legal venue. The failure to obtain and maintain insurance as well as willful negligence on the part of the employer are two types of such deviations.

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. The enforceability of an exculpatory clause may be restricted by common or statutory law or by legal precedent in a given jurisdiction.

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. Executive officers, like other employees, have insured status under the CGL policy of the organization, but unlike other employees, their insured status is not subject to the fellow employee exclusion.

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). Exempt motor carriers in interstate commerce are not subject to the same insurance filing requirements as common and contract carriers but are subject to the same safety regulations.

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.This can be considered the cost a company incurs to finance the risk of its continued existence. Not all business risks can be reasonably called "insurable," but XCOR provides a proxy for such a cost.

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