Glossary

Easement appurtenant exists when a property owner has a right to an adjacent property owned by another person.

An easement by prescription arises when one person uses another person's land for some time period during which the owner of the property does not object to the use of the property.

The "ecclesiastical exception," also known as the "ministerial exception," is a legal doctrine that exempts religious institutions from antidiscrimination laws with regard to their employment relationships with ministers.

Ecological risk assessment is the application of a formal framework, analytical process, or model to estimate the effects of human actions on a natural resource and to interpret the significance of those effects in light of the uncertainties identified in each component of the assessment process.

Economic capital is the market value of assets minus fair value of liabilities.

The economic cost of ruin (ECOR) is an enhancement to the probability of ruin concept (and thus shortfall risk) in which the severity of ruin is also reflected.

Economic damages are court awards to an injured persons in an amount sufficient to compensate for his or her actual monetary loss.

Economic loss doctrine is a legal principle that precludes recovery by an injured party for purely economic damages if there is no privity of contract with the tortfeasor.

Economic or use value is the value of the future income stream attributable to an item of property.

A corporate performance measure that stresses the ability to achieve returns above the firm's cost of capital.