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Exchange program

System that lets a proposed insured who is replacing a policy to obtain a new policy with little or no evidence of insurability if this was recently established by the company that issued the original policy.

Exchange-traded contracts

Standardised instruments that are bought and sold on a recognised exchange such as the London International Financial Futures and Options Exchange (LIFFE) which launched LIFFE weather futures products, a standardised weather derivative contract, in 2001. These overthe-counter contracts are available to weather-sensitive companies wishing to hedge against the weather risk.

Excise Bonds

A contract of fidelity guarantee guarantees that if the employer suffers any direct financial loss arising out of dishonesty, default, embezzlement, forgery, fraud, larceny on the part of the employee(s) insured, the Insurers shall indemnify the said loss to the employer within the limitations prescribed by the Policy.

Excluded driver endorsement

An endorsement to an automobile policy offered by a carrier for a driver with violations on his driving record. Some states require carriers to offer such exclusion upon renewal for any new violations. Some carriers allow a voluntary exclusion, where an insured can request an individual to be excluded from the policy. Once an individual is excluded from a policy, there is no coverage of any sort if the individual drives the vehicle and has an accident.

Excluded form of loss

Exclusion of a particular form or type of loss rather than a risk, e.g. fire damage to property undergoing a heating process is excluded. The risk of further damage is not excluded as the insurer will be liable for damage caused by the fire as it spreads. A public liability policy excludes liability for damage to property the insured is working on but does not exclude losses that flow from the initial damage.

Excluded service

Benefit not covered by Medicare such as routine physical examination, eye examination, foot care, eyeglasses, hearing aids, immunizations not related to injury or immediate risk of infection, cosmetic surgery not related to an illness or injury, custodial care, personal comfort items, and procedure not reasonable and necessary for diagnosing and treating an illness or injury.