A documents secured from a government, authorizing an export to export a specific quantity of a particular commodity to a certain country. An export license is often required if a government has place embargoes or other restrictions upon exports.
Insurance Encyclopedia
Export Trading Company
A corporation or other business unit organized and operated primarily for the purpose of exporting goods and services or of providing export related services to other companies.
Exposure
(i) The state of being subject to possibility of loss (ii) Hazard i.e., a condition which create the probability of loss or a condition or activity which increases the probable frequency or severity of loss. (iii) The measurable extent of risk. (iv) The possibility of loss to insured property caused by its surroundings.
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MEDICAL,USA: 1. State of being subject to the possibility of loss. 2. Number of insurance contracts subject to the chance of loss over a certain amount of time. This may be measured by participation in a group, ratio of female lives to total lives, ratio of male lives to total lives, or amounts at risk. 3. Condition of being subjected to extremes of weather or radiation, which may have a harmful effect.
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UK: A term used in two senses. 1. The state of being subject to the possibility of loss. 2. The extent of risk as measured by turnover, payroll, etc.
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Being in a situation that makes it possible to suffer a loss. This term can also mean the chance of a loss happening due to the area around the insured. Another possible meaning use of this term is in the context of an area around the insured that results in a loss to the insured.
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Degree of hazard threatening a risk because of external or internal physical conditions.
Exposure Analysis Questionnaire
A checklist that itemizes various losses to which an organization is exposed. Used in exposure identification.
Exposure Hazard
The extent to which property is subject to the possibility of a fire spreading from a nearby building.
Exposure in residence
Harm of a progressive nature from a latent substance within the body even after active exposure has ceased. In asbestosis and similar contexts, it is the period during which the body incurs injury or disease as tissue reacts to the hazardous substance. See LONG-TAIL BUSINESS; MESOTHELIOMA.
Exposure Loss
The possibility that a particular property or person may suffer loss from a particular peril; often referred to simply as “exposure.”
Exposure Rating
See: Rating
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To estimate proportion of the loss for the underlying policy that is expected in the entire portfolio. The primary reason for going for this type of rating approach is the general lack of credible risk data of exposures, premiums and claims with the insurer or in the entire market. To circumvent this limitation on a logical and systematic basis, the rating approach tries to correlate and extrapolate the data of similar risks for arriving at the rate. Usually the insurer identifies the most important identifiable risk factors which can produce a loss and the premium rating is done by giving different weightages to each of the identified risk factor. Then a basic rate is arrived at by taking the premium rate for similar risks in other markets and each of the identified factor is superimposed on this basic rate by giving a discount or applying loading based on the nature of the risk factor being rates. It is used where there is no (or insufficient) representative claims experience available to calculate the burning cost.
Exposure theory
A theory that equates the time of ‘occurrence’ of a ‘long-tail’ injury, such as asbestosis, with the time of exposure to the cause of the injury for the purpose of a losses-occurring policy, the cause meaning harmful working conditions and/or exposure to harmful substances. All insurers on risk during this exposure period are deemed to be liable for the resultant liability in proportion to their time on risk. Alternative occurrence theories include the manifestation theory; the injury-in-fact theory; and the triple trigger theory.
Exposure to loss
The extent to which losses can arise under Insurance Policy.