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Exposure to loss premium rating

Method of rating working cover excess of loss reinsurance treaties for property risks. The cedant’s portfolio is analysed according to sums insured in relation to the treaty deductible. Policies with sums insured below the deductible expose the reinsurer to no risk. A mathematical formula produces a rate of premium commensurate with the degree of exposure.

Exposure Unit

Unit of measurement used in insurance pricing.
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The number of exposure units used to determine the premium or pure premium for a policy or group of policies. Also, a unit such as a payroll, receipts, area, gate receipts, automobiles, etc. used to measure exposure.

Express authority

Authority granted to the agent by the insurer, by way of the agency agreement.
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Authority of an agent that is specifically granted by the insurer in the agency contract or agreement.
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Authority that is distinctly, plainly expressed, orally or in writing. The express authority of an insurance agent is given to the agent by the insurer in the contract they each sign. See Actual authority and Implied authority.
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MEDICAL,USA: Permission and authorization that an individual or an insurance company gives to an insurance agent.

Express conditions

Conditions expressly stated in the policy. They may be general conditions or particular conditions, i.e. ‘special conditions. The general conditions are printed on the policy and are common to all contracts on that form. They may reinforce implied conditions (e.g. non-disclosure), deal with alterations, claims procedures, etc. Particular conditions apply to matters affecting the individual policy and are applied by endorsement. In life insurance the general conditions include privileges such as loans and surrender values.

Express warranty

UK: A warranty incorporated in the policy requiring the insured to do or not to do something or stating that a certain state of affairs will or not be maintained. The Marine Insurance Act 1906, s.35(1), provides that an express warranty ‘may be in any form of words from which the intention to warrant is to be inferred’. Section 35(2) adds an express warranty must be included in, or written upon, the policy, or must be contained in some document incorporated by reference into the policy. Section 35(3) ‘An express warranty does not exclude an implied war ranty, unless it be inconsistent therewith.’
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This form of warranty is made overtly by an application with respect to the property insured. For example, an applicant might specifically warrant that the premises would be protected by watchman during the period of time the premises is not open for business. If the condition warranted is not carried out the insurer may be able to void the coverage in the event of loss.
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Warranty which is explicitly stated.