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.
Insurance Encyclopedia
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 claim
A claim specifically not covered 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 Period
A period of time between the effective date of a Health Insurance policy, and the date coverage begins for all or certain physical conditions.
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.
Excludes 1
Word with number that is one of the conventions used in the diagnostic code book titled International Classification of Diseases, Tenth Revision, Clinical Modification (ICD-10-CM) . This indicates that the code excluded should never be used at the same time as the code above the Excludes 1 note. An Excludes 1 is when two conditions cannot occur together (e.g., congenital form versus acquired form of a condition). A note instructs the reader to go to another code for the excluded condition. This convention does not appear in the former ICD-9-CM code books.
Excludes 2
Word with number that is one of the conventions used in the diagnostic code book titled International Classification of Diseases, Tenth Revision, Clinical Modification (ICD-10-CM) . This note represents “Not included here” and indicates that the condition excluded is not part of the condition represented by the code, but a patient may have both conditions at the same time. When an Excludes 2 note appears under a code, it is acceptable to use both the code and the excluded code together. This convention does not appear in the former ICD-9-CM code books.
Excludes notes
Term (excludes) used in the International Classification of Diseases, Ninth Revision, Clinical Modification (ICD-9-CM) Tabular List, Volume 1, that refers to terms or conditions that are not included within the diagnostic code. These notes may further direct the coder to the correct diagnostic code assignment.