In reinsurance and insurance, monetary awards or settlements against an insurer for its alleged wrongful conduct to its insured, generally arising out of claims handling. Such payments required of an insurer to its insured are extra-contractual in that they are not covered in the underlying contract.
Tag: RAW
Extra-percentage tables method
System or plan for rating substandard insurance risks in which each substandard class is charged a premium rate that is a certain percentage above the standard premium rate.
Extraneous Perils
Perils covered by an “All Risks” policy on marine cargo other than navigation perils, e.g., negligence, short delivery, leakage.
Extraordinary heavy weather
A peril of the sea. Heavy weather may be normal in certain waters and should therefore be anticipated and guarded against. They are a certainty rather than a risk. For example, storms are a daily occurrence in the Strait of Magellan around the tip of South America. When they are of exceptional severity that could not have been anticipated they become a peril of the sea and therefore insurable.
Extraterritorial
A review done after claims of medical and financial records have been submitted by an insurance company or Medicare representative to investigate suspected fraudulent and abusive billing practices (retrospective review).
EXW (ex-works)
This indicates that the price of the goods in a contract of sale is their cost at the factory gate. The purchaser assumes responsibility for the goods from that point and pays all movement costs including insurance. The contract specifies if packing is included.
EY
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating there was no physician’s order for the item or service.F