Glossary

Embezzlement
Fraudulent use or taking of another's property or money which has been entrusted to one's care.

Excess and surplus insurance
1) Insurance to cover losses above a certain amount, with losses below that amount usually covered by a regular policy.
2) Insurance to cover an unusual or one-time risk, e.g., damage to a musician's hands or the multiple perils of a convention, for which coverage is unavailable in the normal market.

Exclusions
Specific conditions or circumstances for which the policy will not provide benefits.

Earned Premium
The part of the total insurance policy premium which applies to the portion of the policy period which has already expired.

Effective date
The date on which the insurance under a policy begins.

Endorsement
An amendment of the policy usually by means of issuance of an additional document.