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Florida Insurance Glossary Terms "E"
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Earned Premium:  That portion of premium earned during an in force contract. When a contract ends, the
company retains the earned premium and returns to the policyholder the unearned premium.

Effective Date:  The date when the agreement becomes effective. All car insurance policies effective date
commences at 12:01 A.M. to ensure an orderly transition from one company to another.

Electronic Funds Transfer:  A convenient and automatic method of remitting premium. Retention usually
increases when this method of payment is utilized. Most will offer a
Florida car insurance quote with a discount for
this.

Emergency Road Service:  Optional, additional - it provides benefits when an automobile becomes disabled.
Exercising this benefit will result in a claim being submitted. This action can have an adverse impact on your rates.
Still, sometimes this option is not expensive is valuable.

Employers’ Non-Ownership Liability:  Provides coverage on a business auto policy when employees use
vehicles not owned by the company. Often, an employee will only have the
minimum coverage mandated by Florida
No Fault law. This does not provide for any bodily injury liability, which completely exposes the carrier to a lawsuit.

Endorsement:  A change to the initial agreement. Many different types of changes will result in a premium
adjustment which is applied pro-rata. If the garaging address changes from Tallahassee to a
car insurance policy
in Miami, the premium will increase but only for that period while in Miami.

Estimate:  A quote for insurance premium subject to change after review (underwriting) by the company. All car
insurance quotes are estimates until a policy is issued.

Examination Under Oath:  The company’s’ right to question the policyholder under oath after a loss. They have
the right to deny a claim if a policyholder does not cooperate.

Excess Insurance:  Pays after the limits of the initial contract is exhausted. The one pays first is called the
primary policy.
PIP protection is considered primary in Florida and is exhausted first before other medical coverage
is applied.

Excess or surplus lines market:  The variety of products available through companies that are not licensed in a
particular state where the insurance is transacted.

Exclusion:  A situation or event that is not covered. Understanding exactly what is, and, what is not covered will
help you at the time of an accident or loss.

Exclusive Agent:  An agent that represents one company.

Exclusive Agency System:  A company that distributes their products through exclusive agents.  

Expense Ratio:  The administrative expenses incurred when selling and servicing policies.  

Expiration Date:  The date which a policy and the insuring agreement end, usually six months or one year from
the effective date.

Experience:  The accumulated claims payout for a specific time period.

Exposure:  The risk associated with a policy.

Extended Non-Owner Liability:  An endorsement that broadens coverage to include non-owned vehicles.
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