ESTIMATION OF RISK - an analysis of circumstances that fully characterize the risk based on complete information provided. Risk assessment is carried out both before signing an insurance contract and after the occurrence of an insurance event.
EXCESS (SURPLUS) - the remaining amount of insurance coverage that is formed above the deductible of the insurer or reinsurer and is fully transferred to reinsurance.
EXCESS OF LOSS RATIO - a non-proportional reinsurance agreement that allows an insurance company to protect itself against certain types of insurance if the overall consequences of conducting insurance business exceed the loss ratio considered when determining premiums for insurance contracts.
EXCESS OF LOSS - a non-proportional reinsurance agreement used by insurers to protect against large and unpredictable losses. It comes into effect when the amount of loss resulting from an insurance event or a series of such events that occurred in one occurrence exceeds the amount specified in the contract (priority).
EXCESS OF LOSS REINSURANCE - an ancient and most important form of proportional reinsurance. It is used in cases where the risks accepted for insurance vary greatly in terms of insured amounts. Excess of loss reinsurance helps achieve the necessary balance of the cedent's insurance portfolio. It is most commonly used in fire, natural disaster, theft, accident, and life insurance.
EXCESS OF SUM - an excess reinsurance agreement. According to its terms, all risks accepted for insurance, the sum insured of which exceeds the cedent's retention, are subject to transfer to reinsurance within a defined limit or excess.
EXTRAORDINARY EVENT - circumstances that occur in a specific territory as a result of a natural disaster, catastrophe, accident, or other disaster that results in human casualties, environmental damage, disruption of normal living and working conditions. Depending on the causes of events that may lead to an extraordinary event in Ukraine, the following are distinguished: technogenic extraordinary events - transport accidents (disasters), fires, explosions, accidents involving the release (threat of release) of hazardous and harmful chemicals and radioactive substances, sudden destruction of structures; accidents in power systems, life support systems, communication and telecommunications systems, wastewater treatment facilities, oil and gas industry systems, hydrodynamic accidents, etc.; natural extraordinary events - dangerous geological, meteorological, hydrological phenomena, degradation of soils or subsoils, fires in natural ecological systems, changes in the state of the air basin, infectious diseases and mass poisoning of people, infectious diseases of domestic animals, particularly agricultural animals, mass mortality of wildlife, damage to agricultural crops by diseases and pests, etc.; socio-political extraordinary events related to illegal actions of a terrorist and anti-constitutional nature: armed attacks, seizure and forcible retention of important objects or a real threat of such actions; armed attacks, seizure and forcible retention of nuclear power plants or other nuclear energy facilities or a real threat of such actions; assassination attempts on the lives of state leaders and members of the Verkhovna Rada of Ukraine; attacks, assassination attempts on the lives of crew members of aircraft or maritime (river) vessels, hijacking (attempted hijacking), destruction (attempted destruction) of such vessels; hostage-taking among crew members or passengers, placement of explosive devices in crowded places, institutions, organizations, enterprises, residential areas, transportation; disappearance or theft of weapons and dangerous substances from storage facilities, use, processing and during transportation; discovery of obsolete ammunition, accidents at arsenals, ammunition depots and other military facilities resulting in the release of fragments, reactive and conventional shells, accidents involving people, etc.; military extraordinary events associated with the consequences of the use of conventional weapons or weapons of mass destruction, during which secondary factors affecting the population arise, as determined by separate regulatory documents.
ESTIMATION OF RIS - an analysis of circumstances that fully characterize the risk based on complete information provided. Risk assessment is carried out both before signing an insurance contract and after the occurrence of an insurance event.
EXPIRY DATE - the date when the coverage of the policy ends. It does not apply to policies that provide for automatic payment of a sum at the end of the insurance period (life insurance, wedding insurance, etc.).