Glossary of Terms E - www.scyllogis.com

Case Studies
Scyllogis Consulting have been helping customers within the Insurance sector continue to achieve significantly higher levels of business performance from their data management programmes and information systems since 2001. Read how we have worked with some of these customers to achieve significant business results across the world, in our case studies. Read more...

Consulting Expertise
Insurance organisations today are no more effective at delivering on large-scale data management initiatives than they were 10 years ago. In a recent survey, 70% of the companies said their data management initiatives did not deliver the expected results. That success rate was unchanged from similar surveys conducted in the 1990's. And the environment for data management is only getting more complex..... Read more

Consulting Expertise

Insurance organisations today are no more effective at delivering on large-scale data management initiatives than they were 10 years ago. In a recent survey, 70% of the companies said their data management initiatives did not deliver the expected results. That success rate was unchanged from similar surveys conducted in the 1990's. And the environment for data management is only getting more complex.....

Read more

Our People
At Scyllogis Consulting all of our consultants have significant experience gained from within the Insurance market. Our people and our culture are our greatest assets. We only select people with relevant experience, intelligence, integrity, passion and the ambition to make a mark and deliver to our Customers the Scyllogis brand values of practical, results based consultancy. Our Consultants are pragmatic and open minded. That is why we deliver solutions that others dont..... Read More

Our People

At Scyllogis Consulting all of our consultants have significant experience gained from within the Insurance market. Our people and our culture are our greatest assets. We only select people with relevant experience, intelligence, integrity, passion and the ambition to make a mark and deliver to our Customers the Scyllogis brand values of practical, results based consultancy. Our Consultants are pragmatic and open minded. That is why we deliver solutions that others dont..... Read More

Glossary of Terms E

The following definitions are intended for general guidance only. They do not override or qualify any definition that appears in any byelaw or regulation, in any contract or in any other document. Where a word is shown in italics it is separately defined in the glossary.

A ¦ B ¦ C ¦ D ¦ E ¦ F ¦ G ¦ H ¦ I ¦ J ¦ K ¦ L ¦ M ¦ N ¦ O ¦ P ¦ Q ¦ R ¦ S ¦ T ¦ U ¦ V ¦ W ¦ X ¦ Y ¦ Z

European Economic Area

The member states of the European Union plus Norway, Iceland and Liechtenstein.
European Union
The European Union is made up of 27 Member States: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.

European Union/European Economic Area - definition of a risk

A risk is deemed to be located in an European Union or European Economic Area member state if it is:
(a) a building (and its contents issued under the same policy) situated in that state
(b) a motor vehicle, ship, yacht or aircraft registered in that state
(c) a travel policy for four months or less taken out in that state
For any other type of insurance (including a life insurance) it is an individual if the policyholder is habitually resident in the member state or a business or an organisation if the establishment to which the contract relates is situated in that state.
Ex gratia payment
A payment made by underwriters “as a favour” or “out of kindness” without an admission of liability so as to maintain goodwill.

Excess

The amount or proportion of some or all losses arising under an insurance or reinsurance contract that is the insured or reassured must bear. If the loss is less than the amount of the excess then the insured/reassured must meet the cost of it (unless there is other insurance in place to cover the excess). Compare deductible and retention.
Excesses may either be compulsory or voluntary. An insured which accepts an increased excess in the form of a voluntary excess will receive a reduction in premium.

Excess of loss

A type of reinsurance that covers specified losses incurred by the reassured in excess of a stated amount (the excess) up to a higher amount, for example £5 million excess of £1 million.
An excess of loss reinsurance is a form of non-proportional reinsurance.

Exclusion

A term in an insurance or reinsurance contract that excludes the insurer or reinsurer from liability for specified types of loss. An exclusion may apply throughout a policy or it may be limited to specific sections of it. In certain circumstances an exclusion may be limited or removed altogether following the payment of an additional premium.

Extended reporting period

The period after the expiry of a claims made policy in which claims under that policy must be made if they are to be covered. It may be possible for an insured to extend this period on payment of an additional premium.