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Glossary of Terms - E

Endorsement

A written agreement attached to an insurance policy to add or subtract coverage. Once attached, the endorsement takes precedence over the original terms of the policy.

Equity

The difference between the market value of real estate and the outstanding balance on the loan(s) secured by that property.

Estate

All assets a person owns at the time of death, including securities, real estate, business interests, physical property, and cash, less outstanding liabilities. The estate is distributed to heirs according to the terms of the person's will or, if there is no will, by court ruling.

Exclusions

Items that are specifically denied coverage under the terms of an insurance policy. For example, most property/casualty contracts exclude coverage for normal wear and tear. You can often purchase additional coverage to override one or more exclusions.

Extended Coverage

An endorsement added to an insurance policy, or a clause included in the policy, to provide additional coverage for risks other than those covered under the basic policy provisions.

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