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CNA CNA PARAMOUNT <br />First Party Glossary of Defined Terms <br />Executive Officer <br />Executive officer means any natural person partner, member, officer, manager (of a limited liability company), <br />director or trustee of the Named Insured. <br />Extra Expense <br />Extra expense means actual reasonable and necessary operating expenses the Named Insured incurs during the <br />period of restoration that would not have been necessary to incur if there had been no direct physical loss of or <br />damage to property, provided such expenses are incurred: <br />A. to avoid or minimize the suspension or delay of operations and to continue such operations which have been <br />affected by the direct physical loss or damage to the property; or <br />B. in an attempt to minimize the period of restoration. <br />Extra expense does not include: <br />1. research and development project continuing expenses or continuing operating expenses; <br />2. costs incurred to purchase merchandise as a replacement for the Named Insured's finished stock; <br />3. costs to repair or replace any property, or research or restore media or records of accounts receivable; or <br />4. amounts incurred on financing or investment activity conducted for the Named Insured's account. <br />Financial Institution <br />Financial institution means: <br />A. a banking, savings or thrift institution, credit union or similar depository institution; or <br />B. a stock brokerage firm, mutual fund, liquid assets fund or similar investment institution where the Named Insured <br />maintains an account. <br />However, financial institution does not include check cashers, currency exchangers or money remittance firms. <br />Fine Arts <br />Fine arts means paintings, etchings, pictures, tapestries, art glass windows, valuable rugs, statuary, marbles, <br />bronzes, antiques, porcelains, rare books, manuscripts, and similar property of rarity, historical value or artistic merit. <br />Finished Stock <br />Finished stock means manufactured goods that are in a completed state and ready for packing, shipment, <br />installation or sale. However, finished stock does not include manufactured goods that are held for sale at a <br />location of any retail outlet. <br />First Named Insured <br />First Named Insured means the person or entity first named in Item 1 of the Policy Declarations. <br />Fixtures <br />Fixtures means: <br />A. indoor or outdoor property fixed or attached to a building, including permanently installed machinery and <br />equipment; or <br />B. glass (including all lettering and ornamentation) forming part of the building. <br />CNA62641XX 10-15 <br />Copyright CNA All Rights Reserved. <br />a r N Risk Management Division <br />3 REVIEWED & APPROVED BY.- <br />E� Risk Management Analyst <br />