Definition 1
A loss or risk that a policy does not cover.
Definition 2
An item that must be reported on a tax return even though it is not taxed;
Definition 3
More generally, something not included.
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'exclusion' appears in the definitions of these other terms on BusinessDictionary.com: A-B trust, exemption clause, fine print, indemnity clause, indispensable party, and 
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