Terrorism Risk Insurance Program Extension Act of 2004 - Amends the Terrorism Risk Insurance Act of 2002 to extend the terrorism risk insurance program through December 31, 2008.
Restricts "insured loss" with respect to the Final Program Year to certain losses covered by property and casualty insurance issued before January 1, 2008, and expiring not later than December 31, 2008.
Sets forth an insurer deductible that is the value of an insurer's direct earned premiums multiplied by 15 percent for Program Years 3, 4, and 5, and for the Final Program Year.
Redefines "insured loss" to include group life insurance coverage.