The indexing (Disclaimer) exclusions are just that. You add the disclaimers you use, and that's it.
The indexing engine will 'see' that whole set of text, and will not index that. You can add as much as you like. In my environment (as example) I have about 6 entries, due to having disclaimers in different languages. You can enter the disclaimer text as text. You can't use any Boleans.
all I can say is I recall this enhancment going into place and it was the best ever. Without it, people would return tons of additional hits just because of the legal boilerplate. We had some customers replace it with an image of the text to prevent this.