Thanks for the reply.
The disclaimer I was testing was generated by a custom rule. After additional testing, I deleted the rule and re-created it. The only difference in the creation process the second time was that I added a blank line before the disclaimer text during the creation process instead of adding it by editing the existing disclaimer text. I don't know if this made any difference or not, but the paragraph word wrap problem was not present after re-creating the rule and disclaimer.
As an additional note, e-mails sent from Outlook Web Access using this rule include the disclaimer, however, Outlook Web Access appears to include formatting that causes the disclaimer text to appear in the Times New Roman font instead of the default font (Arial in my case) that my e-mail client is set to use. This can be changed by specifying the font to use for the disclaimer text in Exclaimer.
It appears that the formatting issues I was experiencing have been resolved, at least for now.