Insurance Glossary
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- Earned Income:
An employment income earned while working at some occupation. - Earned Premium:
An amount of "used up" policy premium during the term of an insurance policy. - Economic Loss:
An estimated total cost, insured and uninsured, of mishaps (such as: vehicle accidents, work accidents, and fires); including such factors as property damage, funeral expenses, wage loss, insurance administration costs, and medical, hospital and legal costs. - Effective Date:
The date on which the insurance under a policy will begin. - Eligibility Date:
The date which an individual is eligible for benefits. - Eligibility Period:
A specified period of time during which an individual member of a particular group may enroll without evidence of insurability. - Eligibility Requirements:
This term could be defined as either: (1) conditions which an employee must satisfy to participate in a retirement plan, or (2) conditions which an employee must satisfy to obtain a retirement benefit. - Eligible Dependent:
A dependent of an insured that is eligible for benefits. - Eligible Employee:
A member of a group who has met the eligibility requirements under a group life or health insurance plan. - Elimination Period:
Two definitions: A period of time between the period of disability and the start of disability income insurance benefits, during which no benefits are payable. - Employee Dishonesty Coverage Form:
A commercial crime insurance form that covers the loss of money, securities, and other covered property because of a dishonest act of a covered employee. - Endorsements:
An additional piece of paper, not a part of the original insurance policy, in which certain terms and conditions, when attached to the original insurance policy, becomes a legal part of that contract. - Endorsement:
An amendment of an insurance policy that alters the provisions of the contract. - Enrollment Card:
A document signed by an employee as notice of their participation in the benefits of a group health insurance plan. - Entire Contract Clause:
A provision in insurance policy stating that the life insurance policy and attached application constitute the entire contract between the parties. - Entity Purchase Agreement:
Specifies the terms and conditions which the business will buy back a deceased's share of the business's ownership. - Errors and Omissions Insurance:
A liability insurance policy that provides protection against loss incurred by a client because of some negligent act, error, oversight, or omission by the insured. - Estate:
The assets and liabilities of a person left at death. - Estate Planning:
Developing a plan to transfer all of your property from one generation to the next or within a generation . - Estoppel:
Legal doctrine that prevents a person from denying the truth of a previous representation of fact, especially when such representation has been relied on by the one to whom the statement was made. - Errors and Omissions Insurance:
A form of insurance that indemnifies the insured for any loss sustained because of an error or oversight on his or her part. - Evidence of Insurability:
Any statement of proof of a person's physical condition and/or other factual information affecting his/her acceptance for insurance. - Excess and Surplus Insurance:
(1) Insurance to cover losses above a certain amount, with losses below that amount usually covered by a regular policy. (2) Insurance to cover an unusual or one-time risk, e.g., damage to a musician's hands or the multiple perils of a convention, for which coverage is unavailable in the normal market. (See also Umbrella Liability and Surplus Lines.) - Exclusions:
The specific conditions or circumstances listed in the policy for which the policy will not provide benefit payments. - Exclusive Agent:
An agent who is employed by one and only one insurance company and who solicits business exclusively for that company. - Exclusion Ratio:
Portion of an annuity payment that is not subject to income tax when received. - Expense Ratio:
The ratio of a operating expenses to premiums. - Experience Modification Factor:
Used in workers compensation rating to reflect the degree to which a particular employer has experience that is better or worse that expected for that industry. - Experience Rating:
Process of determining the premium rate for a group risk, wholly or partially on the basis of that group's experience. - Experience Refund:
A provision in some group policies for the return of premium to the policyholder because of lower than anticipated claims. - Extended Nonowned Coverage:
Endorsement that can be added to an automobile insurance policy that covers the insured while driving any nonowned automobile on a regular basis. - Extended Reporting Period:
An additional period of time after policy expiration during which valid reported claims will be paid under a claims-made policy of liability insurance - Extended Term Insurance:
A form of insurance available as a nonforfeiture option. This provides the original amount of insurance for a limited period of time, normally 5, 10, 15, or 20 years. - Extra Expense Insurance:
Type of business income insurance that provides reimbursement to an insured for the extra expense incurred to continue a business operation when property had been damaged or destroyed by a covered peril.
