Keller-Lowry Insurance, Inc.
1777 S. Harrison Street, Suite 700
Denver, Colorado 80210
- E - Insurance Glossary
Please choose the letter you wish to define:
- Earned Income:
An employment income earned while working at some
- Earned Premium:
An amount of "used up" policy premium during the term of an
- 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
- 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
- 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.
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
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.
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 .
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
- 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
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
- 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
- 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.
Insurance Glossary is Copyrighted By Richard H. Reynolds.
Keller-Lowry Insurance, Inc. Uses This Glossary By Permission.
About Us |
Pledge of Performance |
Insurance Glossary |
Industry Links |
Contact Us |
Commercial Insurance |
Group Benefits Insurance |
Customer Service |
Risk Management Services