Keller-Lowry Insurance, Inc. Serving Colorado's Insurance Needs Since 1972
 
Keller-Lowry Insurance, Inc.

1777 S. Harrison Street, Suite 700
Denver, Colorado 80210

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Toll Free:
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  (303)756-9909
(800)753-9909
(303)756-8818

 
 
 
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- E - 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.

 

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Insurance Glossary is Copyrighted By Richard H. Reynolds.
Keller-Lowry Insurance, Inc. Uses This Glossary By Permission.

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