Please choose the letter you wish to define:
- 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.
Please choose the letter you wish to define:
Insurance Glossary is Copyrighted By Richard H. Reynolds.
Keller-Lowry Insurance, Inc. Uses This Glossary By Permission.
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