- Earned Income: An employment
income earned while working at some occupation.
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- Earned Premium: An amount of
"used up" policy premium during the term of an
insurance policy.
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- 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.
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- Effective Date: The date on
which the insurance under a policy will begin.
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- Eligibility Date: The date which
an individual is eligible for benefits.
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- Eligibility Period: A specified
period of time during which an individual member of a particular
group may enroll without evidence of insurability.
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- 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.
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- Eligible Dependent: A dependent
of an insured that is eligible for benefits.
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- Eligible Employee: A member
of a group who has met the eligibility requirements under
a group life or health insurance plan.
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- 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.
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- 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.
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- 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.
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- Endorsement: An amendment of
an insurance policy that alters the provisions of the contract.
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- Enrollment Card: A document
signed by an employee as notice of their participation in
the benefits of a group health insurance plan.
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- Entire Contract Clause: A provision
in insurance policy stating that the life insurance policy
and attached application constitute the entire contract
between the parties.
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- Entity Purchase Agreement: Specifies
the terms and conditions which the business will buy back
a deceased's share of the business's ownership.
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- 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.
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- Estate: The assets and liabilities
of a person left at death.
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- Estate Planning: Developing
a plan to transfer all of your property from one generation
to the next or within a generation .
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- 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.
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- 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.
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- Evidence of Insurability: Any
statement of proof of a person's physical condition and/or
other factual information affecting his/her acceptance for
insurance.
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- 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.")
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- Exclusions: The specific conditions
or circumstances listed in the policy for which the policy
will not provide benefit payments.
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- Exclusive Agent: An agent who
is employed by one and only one insurance company and who
solicits business exclusively for that company.
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- Exclusion ratio: Portion of
an annuity payment that is not subject to income tax when
received.
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- Expense Ratio: The ratio of
a operating expenses to premiums.
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- 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.
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- Experience Rating: Process of
determining the premium rate for a group risk, wholly or
partially on the basis of that group's experience.
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- Experience Refund: A provision
in some group policies for the return of premium to the
policyholder because of lower than anticipated claims.
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- 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.
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- 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
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- 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.
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- 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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