Insurance Glossary E
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Earned Income An employment income earned while working at some occupation.
Earned Premium the proportion of the premium charged applicable to part of the policy period which has already elapsed.
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 written agreement attached to a policy to add or subtract insurance coverages. Once attached, the endorsement takes precedence over the original provisions of the policy. For example, under a homeowners policy, an inflation guard endorsement is used so that property damage limits are increased automatically to reflect an increase in the cost of construction in the community. Vandalism and malicious mischief can be added to the Standard Fire Policy through an endorsement.
Employees as Additional Named Insured is a usual extension with personal injury, as the offending employee is usually named in the action and would have no coverage under the policy except for this extension.
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.
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.")
Exclusion something specifically mentioned as not being covered by the policy.
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 policy covers the necessary extra expense incurred by the insured in order to continue as nearly as practicable the normal conduct of the insured's business following damage or destruction occurring during the term of the policy by a peril insured against.
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.
