1. earned premium
Portion of a premium for which protection has already been provided by the
insurer.
2. earthquake insurance
Earthquake policies are similar to regular homeowner's policies but without
the liability coverage. You choose a dollar ceiling for the dwelling coverage,
and a percentage of this ceiling is then applied to coverages for personal
property and additional living expenses (hotel expenses if your home
becomes uninhabitable). Premiums for these policies are usually rather steep
in the places where you would need to buy one. Until recently, the only place
Californians could buy the coverage was from the California Earthquake
Authority, which offered skimpy coverage. But the market is opening up again
and some other companies are offering old-fashioned policies with better
coverage (at higher rates, of course).
3. effective date
Date when insurance coverage begins.
4. eligible employees
Employees who meet the eligibility requirements for insurance set forth in a
group policy.
5. eligibility date
Date when a member of an insured group applies for insurance.
6. eligibility period
Time following the eligibility date (usually 31 days) during which a member of
a group may apply for insurance without evidence of insurability.
7. elimination period
Days at the beginning of a period of disability when no benefits are paid.
8. employee retirement income security act of 1974 (ERISA)
Federal law that affects pension and profit-sharing plans. Among other
provisions, this law specifies a published summary plan must be distributed to
participants within 120 days after adoption of the plan and within 90 days
after an employee becomes a participant. The law requires that a summary
plan description be issued every 5 years.
9. endowment
Life insurance payable to the policyholder if living, on the maturity date stated
in the policy, or to a beneficiary if the insured dies before that date.
10. enrollment card
Document signed by an eligible person indicating a desire to participate in a
group insurance plan. The document or card authorizes an employer to
deduct contributions from an employee's pay. If life and accidental death and
dismemberment coverage are involved, the card usually includes the
beneficiary's name and relationship.
11. evidence of insurability
A statement or proof of physical condition and/or other factual information
affecting a person's eligibility for insurance. In group insurance, evidence of
insurability is required only in specific situations: when a person fails to enroll
during the open enrollment period; when a person applies for reinstatement
after having previously withdrawn from the plan when receiving an overall
maximum benefit; or when a person applies for excess amounts of group life
or disability insurance.
12. exclusions (exceptions)
Conditions or circumstances, listed in the policy, for which the insurer will not
provide benefits.
13. exclusive provider organizations (EPO)
Form of managed care in which participants are reimbursed only for care
received from affiliated providers.
14. expectation of life
See life expectancy.
15. experience
Relationship, usually expressed as a percent or ratio, of claims to premiums
for a stated period.
16. experience rating
Process of determining the premium rate for a group based wholly or partially
on that risk's experience.
17. experience refund
Amount returned by an insurer to a group policyholder when the financial
experience of a particular group (or class to which the group belongs) has
been more favorable than anticipated.
18. extended term insurance
A form of insurance available as a non-forfeiture option. It provides the
original amount of insurance for a limited period of time.
Portion of a premium for which protection has already been provided by the
insurer.
2. earthquake insurance
Earthquake policies are similar to regular homeowner's policies but without
the liability coverage. You choose a dollar ceiling for the dwelling coverage,
and a percentage of this ceiling is then applied to coverages for personal
property and additional living expenses (hotel expenses if your home
becomes uninhabitable). Premiums for these policies are usually rather steep
in the places where you would need to buy one. Until recently, the only place
Californians could buy the coverage was from the California Earthquake
Authority, which offered skimpy coverage. But the market is opening up again
and some other companies are offering old-fashioned policies with better
coverage (at higher rates, of course).
3. effective date
Date when insurance coverage begins.
4. eligible employees
Employees who meet the eligibility requirements for insurance set forth in a
group policy.
5. eligibility date
Date when a member of an insured group applies for insurance.
6. eligibility period
Time following the eligibility date (usually 31 days) during which a member of
a group may apply for insurance without evidence of insurability.
7. elimination period
Days at the beginning of a period of disability when no benefits are paid.
8. employee retirement income security act of 1974 (ERISA)
Federal law that affects pension and profit-sharing plans. Among other
provisions, this law specifies a published summary plan must be distributed to
participants within 120 days after adoption of the plan and within 90 days
after an employee becomes a participant. The law requires that a summary
plan description be issued every 5 years.
9. endowment
Life insurance payable to the policyholder if living, on the maturity date stated
in the policy, or to a beneficiary if the insured dies before that date.
10. enrollment card
Document signed by an eligible person indicating a desire to participate in a
group insurance plan. The document or card authorizes an employer to
deduct contributions from an employee's pay. If life and accidental death and
dismemberment coverage are involved, the card usually includes the
beneficiary's name and relationship.
11. evidence of insurability
A statement or proof of physical condition and/or other factual information
affecting a person's eligibility for insurance. In group insurance, evidence of
insurability is required only in specific situations: when a person fails to enroll
during the open enrollment period; when a person applies for reinstatement
after having previously withdrawn from the plan when receiving an overall
maximum benefit; or when a person applies for excess amounts of group life
or disability insurance.
12. exclusions (exceptions)
Conditions or circumstances, listed in the policy, for which the insurer will not
provide benefits.
13. exclusive provider organizations (EPO)
Form of managed care in which participants are reimbursed only for care
received from affiliated providers.
14. expectation of life
See life expectancy.
15. experience
Relationship, usually expressed as a percent or ratio, of claims to premiums
for a stated period.
16. experience rating
Process of determining the premium rate for a group based wholly or partially
on that risk's experience.
17. experience refund
Amount returned by an insurer to a group policyholder when the financial
experience of a particular group (or class to which the group belongs) has
been more favorable than anticipated.
18. extended term insurance
A form of insurance available as a non-forfeiture option. It provides the
original amount of insurance for a limited period of time.
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