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IMPORTANT NOTICE: The Insurance Glossary below is Copyrighted material by Richard Reynolds and is Protected by Law and may not be reused, printed or copied either electronically or digitally without the expressed permission of Enhanced Web Services or Rich Reynolds. The Copyright Act provides for both civil and criminal liability for acts of copyright infringement. Enhanced Web Services resells this glossary by permission. |
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- E - Insurance Glossary |
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An employment income earned while working at some
occupation.
An amount of "used up" policy premium during the term of an
insurance policy.
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.
The date on which the insurance under a policy will begin.
The date which an individual is eligible for benefits.
A specified period of time during which an individual member of
a particular group may enroll without evidence of insurability.
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.
A dependent of an insured that is eligible for benefits.
A member of a group who has met the eligibility requirements
under a group life or health insurance plan.
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.
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.
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.
An amendment of an insurance policy that alters the provisions
of the contract.
A document signed by an employee as notice of their
participation in the benefits of a group health insurance plan.
A provision in insurance policy stating that the life insurance
policy and attached application constitute the entire contract
between the parties.
Specifies the terms and conditions which the business will buy
back a deceased's share of the business's ownership.
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.
The assets and liabilities of a person left at death.
Developing a plan to transfer all of your property from one
generation to the next or within a generation .
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.
A form of insurance that indemnifies the insured for any loss
sustained because of an error or oversight on his or her part.
Any statement of proof of a person's physical condition and/or
other factual information affecting his/her acceptance for
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.")
The specific conditions or circumstances listed in the policy for
which the policy will not provide benefit payments.
An agent who is employed by one and only one insurance
company and who solicits business exclusively for that company.
Portion of an annuity payment that is not subject to income tax
when received.
The ratio of a operating expenses to premiums.
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.
Process of determining the premium rate for a group risk, wholly
or partially on the basis of that group's experience.
A provision in some group policies for the return of premium to
the policyholder because of lower than anticipated claims.
Endorsement that can be added to an automobile insurance
policy that covers the insured while driving any nonowned
automobile on a regular basis.
An additional period of time after policy expiration during which
valid reported claims will be paid under a claims-made policy of
liability 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.
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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