Definition and meaning of Health Maintenance Organization, HMO :

Health Maintenance Organization (HMO): An organization that provides a wide range of comprehensive health care services for a specified group at a fixed periodic payment. The HMO can be sponsored by the government, medical schools, hospitals, employers, labor unions, consumer groups, insurance companies, and hospital-medical plans.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Eligibility Date :

Eligibility Date: The date on which an individual member of a specified group becomes eligible to apply for insurance under the (group life or health) insurance plan.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Elements of a Negligent Act :

Elements of a Negligent Act: Four elements an injured person must show to prove negligence: existence of a legal duty to use reasonable care, failure to perform that duty, damages or injury to the claimant, and proximate cause relationship between the negligent act and the infliction of damages.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Efficient level of risk :

Efficient level of risk: the amount of risk remaining after an individual or business pursues activities such as loss control, loss financing, and internal risk reduction, to the point where marginal benefit equals marginal cost

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Eligibility Period :

Eligibility Period: A specified length of time, frequently 31 days, following the eligibility date during which an individual member of a particular group will remain eligible to apply for insurance under a group life or health insurance policy without evidence of insurability.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Eligibility Requirements :

Eligibility Requirements: This term refers to (1) the conditions which an employee must satisfy to participate in a retirement plan, one such condition begin the completion from 1 to 3 years of service with the employer, another the attainment of a specified age, such as 25, or (2) conditions which an employee must satisfy to obtain a retirement benefit, such as the completion of 15 years of service and the attainment of age 65.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Elimination Period :

Elimination Period: A specified number of days at the beginning of each period of disability during which no disability income benefits are paid. The elimination period may be as short as a few days or as long as one year or more.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Elimination Period :

Elimination Period: A period of time between the period of disability and the start of disability income insurance benefits, during which no benefits are payable. (See Waiting Period.)

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Eligible Employees :

Eligible Employees: Those members of a group who have met the eligibility requirements under a group life or health insurance plan.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Effective Date :

Effective Date: The date on which the insurance under a policy begins.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Economic Policy :

Economic Policy: Special type of participating whole life insurance in which the dividends are used to buy term insurance or paid-up additions equal to the difference between the face amount of the policy and some guaranteed amount.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Earned Income :

Earned Income: Employment income derived from salary, wages, commissions, or fees.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Early Retirement :

Early Retirement: Retirement of a participant prior to the normal retirement date, usually with a reduced amount of annuity. Early retirement is generally allowed at any time during a period of 5 to 10 years preceding the normal retirement date.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Dwelling Property 3 :

Dwelling Property 3: Property insurance policy that covers the dwelling and other structures against direct physical loss from any peril except for those perils otherwise excluded. However, personal property is covered on a named-perils basis.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Earned Premium :

Earned Premium: The part of the total property/casualty policy premium which applies to the portion of the policy period which has already expired.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Earned Premium :

Earned Premium: The portion of a premium which is the property of an insurance company, based on the expired portion of the policy period. E.g., a $300 premium for a one-year policy beginning July 1 would amount to an earned premium of $150 the following January 1.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Economic Loss :

Economic Loss: The estimated total cost, both insured and uninsured, of mishaps (such as motor vehicle accidents, work accidents, and fires); includes such factors as property damage, funeral expenses, wage loss, insurance administration costs, and medical, hospital and legal costs.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Earnings Test, retirement test :

Earnings Test (retirement test): Determination of the amount of Social Security benefits payable to a beneficiary after adjusting for earnings. The amount of earnings allowed before his or her benefits is indexed annually; benefits are reduced by $1 for every $3 of earnings (beginning in 1990) above the earnings test threshold.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Earned Premium :

Earned Premium: That portion of a policy's premium payment for which the protection of the policy has already been given. For example, an insurance company is considered to have earned 75 percent of an annual premium after a period of nine months of an annual term has elapsed.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Embedded Value :

Embedded Value:  the sum of these two elements: (1) shareholders' equity considering the assets at market value and (2) in-force life insurance business valued at the present value of future after-tax statutory profits

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Embezzlement :

Embezzlement: Fraudulent use or taking of another's property or money which has been entrusted to one's care.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Equities :

Equities: Investments in the form of ownership of property, usually common stocks, as distinguished from fixed income bearing securities, such as bonds or mortgages.

(Source: The Haskayne School of Business at the University of Calgary )

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