Definition and meaning of Extended Term Insurance :

Extended Term Insurance: A form of insurance available as a nonforfeiture option. It provides the original amount of insurance for a limited period of time.

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

Also see these pages: Extended Term Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of extended term insurance :

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

(Source: Bank of America )

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Definition and meaning of Extended Term Insurance :

Extended Term Insurance: A provision in most policies which provides the option of continuing the existing amount of insurance as Term Insurance for as long a period of time as the contract's cash value will purchase. This is one of the nonforfeiture options available to the insured in case a premium is not paid within the grace period. See also Nonforfeiture Values. (LI)

(Source: InsWeb)

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Definition and meaning of Extra Expense Insurance :

Extra Expense Insurance: A form that provides reimbursement to the insured for the extra expenses reasonably incurred to continue the operation of a business when the described property has been damaged by a peril covered by the contract. This insurance is normally used by businesses where continuity of operation, regardless of cost, is a necessity as, for example, any business that would permanently lose customers if there were any suspension of operations. The term Additional Living Expense Insurance is defined with regard to extra expenses incurred by individuals, and such coverage is a common feature of homeowner policies. (PR)

(Source: InsWeb)

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Definition and meaning of Expiry :

Expiry: The termination of a Term Life Insurance policy at the end of its period of coverage. (LI)

(Source: InsWeb)

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Definition and meaning of Entire Contract Clause :

Entire Contract Clause: Provision in life insurance policies stating that the life insurance policy and attached application constitute the entire contract between the parties. Entity Purchase Agreement: specifies the terms for the business to buy back a deceased's share of the business's ownership.

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

Also see these pages: Entire Contract Clause , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

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 Excess Interest :

Excess Interest: Interest credited to an insured's contract in excess of the amount guaranteed by the terms of the contract. (LI)

(Source: InsWeb)

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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 )

Also see these pages: Earned Premium , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Experience :

Experience: A term used to describe the relationship, usually expressed as a percent or ratio, of premium to claims for a plan, coverage, or benefits for a stated time period.

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

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Definition and meaning of Elimination Period :

Elimination Period:  A loosely used term, sometimes designating the probationary period, but most often designating the waiting period in a Health Insurance policy. See also Probationary Period and Waiting Period. (H)

(Source: InsWeb)

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Definition and meaning of Endorsements :

Endorsements: An additional piece of paper, not a part of the original contract, which cites certain terms and which, when attached to the original contract, becomes a legal part of that contract.

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

Also see these pages: Endorsements , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Earned Premium :

Earned Premium:  The portion of a premium that has been "used up" during a policy term. With a one-year policy, half of the total premium has been earned after six months.

(Source: CarInsurance.com )

Also see these pages: Earned Premium , Car Insurance, Car Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Earned Premium :

Earned Premium: The portion of a premium that has been "used up" during a policy term. With a one-year policy, half of the total premium has been earned after six months.

(Source: InsWeb)

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Definition and meaning of Exclusion :

A term in an insurance or reinsurance contract that excludes the insurer or reinsurer from liability for specified types of loss. An exclusion may apply throughout a policy or it may be limited to specific sections of it. In certain circumstances an exclusion may be limited or removed altogether following the payment of an additional premium.

(Source Lloyd's )

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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 Endorsement :

A document that is attached to a slip, cover note or policy which evidences one or more changes in the terms of the insurance or reinsurance contract to which it refers.

(Source Lloyd's )

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Definition and meaning of Explosion Insurance :

Explosion Insurance: Insurance against loss of property due to explosion but not including explosion of steam boilers, pipes, and certain pressure instruments. Most commonly written as part of the Extended Coverage Endorsement. (PR)

(Source: InsWeb)

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Definition and meaning of Earnings Insurance :

Earnings Insurance: A form of Gross Earnings Business Interruption Insurance, whose principal feature is the lack of a coinsurance clause. It is designed for small risks, and the maximum amount of loss the insured can collect in any 30-day period is established when the policy is written. (PR)

(Source: InsWeb)

Also see these pages: Earnings Insurance , Property Insurance, Property Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Earthquake Insurance :

Earthquake Insurance: Insurance covering damage caused by an earthquake as defined in the contract. (PR)

(Source: InsWeb)

Also see these pages: Earthquake Insurance , Property Insurance, Property Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E