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Earned
Premium
The portion of an insurance premium for which protection has already
been provided by the insurer.
Effective
Date
The date on which insurance under a policy will begin.
Eligibility
Date
The date at which an individual becomes eligible for benefits.
Eligibility
Period
A specified period of time during which potential members of a group
insurance scheme may join without evidence of insurability.
Eligibility
Requirements
Requirements imposed for eligibility for coverage, usually in a group
insurance or pension plan.
Eligible
Employees
Employees who meet the eligibility requirements for insurance set out
in a group policy.
Employee Benefits
Benefits offered to an employee by an employer and usually paid for
at least in part by the employer. Life, Health and Critical Illness
insurance obtained by an employer on a group basis are examples of employee
benefits.
Employee
Declaration
A medical questionnaire issued to member of a group insurance scheme
when the members benefit level requires the member to provide evidence
of good health. This is usually the first stage of the Medical Underwriting
process.
Endorsement
An amendment of an insurance policy that alters the provisions of the
contract.
Endowment
A life assurance policy related to a mortgage designed to pay off the
amount originally borrowed at the end of the mortgage term. An endowment
policy will pay you a fixed amount on a set date or if you die before
that date, in other words it's both a way of saving and life insurance.
People often use endowments to repay interest only mortgages. The drawback
of them is that it is often unclear how much you are having to pay in
charges and the plans are often very rigid, so if you start an endowment
and then decide to cancel it, you might not get back what you paid in.
Endowment
Mortgage
You only pay interest to the lender, but you also have to pay a monthly
premium for an endowment policy that you take out with an insurance
company. The endowment policy is designed to produce a lump sum either
at the end of your mortgage term or at your death if earlier, to repay
the capital you borrowed. You must remember though that the amount paid
out is not guaranteed and may not be sufficient to repay the capital
borrowed.
Escalation
Refers to the increase in benefit (usually annual) payable during the
payment term of an insurance claim that is not settled via a lump sum
payment. For example, claims under an Income Protection Policy might
escalate annually in line with the Retail Price Index.
Ex Gratia Payment
Latin for "from favour." A payment by an insurer to an insured for which
there is no liability under the contract.
Excess
A fixed amount of money which the insured agrees to contribute toward
the cost of a claim under an insurance policy.
Exclusions
Conditions or circumstances listed in the policy, for which the insurer
will not provide benefits.
Expense
Ratio
The ratio of insurance company operating expenses to premiums.
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