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     Glossary of insurance terms…


Earned Income:
The money individuals earn as a result of working at some job or occupation for which they are paid a salary:

Earned Premium:
The amount of the premium that has been "used up" during the term of a policy: For example, if a one-year policy has been in effect six months, half of the total premium has been earned:

Effective Date:
The date on which the protection of an insurance policy or bond goes into effect:

Emotional Distress:
See Mental Distress:

A written or printed form attached to the policy which alters provisions of the contract:

Formerly known as the Retail Credit Company: It is an organization widely used by insurers to obtain information on applicants for underwriting purposes and sometimes on claimants: Their reports are known as Retail Credit Reports:

The money value of an insurance company that is over and above its liabilities: Liabilities include almost all of its reserves:

Estate Plan:
A plan for the disposition of one's property at death, including the handling of property in the event of the incompetency or total disability of the estate owner: A will is part of an estate plan:

Estimated Premium:
A provisional premium which is adjusted at the end of the year: For example, in Workers Compensation Insurance an estimated premium is based on estimated payrolls for the coming year: At the end of the year, final payrolls are determined and the final premium is computed:

Evidence Clause:
A clause in a policy which requires the insured to cooperate in the investigation of a claim by producing records and submitting to examinations: This is required to help an adjuster establish the validity of a claim: An Evidence Clause in a Health policy requires the insured to submit to physical examinations:

Ex Gratia Payment:
Latin for "from favor:" A payment by an insurer to an insured for which there is no liability under the contract: In some cases an insurer may feel there has been a mistake or a misunderstanding, and he may pay a claim even though he does not appear to be liable:

See Convention Examination:

An employee assigned by the state insurance department to audit insurers' records:

See Exclusion:

Excess Insurance:
A coverage designed to be in excess over one or more primary coverages, and which does not pay a loss until the loss amount exceeds a certain sum: Contrast with Primary Coverage:

Excess Line Broker:
A person licensed to place insurance not available in his state through insurers not licensed to do business in the state: A person licensed to deal with nonadmitted insurers:

A contractual provision that denies coverage for certain perils, persons, property, or locations:

Specific situations, conditions, or circumstances that are listed in the contract as being not covered:

Exclusive Agency System:
An insurance distribution system within which agents sell and service insurance contracts that limit representation to one insurer and which reserve to the insurer the ownership, use, and control of policy records and expiration date: See also Captive Agent and Direct Writer, and
contrast with Independent Agency System:

Executor, Executrix:
A fiduciary named in a will to settle an estate: An executrix is a female executor:

Expense Allowance:
A compensation paid to an insurance agent in excess of prescribed commissions:


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