eligibility period: Time following the eligibility date (usually 31 days) during which a member of a group may apply for insurance without evidence of insurability.
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eligibility date: Date when a member of an insured group applies for insurance.
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effective date: Date when insurance coverage begins.
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earthquake insurance: Earthquake policies are similar to regular homeowner’s policies but without the liability coverage. You choose a dollar ceiling for the dwelling coverage, and a percentage of this ceiling is then applied to coverage’s for personal property and additional living expenses (hotel expenses if your home becomes uninhabitable). Premiums for these policies are usually rather steep in the places where you would need to buy one. Until recently, the only place Californians could buy the coverage was from the California Earthquake Authority, which offered skimpy coverage. But the market is opening up again and some other companies are offering old-fashioned policies with better coverage (at higher rates, of course).
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earnings adequacy ratio: Standard & Poor’s risk-adjusted measure of earnings performance.
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earned premium: Portion of a premium for which protection has already been provided by the insurer.
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Erisa – insurance term definition
ERISA: The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that affects pension and profit-sharing plans. Among other provisions, this law specifies a published summary plan must be distributed to participants within 120 days after adoption of the plan and within 90 days after an employee becomes a participant. The law requires that a summary plan description be issued every 5 years.
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E&O – insurance term definition
E&O: Errors and omissions insurance. Errors and omissions coverage (E&O) pays your defense costs if you’re sued for negligence in providing a product or service to a client. It can also cover (at least partially, depending on your policy) your costs if you’re found liable and have to pay damages.
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duplication of coverage: Coverage under two or more policies for the same potential loss.
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dual life insurance: Another name for second-to-die insurance.
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