Glossary
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Earned Income An individual's employment from salary wages, commissions, or fees.
Earned premium Applies to the portion of the policy period which has already expired and includes the part of total property casualty policy premium.
Elimination period In health insurance, a period when benefits are not paid.
Endorsement Written provision that adds to, deletes, or modifies the terms and conditions of the original contract.
Endorsement An additional paper mentioning certain terms, besides the original contract and when attached to original, a legal part of the contract.
Endowment The amount payable to the policy holder on the maturity date if he is living or to a beneficiary if the insured dies prior to the maturity period.
Endowment Insurance Benefits of death claim and maturity claim are paid on the happening of the event.
Entry LoadAt the time of purchase of units, loading is called entry load, and at the time of exit, exit load is imposed.
Estoppel Law that prevents a person from denying the truth in a statement made to the insurer who has relied upon the same at the time of underwriting.
Exchange Traded FundsAlthough listed on stock exchange as a close-ended index fund, it is traded like an open-ended fund as it creates and redeems units according to the rise and fall in demand.
Exclusions Perils, losses and property excluded from the insurance contract.
Exclusive agency System Only one agency operates in the marketing organization.
Experience Rating Where the future premium are adjusted according to the experience gained in group life insurance.