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Insurance Glossary E - G
E
Earned Premium – The amount of the premium for which the policy protection has been given.
Effective Date – The date when an insurance policy begins (also known as the inception date).
Eligibility Period – The period of time in which an employee may enroll in a group health care plan without
having to provide evidence of insurability.
Elimination Period – A waiting period that is imposed on the insured from the onset of disability until benefit
payments begin.
Emergency – An injury or disease which occurs suddenly and requires treatment within 24 hours.
Employee Retirement Income Security Act (ERISA) – The act that stipulates federal standards for
private pension plans.
Endodontics – An area of dentistry that deals with diagnosis, prevention and treatment of the dental pulp
within natural teeth at the root canal.
Endorsement – A form changing the provisions of and attached to a life insurance policy (also known as a
rider).
Endow – to reach the maturity date or time at which the face amount equals cash values.
Enrollment Period – The amount of time an employee has to sign up for a contributory group health plan.
Estoppel – A legal impediment to denying a fact or restoring a right that has been previously waived.
Excess Charge – The difference between the Medicare approved amount for a service or supply and the
actual charge.
Excess Insurance – Insurance that pays over and above or in addition to basic policy limits.
Exclusions – Causes of loss, exposures, conditions, etc. listed in the policy for which the benefits will not be
paid.
Executory Contract – A contract which has not yet been fulfilled by one or both parties that promises
action in the event of a specified future occurrence.
Expiration – The date specified in the policy as the date of termination.
Explanation of Benefits (EOB) – A statement that outlines what services were rendered, how much the
insurer paid, and how much the insured was billed.
Explanation of Medicare Benefits – A statement sent to a Medicare patient indicating how the Medicare
claim will be settled.
Exposure – A unit of measure used to determine rates charged for insurance coverage.
Express Authority – The authority granted to an agent by means of the agent's written contract.
Extended Care Facility – A facility which is licensed by the state to provide 24 hour nursing care.
Extension of Benefits – A provision that allows coverage to continue beyond the policy’s expiration date
for employees who are not actively at work due to disability or who have dependents hospitalized on that
date. This coverage continues only until the employee returns to work or the dependent leaves the hospital.
F
Face – The first page of a policy.
Fair Credit Reporting Act – A federal law that established procedures that consumer-reporting agencies
must follow in order to ensure that records are confidential, accurate, relevant and properly used.
Fiduciary – An agent/broker who handles insurer's funds in a trust capacity.
Fixed Annuity – An annuity that offers fixed payments and guarantees a minimum rate of interest to be
credited to the purchase payment or payments.
Flexible Premium – A policy feature that allows the policyholder to vary premium payments in the amount
and/or timing.
Flexible Spending Account (FSA) – A salary reduction cafeteria plan that uses employee funds to provide
various types of health care benefits.
Foreign Insurer – An insurance company that is incorporated in another state.
Fraternal Benefit Societies – Life or health insurance companies formed to provide insurance for
members of an affiliated lodge, religious organization, or fraternal organization with a representative form of
government.
Fraud – Intentional misrepresentation or deceit with the intent to induce a person to part with something of
value.
Free Look – A period of time, usually required by law, during which a policyowner may inspect a newly
issued individual life or health insurance policy for a stated number of days and surrender it in exchange for
a full refund of premium if not satisfied for any reason.
Front-End Load - a fee or commission charged at the time of purchase of an annuity or a security.
G
Gatekeeper Model – A model of HMO and PPO organizations that uses the insured’s primary care
physician (the gatekeeper) as the initial contact for the patient for medical care and for referrals.
Grace Period – Period of time after the premium due date during which premiums may still be paid, and the
policy and its riders remain in force.
Group Disability Insurance – A type of insurance that covers a group of individuals against loss of pay
due to accident or sickness.
Group Health Insurance – Health coverage provided to members of a group.
Group Life – Life insurance provided for members of a group.
E
Earned Premium – The amount of the premium for which the policy protection has been given.
Effective Date – The date when an insurance policy begins (also known as the inception date).
Eligibility Period – The period of time in which an employee may enroll in a group health care plan without
having to provide evidence of insurability.
Elimination Period – A waiting period that is imposed on the insured from the onset of disability until benefit
payments begin.
Emergency – An injury or disease which occurs suddenly and requires treatment within 24 hours.
Employee Retirement Income Security Act (ERISA) – The act that stipulates federal standards for
private pension plans.
Endodontics – An area of dentistry that deals with diagnosis, prevention and treatment of the dental pulp
within natural teeth at the root canal.
Endorsement – A form changing the provisions of and attached to a life insurance policy (also known as a
rider).
Endow – to reach the maturity date or time at which the face amount equals cash values.
Enrollment Period – The amount of time an employee has to sign up for a contributory group health plan.
Estoppel – A legal impediment to denying a fact or restoring a right that has been previously waived.
Excess Charge – The difference between the Medicare approved amount for a service or supply and the
actual charge.
Excess Insurance – Insurance that pays over and above or in addition to basic policy limits.
Exclusions – Causes of loss, exposures, conditions, etc. listed in the policy for which the benefits will not be
paid.
Executory Contract – A contract which has not yet been fulfilled by one or both parties that promises
action in the event of a specified future occurrence.
Expiration – The date specified in the policy as the date of termination.
Explanation of Benefits (EOB) – A statement that outlines what services were rendered, how much the
insurer paid, and how much the insured was billed.
Explanation of Medicare Benefits – A statement sent to a Medicare patient indicating how the Medicare
claim will be settled.
Exposure – A unit of measure used to determine rates charged for insurance coverage.
Express Authority – The authority granted to an agent by means of the agent's written contract.
Extended Care Facility – A facility which is licensed by the state to provide 24 hour nursing care.
Extension of Benefits – A provision that allows coverage to continue beyond the policy’s expiration date
for employees who are not actively at work due to disability or who have dependents hospitalized on that
date. This coverage continues only until the employee returns to work or the dependent leaves the hospital.
F
Face – The first page of a policy.
Fair Credit Reporting Act – A federal law that established procedures that consumer-reporting agencies
must follow in order to ensure that records are confidential, accurate, relevant and properly used.
Fiduciary – An agent/broker who handles insurer's funds in a trust capacity.
Fixed Annuity – An annuity that offers fixed payments and guarantees a minimum rate of interest to be
credited to the purchase payment or payments.
Flexible Premium – A policy feature that allows the policyholder to vary premium payments in the amount
and/or timing.
Flexible Spending Account (FSA) – A salary reduction cafeteria plan that uses employee funds to provide
various types of health care benefits.
Foreign Insurer – An insurance company that is incorporated in another state.
Fraternal Benefit Societies – Life or health insurance companies formed to provide insurance for
members of an affiliated lodge, religious organization, or fraternal organization with a representative form of
government.
Fraud – Intentional misrepresentation or deceit with the intent to induce a person to part with something of
value.
Free Look – A period of time, usually required by law, during which a policyowner may inspect a newly
issued individual life or health insurance policy for a stated number of days and surrender it in exchange for
a full refund of premium if not satisfied for any reason.
Front-End Load - a fee or commission charged at the time of purchase of an annuity or a security.
G
Gatekeeper Model – A model of HMO and PPO organizations that uses the insured’s primary care
physician (the gatekeeper) as the initial contact for the patient for medical care and for referrals.
Grace Period – Period of time after the premium due date during which premiums may still be paid, and the
policy and its riders remain in force.
Group Disability Insurance – A type of insurance that covers a group of individuals against loss of pay
due to accident or sickness.
Group Health Insurance – Health coverage provided to members of a group.
Group Life – Life insurance provided for members of a group.
| Trout Insurance is a full line insurance agency located in Asheville, NC. Trout Insurance offers life, health, disability, Medicare supplement, long term care insurance home and auto insurance for individuals as well as college funding and retirement planning. Christopher Smith, Dave Trout, Jan Trout and Ralph Redpath are independent insurance agents with Trout Insurance. Christopher Smith specializes in group health insurance, employee benefits, insurance needs for business owners, key person disability insurance, disability buy out insurance, individual life insurance, short term health insurance, disability insurance, long term care insurance, group long term care insurance and critical illness insurance. Dave Trout specializes in life and disability insurance, Medicare supplement insurance, retirement planning for individuals and businesses, commercial business insurance and college funding. Jan Trout specializes in individual health insurance. Ralph Redpath specializes in home and auto coverage. Web site design by Christopher Smith. Agency photo by Jason Sanford. |
