Glossary

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Earned Premium

The portion of a premium for which the policy protection has already been given.

Elimination Period

A loosely-used term sometimes designating the “probationary period” or “waiting period” between the incurrence of a disability and the date benefits begin.

Endorsement

A form attached to an insurance policy bearing the language necessary to change the terms of the policy to fit special circumstances.

ERISA

Acronym for a federal law called the Employee Retirement Income Security Act. Enacted in 1974 to protect employee pensions and retirement plans, the law, preempts all state remedies, to recover general and punitive damages when insurance has been obtained through employment. ERISA does not apply to government and church employees, those who coverage was transferred from Medicare, or those who purchase their insurance directly from a health insurer.

Exclusions

Items for which no benefits are payable in an insurance policy.

Experience

The loss record of a policyholder, an insurance company or a class of coverage.

Extended Replacement Coverage

Allows a policyholder to replace what they lost at today's prices, even if the cost exceeds the limits stated oh the Dec Page,up to a set extended percentage limit
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