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  • Early Retirement: Retirement of a participant prior to the normal retirement date, usually with a reduced amount of annuity. Early retirement is generally allowed at any time during a period of 5 to 10 years preceding the normal retirement date.

  • Earned Income: Employment income derived from salary, wages, commissions, or fees.

  • Earned Premium: The part of the total property/casualty policy premium which applies to the portion of the policy period which has already expired.

  • Earned Premium: The portion of a premium which is the property of an insurance company, based on the expired portion of the policy period. E.g., a $300 premium for a one-year policy beginning July 1 would amount to an earned premium of $150 the following January 1.

  • Earned Premium: That portion of a policy's premium payment for which the protection of the policy has already been given. For example, an insurance company is considered to have earned 75 percent of an annual premium after a period of nine months of an annual term has elapsed.

  • Earnings Test (retirement test): Determination of the amount of Social Security benefits payable to a beneficiary after adjusting for earnings. The amount of earnings allowed before his or her benefits is indexed annually; benefits are reduced by $1 for every $3 of earnings (beginning in 1990) above the earnings test threshold.

  • Economic Loss: The estimated total cost, both insured and uninsured, of mishaps (such as motor vehicle accidents, work accidents, and fires); includes such factors as property damage, funeral expenses, wage loss, insurance administration costs, and medical, hospital and legal costs.

  • Economic Policy: Special type of participating whole life insurance in which the dividends are used to buy term insurance or paid-up additions equal to the difference between the face amount of the policy and some guaranteed amount.

  • Effective Date: The date on which the insurance under a policy begins.

  • Efficient level of risk: the amount of risk remaining after an individual or business pursues activities such as loss control, loss financing, and internal risk reduction, to the point where marginal benefit equals marginal cost.

  • Elements of a Negligent Act: Four elements an injured person must show to prove negligence: existence of a legal duty to use reasonable care, failure to perform that duty, damages or injury to the claimant, and proximate cause relationship between the negligent act and the infliction of damages.

  • Eligibility Date: The date on which an individual member of a specified group becomes eligible to apply for insurance under the (group life or health) insurance plan.

  • Eligibility Period: A specified length of time, frequently 31 days, following the eligibility date during which an individual member of a particular group will remain eligible to apply for insurance under a group life or health insurance policy without evidence of insurability.

  • Eligibility Requirements: This term refers to (1) the conditions which an employee must satisfy to participate in a retirement plan, one such condition begin the completion from 1 to 3 years of service with the employer, another the attainment of a specified age, such as 25, or (2) conditions which an employee must satisfy to obtain a retirement benefit, such as the completion of 15 years of service and the attainment of age 65.

  • Eligible Employees: Those members of a group who have met the eligibility requirements under a group life or health insurance plan.

  • Elimination Period: A period of time between the period of disability and the start of disability income insurance benefits, during which no benefits are payable. (See Waiting Period.)

  • Elimination Period: A specified number of days at the beginning of each period of disability during which no disability income benefits are paid. The elimination period may be as short as a few days or as long as one year or more.

  • Embezzlement: Fraudulent use or taking of another's property or money which has been entrusted to one's care.
  • Employee Dishonesty Coverage Form: Commercial crime insurance form drafted by the Insurance Services Office that covers the loss of money, securities, and other covered property because of any dishonest act of a covered employee or employees.

  • Employee Retirement Income Security Act (ERISA): Legislation passed in 1974 applying to most private pension and welfare plans that requires certain minimum standards to protect participating employees.

  • Employment Stock Ownership Plan (ESOP): A defined contribution pension plan which is designed to invest primarily in employer securities.

  • Endorsements: An additional piece of paper, not a part of the original contract, which cites certain terms and which, when attached to the original contract, becomes a legal part of that contract.

  • Endorsement: An amendment of the policy usually by means of a rubber stamp or rider.

  • Endowment: Life insurance payable to the policyholder if living, on the maturity date stated in the policy, or to a beneficiary if the insured dies prior to that date.

  • Enrolled Actuary: A person who performs actuarial service for a plan and who is enrolled with the Federal Joint Board for the Enrollment of Actuaries.

  • Enrollment Card: A document signed by an employee as notice of his/her desire to participate in the benefits of a group insurance plan.

  • Entire Contract Clause: Provision in life insurance policies stating that the life insurance policy and attached application constitute the entire contract between the parties. Entity Purchase Agreement: specifies the terms for the business to buy back a deceased's share of the business's ownership.

  • Environmental Impairment Liability Insurance: A form of insurance designed to cover losses and liabilities arising from damage to property by pollution.

  • Equities: Investments in the form of ownership of property, usually common stocks, as distinguished from fixed income bearing securities, such as bonds or mortgages.

  • Equity in the Unearned Premium Reserve: Amount by which an unearned premium reserve is overstated because it is established on the basis of gross primium rather than net premium.

  • ERISA: See Employee Retirement Income Security Act.

  • Errors and Omissions Insurance: Liability insurance policy that provides protection against loss incurred by a client because of some negligent act, error, or omission by the insured.

  • Estate: The assets and liabilities of a person left at death.

  • Estate Planning: Developing a plan to transfer all of your property from one generation to the next or within a generation.

  • Estoppel: Legal doctrine that prevents a person from denyng the truth of a previous representation of fact, especially when such representation has been relied on by the one to whom the statement was made.

  • Employee Stock Ownership Plan:

  • Errors and Omissions Insurance: A form of insurance that indemnifies the insured for any loss sustained because of an error or oversight on his or her part.

  • Evidence of Insurability: Any statement of proof of a person's physical condition and/or other factual information affecting his/her acceptance for insurance.

  • Excess and Surplus Insurance: (1) Insurance to cover losses above a certain amount, with losses below that amount usually covered by a regular policy. (2) Insurance to cover an unusual or one-time risk, e.g., damage to a musician's hands or the multiple perils of a convention, for which coverage is unavailable in the normal market. (See also "Umbrella liability" and "surplus lines.")

  • Exclusions: Specific conditions or circumstances listed in the policy for which the policy will not provide benefit payments.

  • Exclusive Agent: An agent who is employed by one and only one insurance company and who solicits business exclusively for that company.

  • Exclusive Remedy Doctrine: Doctrine in workers compensation insurance which states that workers compensation benefits should be the exclusive or sole source of recovery for workers who have a job-related accident or disease; doctrine has been eroded by legal decisions.

  • Exclusion or Exception: Specified conditions or circumstances, listed in the policy, for which the policy will not provide benefits.

  • Exclusion ratio: The portion of an annuity payment, considered by the tax law to be a return of your initial investment, that is not subject to income tax when received.

  • Exclusive Provider Organization (EPO): People who belong to an EPO must receive their care from affiliated providers; services rendered by unaffiliated providers are not reimbursed.

  • Expected claim cost: the expected value of the loss distribution for a particular group of insurance contracts

  • Expected value: The sum of losses divided by the number of exposures; the average.

  • Expense Loading: See Loading.

  • Expense Ratio: The ratio of a company's operating expenses to premiums.

  • Experience: A term used to describe the relationship, usually expressed as a percent or ratio, of premium to claims for a plan, coverage, or benefits for a stated time period.

  • Experience Modification Factor: Used in workers compensation rating to reflect the degree to which a particular employer has experience that is better or worse that expected for that industry. Weighted by employer's credibility factor.

  • Experience Rating: The process of determining the premium rate for a group risk, wholly or partially on the basis of that group's experience.

  • Experience Refund: A provision in most group policies for the return of premium to the policyholder because of lower than anticipated claims.

    An additional period of time after policy expiration during which valid claims will be paid under a claims-made policy of liability insurance.

  • Extended Reporting Period Endorsement: Added to a claims-made policy of liability insurance to provide additional period of time during which valid claims will be paid.

  • Extended Term Insurance: A form of insurance available as a nonforfeiture option. It provides the original amount of insurance for a limited period of time.

  • Extended Unemployment Insurance Benefit: Additional cash benefits paid by federal-state unemployment insurance programs to workers who are involuntarily unemployed and who have exhausted their regular weekly cash benefits during periods oh high unemployent.

  • Extortion: Surrender of property away from the premises as a result of a threat to do bodily harm to the named insured, relative, or invitee who is being held captive.

  • Extra Expense Insurance: Type of business income insurance that covers the extra expenses incurred to continue operations after a loss has occurred.

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