Insurance Information
Earned Premium
That portion of the premium which represents coverage already provided. Each day that an insurance policy is in force represents a day of earned premium.

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.

Effective Date
The date in which insurance protection begins under a policy.

Electronic Funds Transfer
A method of collecting policy premium electronically from the policy holder's bank account.

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.

Escheatable
Property that has reverted back to the state when no legal heirs or claimants exist. An example is a customer refund check that is undeliverable or unredeemed.

Estate
The assets and liabilities of a person left at death. Extent and nature of one's interest in land; the assets constituting a descendent's property at the time of death; the assets of a debtor in bankruptcy proceedings.

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.

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

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

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 Letter
Letter requested by an insured that documents their loss history with us.

Extended Coverage Insurance
Protection for the insured against property damage caused by windstorm, hail, smoke, explosion, riot, riot attending a strike, civil commotion, vehicle and aircraft. This is provided in conjunction with the fire insurance policy and the various "package" policies.

External Sources
Third Party providers that have personal data on record such as name and address.

Insurance Information (cont'd)
Occupational Hazards
Occupations which expose the insured to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected.

Occurrence
An accident, including continuous or repeated exposure to substantially the same general, harmful conditions, that results in bodily injury or property damage during the period of an insurance policy.

Occurrence policy
A liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed.

Ocean Marine Insurance
Insurance for sea-going vessels, including liabilities connected with them, and their cargoes.

Ocean Marine Insurance
Coverage on all types of vessels, including liabilities connected with them, and on their cargoes.

Operating Ratio
The sum of expenses and losses expressed as a percent of earned premium.

Optionally Renewable Contract
A contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due date, but does not have the right to terminate coverage between such dates.

Ordinary Life
Synonymous With Whole Life and Straight Life - The three terms are applied to the type of policy which continues during the whole of the insured's life and provides for the payment of amount insured at this death.

Ordinary Life Insurance
Life insurance usually issued in amounts of $1,000 or more with premiums payable on an annual, semi-annual, quarterly or monthly basis.

Over-the Counter Market
A means of buying and selling securities that are not listed on a stock exchange. Negotiations are carried out by telephone or computer network.

Overhead Expense Insurance
A special form of health insurance designed to help offset overhead expenses such as office rent, utilities, employees' wages, and auditors' fees, incurred during total disability. The monthly payments during disability is not a fixed amount of indemnity as on regular disability polices, but the amount of overhead expense actually incurred, or a percentage thereof, up to the limit specified in the policy.

Overhead Insurance
A type of short-term disability income contract that reimburses the insured person for specified, fixed monthly expenses, normal and customary in the operation and conduct of his/her business or office.

Overriding Commission (Overwrite)
A commission paid to general agents or agency managers in addition to the commission paid the soliciting agent or broker.