E's of Life Insurance Flashcards
Errors and Omissions Policy (E&O)
A professional liability insurance policy that protects the insurance provider from claims by the insured for mistakes or oversights on the insurer’s part.
Estoppel
A legal obstruction to denying a fact or restoring a right that has been previously waived.
Excess Charge
The difference between the amount approved by Medicare for a service or supply and the actual charge.
Excess Insurance
Insurance that pays over and above or in addition to the basic policy limits.
Exclusions
Causes of exposures, loss, conditions, etc, for which insurers will not pay insurance benefits.
Executory Contract
A contract that has not yet been fulfilled by one or both parties that promise action in the event of a specified future event.
Expiration
The date listed in the policy as the date of termination.
Explanation of Benefits (EOB)
A statement outlining the services rendered, insurance company payments, and the insured’s billing amounts.
Expanation of Medicare Benefits
A statement to a Medicare patient specifying how the insurer will settle the Medicare claim.
Exposure
A unit of measure used to calculate rates charged for insurance coverage.
Express Authority
The authority grated to an agent due to the agent’s written contract.
Extended Care Facility
A facility licensed by the state to provide 24- hour nursing care.
Extension of Benefits
A provision allowing coverage to continue beyond the policy’s expiration date for employees who are not at work because of a disability or who have dependents hospitalized on the date. This coverage continues until the employee returns to work or the dependent leaves the hospital.
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)
