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Elimination Period
A period of time between a period of disability and the start of disability income insurance benefits, during which no benefits are payable.

A written or printed form attached to the policy which alters provisions of the contract. Attachment or addendum to an insurance policy; an endorsement changes the contract's original terms.

Endowment Insurance
An insurance contract that pays an amount of insurance to a beneficiary if the insured person should die during a specified period of years, or the same amount as an endowment if the insured survives to the end of the specified period.

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

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 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.

Extended Claim Reporting Period (ECRP) Endorsement
This special provision added to a professional liability claims-made policy addresses work performed during the policy period which gives rise to a claim after the policy has expired. This type of endorsement extends the period of time after policy expiration in which a claim can be made, or filed, and still be covered. Typical options are one-, three-, and five-year claim reporting periods.

Extended Term Insurance
A nonforfeiture option under which term life insurance is purchased with the cash value of a life insurance policy.

This information should not be construed as legal advice or a legal opinion on any factual situation. This summary is for illustrative purposes and is not a contract. It is intended to provide a general overview, at the time first posted, of the topics described. Only the insurance policy can give actual terms, conditions and exclusions.