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Resource LinksReference Library: Glossary of Terms
E
Election Period
A 60-day period following notification of an insured's eligibility for COBRA continuation coverage, during which the individual can accept or decline the coverage.
Eligibility Period
In contributory group insurance plans, the period of time, usually 31 days, during which a new employee may apply for group insurance coverage.
Eligibility Requirements
The conditions a person must meet in order to be a participant in a group life insurance, group health insurance, or retirement plan.
Error and Omissions (E&O) Insurance
Insurance designed to cover claims that result from the negligent acts or mistakes of an agent, including (1) his or her vicarious liability stemming from negligent acts or (2) mistakes committed by individuals for whom the agent is legally liable.
Exclusions
Specific conditions or circumstances for which the policy will not provide benefits.
Experience Rating
The process of using a group's own premium and claims experience to calculate premium rates. If the claims experience for the previous year was favorable, the insurer considers reducing the premium rates for the coming year. If the experience was unfavorable, the insurer attempts to discover the reason and may propose higher premium rates for the next year.