expense ratio: The sum of general insurance expenses, direct commissions, and net commissions and expense allowances on reinsurance assumed and ceded, as a percentage of net premiums and annuity and fund deposits.
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expectation of life: See life expectancy.
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exclusive provider organizations (EPO): Form of managed care in which participants are reimbursed only for care received from affiliated providers.
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exclusions (exceptions): Conditions or circumstances, listed in the policy, for which the insurer will not provide benefits.
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excess of loss reinsurance: Reinsurance wherein the insurer cedes liabilities, premiums, and losses on a nonproportional basis above the insurer’s net retention of risk.
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evidence of insurability: Under certain circumstances (e.g., late enrollment in a group health plan or a high benefit maximum), an employee must provide medical or financial information as proof to the insurance company that he or she is insurable.
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equity assets/capita: Common stock, real estate, and miscellaneous invested assets as a percentage of statutory capital.
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equity assets: Common stock, real estate, and all other miscellaneous invested assets
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enrollment card: Document signed by an eligible person indicating a desire to participate in a group insurance plan. The document or card authorizes an employer to deduct contributions from an employee’s pay. If life and accidental death and dismemberment coverage are involved, the card usually includes the beneficiary’s name and relationship.
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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 before that date.
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