Glossary

Educators legal liability (ELL) insurance is designed to cover a broad range of nonbodily injury/nonproperty damage liability claims made against the administrators, employees, and staff members of both schools and colleges.

An EEO-1 Report is a survey form that requires employers to designate employees into five major race/ethnic designations used by the Equal Employment Opportunity Commission (EEOC).

The effective date refers to when an insurance binder or policy becomes effective and from which time protection is provided.

The sum of federal and state taxes applicable to an insured's income, taking into account losses carried forward.

Efficacy insurance guarantees the owner's debt service if the insured project cannot perform at the anticipated capacity due to deficiencies in the system's design, materials, or construction.

Election refers to the choice a captive insurance company makes regarding how it will be taxed. For offshore captives there is an opportunity to pay US income taxes directly, rather than have the tax burden fall on its shareholders.

An election window is the period during which an insured under a claims-made policy may purchase an extended reporting period (ERP), following expiration or cancellation of the policy.

Elective benefits refer to disability income policies that allow the insured the option to take a specified sum for certain minor injuries instead of receiving the disability benefit.

The electrical damage or injury exclusion is an exclusion contained in most property insurance policies eliminating coverage for damage to electrical devices caused by artificially generated currents, except for ensuing fire or explosion.

Electronic commerce means the conducting of financial transactions or business transactions, including the buying, selling, and advertising products or services, over the Internet.