Jargon explained - E
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Definition
The date an insurance policy starts to provide insurance.Explanation
Used when talking about insurance policy terms.
The effective date is sometimes also called the cover start date or inception date. -
Definition
Those treatments and charges which are covered by the policy. In order to determine whether a treatment or charge is covered, all sections of your policy should be read together and are subject to all the terms, benefits and exclusions set out in the policy.Explanation
Used when explaining the benefits of a policy.
When we're talking about the benefits of an insurance policy, we use the word eligible to refer to a claim that can be covered by the policy – not something that definitely will be covered.
In medical insurance, we often talk about 'eligible conditions' and 'eligible treatments'. For us to pay a claim, the member must be having eligible treatment for a condition that's covered by their policy. -
Definition
A change to the original terms of an insurance policy.Explanation
Used when talking about insurance policies.
A clause added to a policy which alters some parts of the original cover.
The endorsement may restrict cover to exclude theft damage if there are insufficient security measures at the premises.
It may also expand cover if an item is to be covered outside of the home. -
Definition
A clause in an insurance policy that sets out how the insured value will increase (escalate) if certain conditions are met, such as inflation or rising costs.Explanation
Used when considering/assessing the adequacy of sums insured.
Escalator Clauses are included to deal with possible or likely increases in factors that are beyond the control of the insurer or the insured – such as inflation or increasing costs.
Escalator Clauses are most commonly found in Contractors All Risks policies. -
Definition
Getting a medical insurance policyholder to the nearest appropriate medical facility for treatment.Explanation
Used when talking about medical insurance cover for people travelling overseas.
If a medical insurance policy includes evacuation cover there will be specific terms and conditions about what is covered.
A related term is repatriation, which gets the policyholder back to their home country rather than to the nearest medical facility. -
Definition
A payment that is made to a customer for reasons of goodwill rather than because of a contractual or legal obligation e.g. a claim.Explanation
Used when talking about payments, such as insurance claims payments. -
Definition
A clause in a policy that describes specific elements that are specifically excluded from the insurance cover.Explanation
Used when talking about insurance policies.
Exceptions are sometimes included in polices to exclude cover for specific items, such as specific risks, people, property or locations.
The terms 'exception' and 'exclusion' are often used to mean the same thing. -
Definition
The first part of a claim payment that is deducted from a claim by the insurer. The effect of this is that the policyholder pays the first part of the claim themselves.Explanation
Used when considering the extent of cover under an insurance policy.
An Excess may be imposed by an insurer compulsorily to reduce a particular risk or be voluntarily taken by the insured in return for a premium discount. -
Definition
A clause in a policy that describes specific elements that are specifically excluded from the insurance cover.Explanation
Used when talking about insurance policies.
Exclusions are sometimes included in polices to exclude cover for specific items, such as specific risks, people, property or locations.
The terms 'exception' and 'exclusion' are often used to mean the same thing. -
Definition
A website that can only be accessed by a limited user-group.Explanation
Used when talking about electronic information and services.
Those outside the user-group are prevented from getting access to the information in the site by passwords and other techniques, such as encryption.
AXA can provide extranets for some group members. Each group has their own name and password. The sites allow some personalisation and allow members to see information such as their scheme handbook, contact details, and membership details.