Terms & Definitions - E
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Earned income: For tax purposes, earned income is generally the money made by an individual from employment. It also includes some taxable benefits. Earned income is used as the basis for calculating RRSP maximum contribution limits.
Earnings statement: A financial statement showing the income and expenses of a business over a period of time. Also known as an income statement or profit and loss statement.
Equities: Another way of referring to common shares or stocks. An equity mutual fund, for example, is one that invests entirely in such shares.
Eligibility Period: The period of time between the date an employee is hired and the date the employee becomes eligible for coverage under the terms of the group insurance policy. Also referred to as the waiting period or probationary period.
Elimination Period: Usually in reference to disability coverage, it refers to the length of time between the date of disability and the date benefit payments commence. Also referred to as the qualifying period.
Equity: The net worth of a company. This represents the ownership interest of the shareholders (common and preferred) of a company. For this reason, shares are often known as equities.
Equity fund: A mutual fund whose portfolio consists primarily of common stocks.
Errors and Omissions (E&O) Insurance: Insurance that protects an agent, or advisor, against financial liability resulting from his or her negligent acts or mistakes.
Evidence of Insurability: Any statement or proof of a person’s physical condition and/or other factual information affecting his/her acceptability for insurance. Generally submitted for excess Basic Life or Optional Life insurance, excess Long Term Disability insurance, or late enrolment in a plan of insurance.
Executor/Executrix: The person or institution named in your will to represent you after death, to act on your behalf and carry out your wishes. Your executor not only distributes your estate, but also administers any trusts you may have set up.
Experience-rated: A method of determining premium rates by giving either partial or full credibility to the group’s own claims experience and partial or no credibility to the insurer’s manual rates.
Extended Health Care (EHC): EHC is a benefit which provides hospital and medical coverage over and above the services provided under the government health plan. Also referred to as a Major Medical Benefit.
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