Chronological history of the amount a worker earns each year during his or her working lifetime. For Social Security, credits earned remain on an individual’s Social Security record even when changing jobs or during a period with no earnings.
Insurance Encyclopedia
Earnings related pension
See: STATE SECOND PENSION.
Earnings threshold
The total amount an individual and/or his employer may pay to the individual’s personal pension scheme every year, regardless of whether they have any earnings or how much they are. For 2003/4 the figure was £4,615. The threshold includes tax relief at basic rate. Individuals wishing to pay more have to justify their case by their age and earnings level.
Earth Movement
A peril including landslide, mudflow, earth sinking, rising or shifting and earthquake.
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Subject to an exclusion in property policies, this peril includes earthquake, landslide, and mudflow.
Earth movement (Property Insurance)
A danger often excluded from homeowners policies; for example, an earthquake, mudslide, or the sinking of the earth. Earth movement is also often excluded from commercial property policies.
Earthquake
A convulsion of the Earth’s surface produced by volcanic or similar forces within its crust. (Note: An earthquake could result in serious Fire damage or more commonly, extensive shock damage to property. India is lying within a Seismic belt and extensively heavy damage could be caused from such occurrences).
Earthquake coverage
See: catastrophe insurance policy .
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Typically excluded (along with other earth movement) from most property insurance policies, except ensuing fire. In most cases, earthquake coverage must be purchased by endorsement to a difference-in-conditions (DIC) policy or to an all risks policy. Normally, the coverage provided is subject to a per occurrence sublimit, an annual aggregate limit, and a separate deductible.
Earthquake Fire and Shock Cover as an Add On peril Standard Fire and Special Perils Policy (Material Damage)
This add on only if the entire property in one complex/compound/location is covered and the sum insured is equal to the main policy excluding the value of the plinth and foundations. (i) If insured opts to delete Storm tempest etc perils or does not take Flood Extra then the policy be extended to cover loss or damage (including loss or damage by fire) to any of the property insured by earthquake including landslide/rockslide resulting there from but excluding flood or overflow of the sea, lakes, reservoirs and rivers caused by Earthquake. (ii) If Insured has opted for Storm etc perils as also Flood perils then the notwithstanding anything stated in the printed exclusions of this policy the contrary, this insurance is extended to cover loss or damage (including loss or damage by fire) to any property insured occasioned by or through or in consequence of earthquake including flood or overflow of the sea, lakes, reservoirs and rivers and/or landslide/rockslide resulting therefrom.
Earthquake Insurance
Earthquake insurance provides coverage for direct damage from earthquake and volcanic eruption. This coverage is normally an endorsement to the standard property policy, which excludes earthquake. Earthquake coverage normally excludes losses resulting from fire, explosion, flood, or tidal wave (even if the tidal wave is caused by an earthquake).
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Insurance covering damage caused by an earthquake as defined in the contract.
Earthquake insurance (Property Insurance)
Insurance that covers loss of property or damage due to an earthquake.