Earnings Record A record that shows an individual's actual lifetime earnings as reported by an employer, or for self-employed individuals.

Elimination period Period of time (beginning with the first day of illness or injury) during which no benefits are payable under a disability insurance policy. Benefits are paid only for costs incurred after the end of the elimination period.

Employee Benefit Program The collection of non-salary compensation offered by an employer that may include health insurance, life insurance, disability insurance, pensions or other retirement plans, tuition reimbursement, stock options, and child care benefits.

Endorsement A written agreement attached to an insurance policy to add or subtract coverage. Once attached, the endorsement takes precedence over the original terms of the policy.

Equity An ownership interest such as that held by shareholders in a corporation. Equity also represents the difference between the market value of real estate and the outstanding balance on the loan(s) secured by that property.

Estate All assets a person owns at the time of death, including securities, real estate, business interests, physical property, and cash, less outstanding liabilities. The estate is distributed to heirs according to the terms of the person's will or, if there is no will, by court ruling.

Estate Freeze Techniques or methods used to control the future appreciation of assets for the purpose of reducing estate taxes.

Estate Planning The process of developing and implementing a master plan that facilitates the distribution of your property after your death according to your goals and objectives.

Estate Tax A tax imposed by the federal government and some state governments on the transfer of assets to heirs.

Exclusions Items that are specifically denied coverage under the terms of an insurance policy. For example, most property/casualty contracts exclude coverage for normal wear and tear. You can often purchase additional coverage to override one or more exclusions.