Glossary A • B • C • D • E • F • G • H • I • J • K • L • M • N • O • P • Q • R • S • T • U • V • W • X • Y • Z # 1035
exchange - Section 1035 sets out provisions for the exchange
of similar (insurance related) assets without any tax consequence
upon the conversion. If the exchange qualifies for like-kind exchange
consideration, income taxes are deferred until the new property
or asset is sold. The 1035 exchange provisions are only available
for a limited type of asset which includes cash value life insurance
policies and annuity contracts. 403(b) plan - Tax deferred annuity retirement plan available to employees of public schools and colleges, and certain non-profit hospitals, charitable, religious, scientific and educational organizations. 457 plan - Non-qualified deferred compensation plans available to employees of state and local governments and tax-exempt organizations. 60-day roll-in contribution - A distribution an employee received from a former employer's qualified plan, or withdrew from a conduit IRA, and deposited in a qualified retirement plan with a company that accepts rollovers. Mandatory tax withholding and a 60-day deadline apply. Abutment - A tooth or implant used to support a bridge or other prosthesis. A crown unit used as a part of a fixed bridge. Abscess - A localized inflammation due to a collection of pus in the bone or soft tissue, usually caused by an infection. Accelerated contributions (catch-up contributions) - For tax-sheltered annuity plans, extra contributions a participant may make in certain years to help make up for less than maximum contributions in previous years. Accelerated death benefits (adb's)- Some life insurance policies make a portion of the death benefit available prior to the death of the insured. Such benefits are usually available only due to terminal illness or for long-term care situations. Accidental death benefit- An accidental death benefit is a rider added to an insurance policy which provides that an additional death benefit will be paid in the event death is caused by and accident. This rider is often called "double indemnity." Accident insurance - Coverage for bodily injury due to an accident. Accidental death and dismemberment (AD&D) insurance - Coverage for death or loss of a body part or function due to an accident. Account balance plan (cash balance plan) - A retirement plan that is qualified and funded as a career average pay pension plan, but communicated to employees like a defined contribution plan, with individual employee accounts that are credited with contributions and earnings each year. Accounts payable- A balance sheet item representing the amount of money a company owes to its creditors. Accounts receivable- A balance sheet item representing the amount of money a company is owed by its customers for goods and services it has provided. Accreditation - Certification that an organization meets the reviewing organization's standards. Examples: accreditation of HMOs by the National Committee on Quality Assurance (NCQA) or accreditation of hospitals by the Joint Commission of Accreditation of Healthcare Organizations (JCAHO). Accrual basis- One of several methods of accounting. Requires that all interest and income be included as it is earned and that all expenses are included as incurred. Accrued benefits - For a defined benefit retirement plan, benefits that a participant accumulates based on years of service, expressed as a dollar amount of benefit to begin at the plan's normal retirement age. For any other type of retirement plan, the accrued benefit is the balance in the participant's account. Accrued Liability - The amount of liability assigned, under the actuarial method used, to years prior to the valuation date of a defined benefit plan. Actively at Work - The employee is present on the job, or otherwise meets the plan's requirements for being actively at work. Activities of daily living (ADLs) - Activities such as dressing, feeding, and toileting, that a participant needs to perform for self-care. ADLs may help determine a participant's eligibility for benefits under a long-term care plan. Actual Compensation Percentage (ACP) - One of the factors used to test 401(k) defined contribution plans for nondiscrimination. The eligible participants are divided into groups of highly compensated and non-highly compensated. Within each group, the after-tax employee contribution and the employer match for each employee is determined as a percentage of pay. These are then averaged to determine the ACP for each group. The highly compensated ACP is the compared to the non-highly compensated ACP. Actual Deferral Percentage (ADP) - One of the factors used to test 401(k) defined contribution plans for nondiscrimination. Basically, the eligible participants are divided into groups of highly compensated and non-highly compensated. Within each group, the pre-tax salary reduction contribution percentage for each employee is determined as a percentage of pay. These are then averaged to determine the ADP for each group. The highly compensated ADP is the compared to the non-highly compensated ADP. Actuarial Assumptions - Assumptions or estimates of future experience in those areas that will affect benefit levels and pension costs; for example, interest, pay increases, mortality, turnover (withdrawal), disability, and age at retirement. Actuarial Cost Method - A mathematical process that allocates the expected value of pension benefits to various years of an employee's career. Actuarial Equivalent - If the present value of two series of payments is equal, assuming a given interest rate and mortality table, the two series are said to be actuarially equivalent. For example, a lifetime monthly benefit of $67.60 beginning at age 60 is actuarially equivalent to a lifetime monthly benefit of $100 beginning at age 65. Actuarial Gains or Losses - The effect on actuarially calculated pension liabilities of deviations between actual experience and the actuarial assumptions used. Actuarial Present Value - Current worth of an amount or series of amounts payable or receivable in the future, where each such amount is discounted at an assumed rate of interest and adjusted for the probability of its payment or receipt. Actuarial Valuation - A periodic examination of a pension program to determine plan liabilities. Actuarially Reduced Benefit - Pension benefit amount payable to an employee who retires before normal retirement age. The actuarial amount reflects the longer payment period and life expectancy. (See Actuarial Equivalent) Actuary - A person professionally trained in the technical and mathematical aspects of insurance, pensions, and related fields. Acupuncture - A traditional form of Chinese medicine using a technique which involves the passing of needles through the skin to specific points to treat various disorders. Acupuncturist - A qualified provider who practices acupuncture. Acute care - Treatment for a severe and short-term health problem. AD&D - See accidental death and dismemberment. ADLs - See activities of daily living. Adjudication - The process used by Health Benefit Plans to determine eligibility for benefits and the amount of payment, if any, for a claim. Adjustable rate mortgage (arm)- An adjustable Rate Mortgage offers an initial interest rate that is usually lower than a fixed rate, but that adjusts periodically according to market conditions and financial indices. The rate may go up and/or down, depending on economic conditions. To limit the borrower's risk, the ARM will almost always have a maximum interest rate allowed, called a "rate cap." Administrative Service Contract (Administrative Service Only, ASO) - An arrangement under which an insurer agrees to process claims under a group medical plan. Usually used in conjunction with a self-funded plan. Adoption assistance program - A program to reimburse employees for their eligible expenses to legally adopt a child. The program may cover expenses such as adoption agency and legal fees, pregnancy and hospital expenses of the birth mother, and immigration and naturalization expenses. Adoption leave - Leave of absence granted by a company due to adoption or placement of a child for purposes of adoption. Adult care assistance - See adult care services. Adult care services - Services to allow a disabled or elderly adult to function at home or in a center. Adult day care - Services during the day to allow a disabled or elderly adult to function at home or in a center. Adult foster care - See adult care services. Advance funding - A payment to a defined benefit plan in advance of the date it is actually needed to provide benefits. Advance funding is one of the essential characteristics of a qualified plan. Advance notification - The advance notice an employee must give an employer when requesting a leave under the Family Medical Leave Act of 1993 (FMLA). After-tax contributions - Contributions to a qualified plan from an employee's pay after applicable federal, state and local taxes are withheld. After-tax
premiums - Premium payments taken from an employee's pay
after applicable federal, state and local taxes are withheld. Age reduction schedule - Under group life or disability plans, the schedule showing when benefits stop or are reduced if an employee reaches a particular age. Aggregate funding method - A method of accumulating money for future payment of pension benefits whereby an actuary determines the present value of all future benefit payments, deducts from this value whatever funds may be on hand with the insurance company or trustee, and distributes the cost of the balance over the future on a reasonable basis. Allergy Treatment - Medical treatment by or under the direction of a physician to determine the allergens to which a patient is allergic, and treatment to reduce the allergic response. Treatment may include testing, evaluation, injections, or administration of serum. Allocation - Generally applied only in a defined contribution plan in which the employer contribution is "allocated" (credited to participant accounts) under a stated allocation formula. Allowable Charge - The maximum amount that a Health Benefit Plan will pay for a given Covered Service or supply. Also called Maximum Benefit Allowance or Maximum Allowance. Alternate payee - A spouse or former spouse with an interest in plan benefits under the terms of a Qualified Domestic Relations Order (QDRO). Alternative Birthing Center - Alternative birthing centers can range from free-standing centers to special areas within hospitals. Such centers are generally known for a more comfortable, home-like atmosphere, allow more participation by the father and have more procedural flexibility than commonly found in hospital births. Alveoloplasty - A surgical procedure used to re-contour the supporting bone structures in preparation of a complete or partial denture. Amalgam - A dental filling material, composed of mercury and other metals or minerals, used to fill decayed teeth. Ambulatory care - A general term for care that doesn't involve admission to an inpatient hospital bed. Ambulatory care facility - A facility providing outpatient services. Ambulatory surgery - Surgical procedures performed that do not require an overnight hospital stay. Procedures can be performed in a hospital or a licensed surgical center. Also called Outpatient Surgery. Amortization- The amortization of a debt is its systematic repayment through installments of principal and interest. An amortization schedule is a periodic table illustrating payments, principal, interest, and outstanding balance. Ancillary care - Diagnostic and/or supportive services such as radiology, physical therapy, pharmacy or laboratory work. Anesthesia - Local anesthesia involves administering agents to achieve the loss of conscious pain in a specific part of the body. General anesthesia involves administering agents to render the patient completely unconscious and without conscious pain response. Anesthetic - A drug that eliminates or reduces pain. See local anesthetic. Anniversary date - The day after a coverage period ends under a health benefits plan. Usually, the month and day that a health benefits plan first goes into effect becomes its anniversary date each year. Annual enrollment - The period of time a company designates each year in which an employee may make changes in enrollment for certain benefits. Annual percentage rate (apr)- The Annual Percentage Rate is the cost of credit expressed as a yearly rate. The APR is a means of comparing loans offered by various lenders on equal terms, taking into account interest rates, points, and other finance charges. The federal Truth-in-Lending Act requires disclosure of the APR. Annual Report (Form 5500) - Annual financial report of a pension benefit plan of welfare benefit plan. To be filed with the IRS. Annuitant- An individual who receives payments from an annuity. The person whose life the annuity payments are measured on or determined by. Annuity- A contract between an insurance company and an individual which generally guarantees lifetime income to the individual or whose life the contract is based in return for either a lump sum or periodic payment to the insurance company. Interest earned inside an annuity is income tax-deferred until it is paid out or withdrawn. Appraisal- An appraisal is an estimate of a property's value, usually real estate, at a specific point in time and as determined by a qualified professional appraiser. Anterior - Refers to the teeth and tissues located towards the front of the mouth (upper or lower incisors and canines). Apex - The tip or end of the root of the tooth. Apicoectomy - The amputation of the apex of a tooth. Appeals - A process used to request the health plan to reconsider a previous decision made by the Health Benefit Plan or provider. There may be different appeal processes for members, providers, types of products, or state of issue. Appreciation- Appreciation is the increase in value of an asset. The term "appreciation" may be applied to real estate, stocks, bonds, etc. Arbitration - A process where independent persons, called "arbitrators" reach a decision that is binding upon disagreeing parties. Arm's length- Acting at arm's length predicates that two parties negotiate with opposing economic interests. Ask price- The price that a seller is willing to sell a security or commodity for. Asset - Anything having commercial or exchange value and belonging to a person or organization. Asset classes - Classes of investments such as stocks, bonds, and money market instruments. Assignment (Retirement Plans) - Assigning benefits to someone else. Generally, qualified plan benefits cannot be assigned to someone other than the employee or other participant. Exceptions include pension benefits affected under a Qualified Domestic Relations Order (QDRO). Assignment of benefits (Health Plans) - When a covered person authorizes his or her health benefits plan to directly pay a health care provider for covered services. Assisted living facility - Shared, supervised residence for those who cannot live independently. Attained age - A person's age at his or her latest birthday. Authorization - See Pre-Authorization or pre-approval. Average Monthly Wage (AMW) or Average Indexed Monthly Earnings (AIME) - For and individual, the monthly average of all pay credited for social security purposes (up to the taxable wage base each year), used to determine his or her social security benefit. Balance billing - The practice of charging full fees (which exceed either the agreed to managed care fees or the usual and customary fees), and then billing the patient for the part of the bill (the balance) that the plan does not cover. Balance sheet - A balance sheet is a financial statement that is divided into three major parts: assets, liabilities and shareholders' equity. Balloon mortgage - The terms on a balloon mortgage are insufficient to completely amortize the loan. A balloon, or lump sum, payment is required at the maturity of the loan to completely pay off the remaining principal. Balloon mortgages often contain a contractual opportunity to refinance when the balloon payment is due at prevailing rates. Bank reserves - The amounts that banks are required to keep on deposit at a Federal Reserve Bank, as determined by reserve ratios. Funds in ex cess of these reserves are loaned out or invested by the banks. Bankruptcy - A federal court proceeding in which a debtor who is unable to continue to meet his/her financial obligations may be relieved from the payment of certain debts. This action seriously affects the borrower's credit worthiness. Basis - An amount usually representing the actual cost of an investment to the buyer. The basis amount of an investment is important in calculating capital gains and losses, depreciation, and other income tax calculations. Basis points- Basis Points is a term used by investment professionals to describe yields of bonds. One basis point equals one 100th of 1%, or .01%. A bond yield increase from 10.0% to 10.1% represents an increase of 10 basis points. Bear market - A prolonged decline in overall stock prices occurring over a period of months or even years. Before-tax contributions - Premium payments taken from an employee's pay before federal, state and local taxes are withheld. Behavioral care services - Assessment and therapeutic services used in the treatment of mental health and substance abuse problems. Beneficiary - The person who is designated to receive the benefits of a contract. Benefit duration period - The benefit duration period begins when the person has become disabled as defined under the plan and has met any waiting period, and ends when the maximum length of time to receive benefits is reached. Benefit formula - The combination of factors, such as length of service, job classification, and salary, that determines the amount of benefits to be paid under a benefit plan. Benefit period - The period of time for which a plan pays benefits for Covered Services rendered while the Contract was in effect. Benefit statement - Participant's individualized (usually computer-posted or laser-printed) statement, covering employer-provided benefits. Benefits - Covered Services to which the Member is entitled under the terms of the policy. Benefit payments may be paid to the Member (or Subscriber), or on his behalf, to the medical provider. Benefits package - A term informally used to refer to the employer's benefits plan or to the benefits plan options from which the employee can choose. Bereavement leave - Time taken off work due to a death. Beta - A statistically generated number that is used to measure the volatility of a security or mutual fund in comparison to the market as a whole. Bicuspid - A two-cusped tooth found between the molar and the cuspid also known as an eye tooth or canine tooth. Bid price - The price that a buyer is willing to pay for a security or commodity. Biopsy - A process of removing tissue to determine the existence of pathology. Birth control pills and devices - Pills and devices designed to prevent conception of a fetus, or to prevent implantation of a fertilized egg. Birthday rule - In plans that follow the birthday rule, if both spouses and/or their children are each covered by their own employer-provided health care plans, the plan covering the parent whose birthday falls first in the calendar year pays benefits first (is the "primary plan") regardless of which parent is older. If both parents have the same birthday, the plan that has covered the person the longest pays first. Birthing center - A center which provides prenatal, delivery and postpartum care, is staffed by certified nurse-midwives, and meets the plan's requirements as well as accreditation and state licensing. Bitewing x-rays - X-rays taken of the crowns of teeth to check for decay. Bleaching - The technique of applying a chemical agent, usually hydrogen peroxide, to the teeth to whiten them. Blood - For medical plans that cover blood, the term may include whole blood, blood plasma, and other blood products. Blue-chip stocks - The equity issues of financially stable, well-established companies that usually have a history of being able to pay dividends in bear and bull markets. Board-certified - Any physician who has completed medical school, internship and residency in his or her chosen specialty and has successfully completed an examination conducted by a group (or board) of peers. Bond - A certificate of indebtedness issued by a government entity or a corporation, which pays a fixed cash coupon at regular intervals. The coupon payment is normally a fixed percentage of the initial investment. The face value of the bond is repaid to the investor upon maturity. Bonding - A process to chemically etch the tooth's enamel to better attach (bond) composite filling material, veneers, or plastic/acrylic. Bonding requirement - The individual(s) that are appointed to run the day-to-day operations of a qualified plan, as well as the trustee(s) and investment managers must be bonded. The bond is required to provide protection to the plan against loss due to fraud, theft, forgery or dishonesty. Bone loss (Dental) - The breakdown and loss of the bone that supports the teeth, usually caused by infection or long-term occlusal (chewing areas of the teeth) stress. Brand-name drug - A drug manufactured by a pharmaceutical company which has chosen to patent the drug's formula and register its brand name. Break in service - An interruption in employment that affects the employee's benefits. Bridge - A nonremovable restoration that is used to replace missing teeth. Bridgework - Fixed bridgework is a partial denture held in place with crowns or inlays cemented to natural teeth, and used as an abutment. Fixed-removable bridgework can be removed by the dentist but not the patient. Removable bridgework is a partial denture held in place by attachments, which the patient can remove. Book value - The value that belongs to a company's owners or shareholders after total liabilities have been subtracted from total assets. Also called shareholders equity. Bull market - A prolonged increase in overall stock prices—usually occurring over a period of months or even years. Burial - Interment of physical remains. Business travel accident insurance - Limited coverage for accidents that occur while traveling on company business. Usually covers all accidents while an employee is away from home (not merely those directly connected with travel). Buy-down - A buy-down refers to the payment of additional discount points in return for a below market interest rate (and therefore a lower monthly payment) on a home mortgage. Buy-sell agreement - An agreement between shareholders or business partners to purchase each others' shares in specified circumstances. Caesarian section - Childbirth by surgical removal of the baby. Cafeteria plan - An employee benefit plan that gives employees a choice among cash and one or more qualified benefits, such as health insurance, group term life and dental benefits. Calculus - The hard deposit of mineralized plaque that forms on the crown and/or root of the tooth. Also referred to as tartar. Calendar year deductible - The deductible that applies for a plan that counts the deductible based on a calendar year. Call to active duty - A summons to active military service. Canine tooth - The second tooth from the big front tooth, commonly called the eye tooth or cuspid. Cap - Another term for crown. Capital markets - A general term encompassing all markets for financial instruments with more than one year to maturity. Capital stock - All ownership shares of a company, both common and preferred listed at par value. Capitation - A predetermined, fixed amount that is paid to a health care provider for each person served under the plan, without regard to the number of visits or extent of services that will be required. (The provider assumes financial risk for providing health care services.) HMO's are reimbursed on a "per capita" (capitated) basis. Cardiac/pulmonary treatment - Treatment of illness or injury affecting the heart and lungs. Care management - Care Management refers to an initiative that takes a global approach to medical care from prevention through treatment and recovery. Career average pay - One definition of pay that is used as a basis for determining benefits under a defined benefit pension plan. Normally, the average of the employee's pay from date of employment to date of retirement. In some cases, the starting date for the averaging period may be the employee's eligibility date, the effective date of the plan, or the effective date of a plan amendment. Caries - The correct technical term for decay which is the progressive breaking down or dissolving of tooth structure, caused by the acid produced when bacteria digest sugars. Carrier - A term historically used for licensed insurance companies, although now is sometimes used to include both licensed insurers and HMOs. Carryover deductible - A deductible that applies when a participant is eligible for continuation coverage under COBRA due to a "qualifying event" such as divorce or termination of employment. The carryover deductible is the deductible payable under the COBRA continuation coverage and that includes the part of the deductible satisfied before the qualifying event. Case management - Coordination of services to help meet a patient's health care needs, usually when the patient has a condition which requires multiple services from multiple providers. This term is also used to refer to coordination of care during and after a hospital stay. Cash balance plan - See account balance plan. Cash equivalents - Assets that can be quickly converted to cash. These include receivables, treasury bills, short-term commercial paper, short-term municipal and corporate bonds and notes. Cash equivalents - Investments, such as money market funds and treasury bills, of such high quality and liquidity that they are considered virtually the same as cash. Cash or deferred arrangement (CODA) - Provision under Section 401(k) of the Internal Revenue Code whereby contributions may be made by employees through salary reduction such that the contribution dollars are not taxed until the money is withdrawn. Also applies to profit sharing plans where an employee may elect to take the employer contribution in current (taxable) cash or have it deferred (nontaxable) into a trust. Cash value - Permanent life insurance policies provide both a death benefit and in an investment component called a cash value. The cash value earns interest and often appreciates. The policyholder may accumulate significant cash value over the years and, in some circumstances, "borrow" the appreciated funds without paying taxes on the borrowed gains. As long as the policy stays in force the borrowed funds do not need to be repaid, but interest may be charged to your cash value account. Catch-up contributions - See accelerated contributions. Cavity - A layman's term for tooth decay. Also, the dental term for the hole that is left after decay has been removed.Cement - A special type of glue used to hold a crown in place. It also acts as an insulator to protect the tooth's nerve. Cementum - The very thin, bonelike structure that covers the root of the tooth. Center of excellence - A facility named as a preferred place to have certain very specialized services performed, such as organ transplants. Certificate of deposit (cd) - A Certificate of Deposit is a low risk, often federally guaranteed investment offered by banks. A CD pays interest to investors for as long as five years. The interest rate on a CD is fixed for the duration of the CD term. Certification - See Pre-certification. Charge amount - The amount billed by a provider for services rendered to a participant. Charitable deductions - Amounts deducted from a paycheck and/or IRS tax forms for contributions to charitable organizations. Charitable remainder trust (crt)- The Charitable Remainder Trust is an irrevocable trust with both charitable and non-charitable beneficiaries. The donor transfers highly appreciated assets into the trust and retains an income interest. Upon expiration of the income interest, the remainder in the trust passes to a qualified charity of the donor's choice. If properly structured, the CRT permits the donor to receive income, estate, and/or gift tax advantages. These advantages often provide for a much greater income stream to the income beneficiary than would be available outside the trust. Chemical dependency - Both alcoholism and drug dependency as classified by the International Classification of Diseases of the U.S. Department of Health and Human Services. Chemotherapy - Treatment of a malignant disease by chemical or biological antineoplastic agents. Chiropractor - A Doctor of Chiropractic (D.C.) who performs chiropractic services. Chiropractic care or services - Services provided by a licensed Chiropractor under a system of medicine based on the theory that disease is caused by malfunction of the nervous system, and that normal function can be restored by spinal manipulation and other treatment. Circumcision - Surgery to remove the foreskin of a newborn male. Civil litigation - A lawsuit in civil, rather than criminal, court. Claim - A request for payment of benefits under the terms of a health benefits plan. Claim reserve - An amount set aside in a group insurance plan for both continuing and unreported claims. Claim status - Claims are Paid, Pended, Denied, or Received-Not-Yet-Processed. Claims administrator - The company that reviews plan claims and determines whether they meet the Plan Document's terms for payment. Claim form - The form used to file for benefits under a health plan. Claimant - The person who files a claim for benefits. Claims procedure - The procedure under the Employee Retirement Income Security Act of 1974, as amended (ERISA) for filing claims under a qualified plan, and for requesting an appeal of denied claims. Class year plan - One in which each year's contributions vest separately. Each year's employer contributions must be 100% vested no later than the end of the fifth plan year following the plan year for which the contributions are made. After December 31, 1988, these plans were subject to the 1986 Tax Reform Act vesting rules. Clenching - The forceful holding together of the upper and lower teeth, which places stress on the ligaments that hold the teeth to the jawbone and the lower jaw to the skull. Cliff Vesting - Retirement plan provision under which the participant is not vested until fulfilling a certain number of years of service. After attaining the required number of years of service, the participant automatically becomes 100% vested. Clinical Practice Guidelines - General procedures and suggestions about what constitutes an acceptable range of practices for particular diseases or conditions. These guidelines are usually developed by a consensus of doctors in a given field. Closed-end fund - A fund whose value is held within a fixed number of shares. Until the fund is wound up, shares can be bought and sold on the stock exchange or the over-the-counter market. COBRA - See Consolidated Omnibus Budget Reconciliation Act. Co-borrower - A co-borrower is individually or jointly obligated to repay a loan entered into with a third party. The co-borrower may or may not share in ownership of loan collateral. Codicil - An instrument in writing executed by a testator for adding to, altering, explaining or confirming a will previously made by the testator; executed with the same formalities as a will; and having the effect of bringing the date of the will forward to the date of codicil. Cognitive service - Diagnostic services a doctor provides during delivery of medical services, consultations or care. Coinsurance - A method of paying for covered health services in which a portion of covered expenses are shared by the health benefits plan and the participant. Coinsurance is a defined percentage of the covered charges for services rendered, and is normally payable only after the deductible has been met. For instance, a health plan may pay 80% of the reasonable and customary cost of covered services, and a participant pays 20%. COLA - See cost of living adjustment. Collateral - Assets pledged as security for a loan. If the borrower defaults on payment, the lender may dispose of the property pledged as security to raise money to repay the loan. Collectively bargained plan - An employee benefit plan maintained pursuant to a collective bargaining agreement between a union and an employer. Collective bargaining agreement or contract - A formal agreement over wages, hours and other conditions of employment entered into between an employer and one or more employee unions. Commercial paper - Short-term loans from 2 to 270 days, issued by organizations and often backed by bank lines of credit. Commission - The fee a broker or insurance agent collects for administering a trade or policy. Commodity - A commodity is a physical substance such as a food or a metal which investors buy or sell on a commodities exchange, usually via futures contracts. Common stock - A security that represents ownership in a corporation. Community leave - Time off from the job to perform community service. Company match, company matching contributions - See match or matching contributions. Comparable Worth - The doctrine that men and women who perform work of the same "inherent value" should receive comparable compensation. According to this doctrine, jobs have an inherent value that can be compared across different types of jobs. Compensation (pay) - Benefits, or contributions, are often related to pay or to pay and service. Pay may be defined to include base pay only, or base pay plus overtime, bonuses, etc. There are rules governing what definitions of pay are to be used for plan contributions and nondiscrimination testing. Compensatory time cash out - Overtime hours that are worked, then converted to paid time off, and then cashed out rather than taken as time off. Complex rehabilitation - The extensive dental restoration involving 6 or more units of crown and/or bridge in the same treatment plan, using full crowns and/or fixed bridges which are cemented in place. The dentist will rebuild natural teeth, filling spaces where teeth are missing and establish conditions which allow each tooth to function in harmony with the occlusion (bite). Composite - A tooth-colored filling made of plastic resin or porcelain. Compounding - The computation of interest paid using the principal plus the previously earned interest. Compound interest - Interest earned both on the principal investment and also on the previously-earned interest. Conduit IRA - An individual who rolled over a total distribution from a qualified plan into an IRA can later roll over those assets into a new employer's plan. In this case the IRA has been used as a holding account (a conduit). Conforming loan - A mortgage loan that conforms to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. Currently, conforming first mortgages are under $275,000 ($413,000 in Alaska and Hawaii). Consolidated Omnibus Budget Reconciliation Act (COBRA) - A federal statute that requires most employers to offer to covered employees and covered dependents (who would otherwise lose health coverage for reasons specified in the statute), the opportunity to purchase the same health benefits coverage that the employer provides to its other covered employees. This continuation of coverage can only last for a maximum specified period of time (usually 18 months for employees and dependents who would otherwise lose coverage due to loss of employment or work hour reduction, or 36 months for dependents who would lose coverage for certain reasons other than employment loss by the employee). Constructive receipt - A tax term referring to a situation in which a taxpayer is taxed on amounts he or she did not actually receive, but had the legal right to receive. Construction loan - A construction loan is a short term loan applied to the construction of a new home. The builder gradually withdraws the loan proceeds and the home serves as collateral on the loan. Consultation (Dental) - A diagnostic service provided by a dentist other than the treating dentist. Consultation (Medical) - A discussion with another health care professional when additional feedback is needed during diagnosis or treatment. Usually, a consultation is by referral from a primary care physician. Consumer debt - Debt incurred for consumable or depreciating non-investment assets. Items include credit card debt, store-financed consumer purchases, car loans, and family loans that will be repaid. Consumer Price Index (CPI) - A measurement of the relative prices of a selected group goods and services that typify those bought by urban families at various times. Determined by the U.S. Department of Labor. Contingent beneficiary - The person named to receive death benefits only if no primary beneficiaries are living when the insured person dies. Continued employment clause - A provision that requires an employee to remain employed in order for coverage to continue, or for an employee to be eligible for a contribution. Contraception - Voluntary prevention of conception or pregnancy. Contract - An agreement between an individual Subscriber or an employer group and a Health Benefit Plan that describes the duties of each party, including the benefits and limitations of the coverage. One Subscriber could have two contracts (policies) - one for health and one for dental. Can also be called a Benefit Certificate or Policy. The Contract may include more than one document, such as a master group policy, a Benefit certificate, amendments, policies and procedures, or applications. Contrarian - An individual whose opinion is the opposite of the majority. Contribution - A general term used to designate any payment made by an employer or an employee to an employee benefit plan. Contributions finance benefits. Controlled group company - A company of which the employee's company directly or indirectly owns 80% or more of the voting stock, or another company that is required to be considered a controlled group company under the Internal Revenue Code of 1986, as amended. Conventional mortgage - A conventional mortgage is not insured, guaranteed or funded by the Veterans Administration, the Federal Housing Administration, or Rural Economic Community Development. Conversion privileges - A privilege given to a participant to convert group insurance to an individual insurance policy, without evidence of insurability, upon termination of employment. Convertible mortgage - A convertible mortgage is an adjustable mortgage (ARM) that allows the borrower to convert to a fixed rate mortgage during a specified period of time. Convertible term insurance - Term life insurance that can be converted to a permanent or whole life policy without evidence of insurability, subject to time limitations. Coordination of benefits (COB) - The provision which applies when a Member is covered by multiple Health Benefit Plans at the same time. The provision designates the order in which the multiple health plans are to pay benefits. Under a COB provision, one plan is determined to be primary and its benefits are applied to the claim first. The unpaid balance is usually paid by the secondary plan to the limit of its responsibility. Benefits are thus "coordinated" among all of the Health Benefit Plans. Copayment - A flat dollar amount that a participant pays for a certain medical service (such as an office visit) as the participant's share of the cost. Copayments may apply in addition to deductibles and coinsurance. Corporate-Owned Life Insurance (COLI) - Whole life insurance or universal life insurance owned by the employer and payable to the employer, as a corporate investment. Often purchased to finance the cost of nonqualified retirement or deferred compensation benefits. Corporation - A legal business entity created under state law. Because the corporation is a separate entity from its owners, shareholders have no legal liability for its debts. Correction - A sudden decline in stock or bond prices after a period of market strength. Co-signer - An individual or party who agrees to assume a debt obligation of a third party in the event the principal borrower defaults on the terms of the loan. Cosmetic dentistry - Any dental treatment or repair that is solely rendered to improve the appearance of the teeth or mouth. Cost of living adjustment (COLA) - An across-the-board change in wages or pension benefits to reflect the rise or fall in the cost of living as measured by an index such as the Consumer Price Index (CPI). Coupon rate - The rate of interest paid on a bond, expressed as a percentage of the bond's par value. Coverage - The benefits that are provided according to the terms of a participant's specific benefits plan. Covered dependent - A person other than the employee who is covered under an employee's benefit plan. Covered expense - An expense that meets all the rules to be covered by a plan. Covered person - A person who is covered under a plan. Covered provider - A service provider eligible to provide covered services and receive payment under a plan. Covered services - Hospital, medical, and other health care services and supplies provided to a Member for which Benefits are paid under a Contract. CPI - See Consumer Price Index.Credentialing - A process that reviews a health care provider's credentials against the credentials required to participate in a managed care network. Credit cards - Cards such as Visa and MasterCard allow the holder to charge purchases rather than pay cash. Credit bureau repositories - A credit bureau repository is an organization that compiles credit history information directly from lenders and creditors into credit summaries and reports. These reports are made available to lenders and creditors to assist them in gauging an individual's credit worthiness. Credit rating - The result of a formal investigation into a person's or corporation's credit history, creditworthiness and ability to repay debts. Credit union - A not-for-profit financial institution formed to serve members of a group. Cremation - The process by which physical remains are converted to ash for dispersal or burial. Critical Care - Health care provided to acutely ill patients during a medical crisis, such as in an intensive care unit or coronary care unit Critical illness insurance - Insurance protection designed to provide a lump-sum payment equal to the full value of the policy or a percentage of the policy depending upon the product design, to the insured/policy owner upon the diagnosis of a covered critical illness. Typical illnesses covered include heart attack, stroke, cancer, paralysis, renal failure and Alzheimer's disease. Many policies offer a partial payment for certain medical procedures such as coronary bypass surgery or angioplasty. Some policies offer a return of all premiums in the event of death of the insured, others pay the full benefit upon the insured's death. Crown - The portion of a tooth that is covered by enamel. Also a dental restoration that covers the entire tooth and restores it to its original shape. Crown lengthening - A surgical procedure exposing more tooth for restorative purposes. Curettage - A deep scaling of that portion of the tooth below the gum line, which is done to remove calculus and infected gum tissue. Currency risk- The level of risk when investing in international markets, due to the fluctuations in exchange rates of the various world currencies. Investing in any foreign country should be preceded by a careful estimation of how well its currency is likely to do against the dollar. Cuspid - See canine tooth. Cusp(s) - The protruding portion(s) of a tooth's chewing surface. Custodial care - Care which is provided primarily to help meet the personal daily living needs of the patient. Custodial Care does not require the continuous attention of skilled medical or paramedical personnel. Such care includes help in walking, bathing, dressing, preparing food or special diets, feeding, administering medicine or any other care which does not require the continuous attention of skilled medical or paramedical personnel. Custodian - A financial institution, usually a bank or trust company, that holds a person or company's cash and or securities in safekeeping. Cyclical companies - Companies that report strong earnings when the overall economy is doing well and weaker earnings when the economy is in recession. Daily benefit - The maximum amount of money a participant will be paid for each day covered services are received. Date of Service - The date the service was actually provided to the participant. Day Treatment Center - An outpatient psychiatric facility or Hospital which is licensed to provide outpatient care and treatment of mental or nervous disorders or substance abuse under the supervision of physicians. The treatment is typically provided for more than two hours but less than 24 hours/day. This treatment may also be known as "partial hospitalization". DDS - Doctor of Dental Surgery, a degree given to dental school graduates. Death benefit - The payment made to beneficiaries upon the death of a participant. Debenture - A bond secured only by the issuer's promise (not backed by specific collateral). Debit cards - Debit cards allow the cost of a purchase to be automatically deducted from the customer's bank account and credited to the merchant. Debt collection defense - Legal services provided to a legal services plan participant to help deal with the claims of creditors. Debt markets - The fixed income sector of the capital markets devoted to trading debt securities issued by corporations and governments. Debt to income ratio - The ratio of a person's total monthly debt obligations compared to their total monthly resources is called their debt to income ratio. This ratio is used to evaluate a borrower's capacity to repay debts. Deductible - A cost sharing feature in which the Member pays a fixed dollar amount prior to being eligible for payment for some or all Covered Services. Deductible carryover - A feature under some health care plans where covered charges incurred near the end of a year (such as in the last three months) may be carried over to be counted toward the next year's deductible. Decay - See caries. Decedent - The term decedent refers to a person who has died. Decreasing term - A term life insurance featuring a decreasing death benefit. Decreasing term is well suited to provide for an obligation that decreases over the years such as a mortgage. Deciduous - See primary teeth. Deed of trust - A document used to convey title (ownership) to a property used as collateral for a loan to a trustee pending the repayment of the loan. The equivalent of a mortgage. Deferral - A form of tax sheltering in which all earnings are allowed to compound tax-free until they are withdrawn at a future date. Placing funds in a qualified plan, for example, triggers deductions [not all qualified plans provide for tax deductions; contributions may, however, be excluded from gross income, i.e. 401(k) plans] for the current tax year and postpones capital gains or other income taxes until the funds are withdrawn from the plan. Deferred annuity - An annuity under which payments will begin at some definite future date, such as in a specified number of years or at a specified age. Deferred compensation - Income withheld by an employer and paid at some future time, usually upon retirement or termination of employment. Deferred retirement - The postponement of retirement past the age specified in the plan as the normal retirement age. Defined benefit plan - A defined benefit plan pays participants a specific retirement benefit that is promised (defined) in the plan document. Under a defined benefit plan benefits must be definitely determinable. For example, a plan that entitles a participant to a monthly pension benefit for life equal to 30 percent of monthly compensation is a defined benefit plan. Defined contribution plan - In a defined contribution plan, contributions are allocated to individual accounts according to a pre-determined contribution allocation. This type of plan does not promise any specific dollar benefit to a participant at retirement. Benefits received are based on amounts contributed, investment performance and vesting. The most common type of defined contribution plan is the 401(k) profit-sharing plan. Deflation - A period in which the general price level of goods and services is declining. Denied claim - Claims that are not issued a bank draft/remittance due to a specific reason code. Dental floss - A thin, nylon string, waxed or unwaxed, that is inserted between the teeth to remove food and plaque. Dental hygienist - A trained and licensed dental professional specializing in cleaning the teeth by removing plaque, calculus, and diseased gum tissue. He/She acts as the patient's guide in establishing a proper oral hygiene program. Dentin - The part of the tooth that is under both the enamel which covers the crown and the cementum which covers the root. Dentist - A person trained and licensed to practice dentistry. Denture - A removable appliance used to replace teeth. A complete denture replaces all of the upper teeth and/or all the lower teeth. See also partial denture. Department of Labor (DOL) - The department that administers the administrative and regulatory portions of ERISA. (http://www.dol.gov). Dependent - A person eligible for coverage under an employee benefits plan because of that person's relationship to an employee. Spouses, children and adopted children are often eligible for dependent coverage. Dependent care flexible spending account (dependent care FSA) - An employer plan that allows employees to set aside before-tax contributions from their paychecks to pay the cost of care for eligible dependents. Dependent life insurance - Insurance covering the life of an eligible dependent, such as a spouse or child. Deposit Administration (DA) contract - An insurance contract under which all contributions are placed in an allocated fund that accumulates interest. When an employee retires, funds are withdrawn from the fund and are used to purchase a single, premium immediate annuity in an amount sufficient to provide the employee's benefit. Depreciation - Charges made against earnings to write off the cost of a fixed asset over its estimated useful life. Depreciation does not represent a cash outlay. It is a bookkeeping entry representing the decline in value of an asset over time. Designated Centers for Specialized Care - Medical centers selected to provide an advanced level of care for a disease or delivery of a specific procedure. Diagnostic Services - Tests and procedures ordered by a physician to determine if the patient has a certain condition or disease based upon specific symptoms demonstrated by the patient. Such diagnostic tools include but are not limited to radiology, ultrasound, nuclear medicine, laboratory, pathology services or tests. Direct compensation - As opposed to indirect compensation, all forms of compensation that involve direct and immediate payment to the individual, often including a base wage or salary payment Direct deposit - A means of authorizing payment made by governments or companies to be deposited directly into a recipient's account. Used mainly for the deposit of salary, pension and interest checks. Direct pulp cap - The procedure in which the exposed pulp is covered with a dressing or cement that protects the pulp and promotes healing and repair. Direct roll-in - An amount the employee has transferred directly to the current company's retirement plan from a former employer's qualified plan or from a conduit IRA. A direct roll-in contribution generally does not require tax withholding. Direct rollover - A payout of tax-deferred retirement plan money directly from the trustee of a qualified plan to the trustee of another qualified plan or an individual retirement account. A direct rollover does not incur taxes or penalties. Disability - A condition that makes an employee incapable of performing some or all of the duties of his or her job. Definitions of disability vary by the type of plan and insurer. Disability insurance - Insurance designed to replace a percentage of earned income if accident or illness prevents the beneficiary from pursuing his or her livelihood. Disability retirement benefit - Periodic payment (usually monthly) made to a participant under some retirement plans if the participant is eligible and becomes totally and permanently disabled before the normal retirement date. Discharge planning - Identifying a patient's health care needs after discharge from inpatient care. Discrimination - Benefits or contributions that favor officers, stockholders, or highly compensated employees to a degree that is prohibited under the law. "Discrimination" may also refer to discrimination by sex, age, marital status, etc.--that is prohibited by law. Disease Management - An educational program geared toward Members with chronic disease or other medical conditions, to help Members better understand and manage their condition. Disenrollment - Voluntarily terminating one's participation in a benefits plan. Dismemberment - The loss, or loss of use of, a limb or function such as vision. Disposable income - After-tax income available for spending, saving or investing. Distribution - Generally refers to any payouts from a retirement plan. May be in the form of a lump sum or installments. Diversification - Spreading investment risk among a number of different securities, properties, companies, industries or geographical locations. Diversification does not assure against market loss. Dividend reinvestment plan (drip) - An investment plan that allows shareholders to receive stock in lieu of cash dividends. Dividends - A distribution of the earnings of a company to it's shareholders. Dividends are "declared" by the company based on profitability and can change from time to time. There is a direct relationship between dividends paid and share value growth. The most aggressive growth companies do not pay a dividend, and the highest dividend paying companies may not experience dramatic growth. DMD - Doctor of Dental Medicine, a degree given to dental school graduates. DOL - see Department of Labor. Dollar cost averaging - Buying a mutual fund or securities using a consistent dollar amount of money each month (or other period). More securities will be bought when prices are low, resulting in lowering the average cost per share.Dollar cost averaging neither guarantees a profit nor eliminates the risk of losses in declining markets and you should consider your ability to continue investing through periods of market volatility and/or low prices. Domestic partner, domestic partnership dependent - A person who is unrelated to the employee by blood or marriage and is not legally married to the employee. Plans that provide coverage for domestic partners generally require certification of the partner. Down payment - The down payment on a property is the amount of cash applied to the purchase, with the remainder of the purchase accomplished through a mortgage or other debt. Drug Formulary - A list of preferred pharmaceutical products developed in consultation with physicians and pharmacists. Drug Utilization Review (DUR) - A system that reviews prescriptions to identify potential interactions with other drugs, and proposes alternative treatments. Dry socket - A localized inflammation of the tooth socket following an extraction due to infection or loss of a blood clot. Duplicate coverage - When a person has coverage for the same health services under more than one health benefits plan. Durable Medical Equipment (DME) - Equipment that meets all of the following criteria: a) can withstand repeated use; b) is used only to serve a medical purpose; c) is appropriate for use in the patient's home; d) is not useful in the absence of illness, injury or disease; and e) is prescribed by a physician. Durable Medical Equipment does not include fixtures installed in a Member's home or real estate. EAP - See Employee Assistance Program. Early distribution - A distribution taken from a pension plan before the participant reaches age 59-1/2, assuming the participant has not died or become disabled. Early distributions are generally subject to a 10% penalty tax. Early retirement - When a participant retires after becoming eligible for a pension benefit but before reaching normal retirement date. Generally, the early retirement pension is a reduced percentage of the normal retirement pension. Early retirement date - The earliest date a retirement plan participant may begin to receive benefits. Earnest money - Similar to a deposit, earnest money is the money given by the buyer to the seller of a property as an assurance of their intentions to purchase the property. Earnings per share (eps) - Total net profits divided by the number of outstanding common shares of a company. Earnings test - A test to determine if an individual's social security benefits must be reduced because of other income. In 1990, an individual's social security benefits are reduced if earned income exceeds $9,360 (if age 65 or older and under age 70), or $6,840 (if under age 65). Economic cycle - Economic events are often felt to repeat a regular pattern over a period of anywhere from two to eight years. This pattern of events ends to be slightly different each time, but usually has a large number of similarities to previous cycles. Educational assistance program - A plan that allows employers to provide employees with tax-free assistance for eligible education expenses. Effective Date - The date on which coverage under a benefits plan begins. Effective tax rate - The percentage of total income paid in federal and state income taxes. Efficient market - The market in which all the available information has been analyzed and is reflected in the current stock price. Elapsed time method - A way of counting a participant's service that involves subtracting the hire date from the termination date. Elder care - Support for participants and their disabled or elderly relatives. This can include referral services and adult day care. Elective care - Care that can be postponed for the number of days defined by the health care plan without undue risk to the patient. Eligibility period - The period of time that eligible participants can enroll in a plan, without providing evidence of insurability. Eligibility requirements - Conditions imposed by the terms of a plan for an employee's eligibility to participate in the plan. There requirements can require an employee to complete some minimum period of service and attain some minimum age. Many plans also relate eligibility to the type of work performed by an employee, or to the nature or amount of his or her compensation. Eligible adoption leave - Time off due to adoption or placement of a child for adoption. Eligible compensation - The part of an employee's pay used to determine a pay-based benefit. Eligible dependent - A person other than the employee who is eligible to be covered under an employee's plan. Eligible employee - An employee who is eligible to be covered under a plan. Eligible expenses - Expenses that meet all requirements to be covered under a plan. Eligible rollover distribution - The part of a retirement plan payment that can be rolled over to an individual retirement account or to another qualified plan that accepts rollovers. This does not include dividends from an Employee Stock Ownership Plan, or after-tax contributions to a 401(k) plan. Emergency - An accident or sudden illness that a person with an average knowledge of medical science believes needs to be treated immediately or it could result in loss of life, serious medical complications or permanent disability.Examples of emergency situations include: uncontrolled bleeding, seizure or loss of consciousness, shortness of breath, chest pain or squeezing sensations in the chest, suspected overdose of medication or poisoning, sudden paralysis or slurred speech, severe burns, broken bones or severe pain. Emergency and short term child care services - Employer-supported services designed to provide temporary care for a child when the child's regular caregiver becomes unavailable. Emergency Care - Health care services that are provided in an emergency facility or setting after the onset of an illness or medical condition that manifests itself by symptoms of sufficient severity that without medical attention could be reasonably expected by the prudent lay person, who possesses an average knowledge of health and medicine, to result in: a) placing the member's physical and/or mental health in serious jeopardy; b) serious impairment to bodily functions; c) or serious dysfunction of any bodily organ or part. Emergency medical evacuation - Emergency removal of a patient from one place to another for treatment (such as by helicopter) when either the patient's condition or the patient's location or situation do not permit timely transport by ambulance. Emergency room - A hospital area equipped and staffed for the prompt treatment of acute illness, trauma, and other medical emergencies. Employee Assistance Program (EAP) - An employment-based, short-term counseling program designed to help employees cope with issues such as work/life balance, stress, family violence and grief. The plan may offer employees counseling assistance by telephone, and may also cover follow-up visits with counselors, if needed. Employee benefit plan - Under ERISA, a pension benefit plan or a welfare benefit plan maintained by an employer (or a group of employers). Employee Retirement Income Security Act (ERISA) - Federal legislation that applies to retirement programs and employee welfare benefit programs established or maintained by employers and unions. Employee stock ownership plans (esops) - An ESOP plan allows employees to purchase stock, usually at a discount, that they can hold or sell. ESOPs offer a tax advantage for both employer and employee. The employer earns a tax deduction for contributions of stock or cash used to purchase stock for the employee. The employee pays no tax on these contributions until they are distributed. Enamel - The hard, calcified (mineralized) portion of the tooth which covers the crown. Endodontics - The dental specialty that deals with injuries to or diseases of the pulp, or root, or nerve of the tooth. End stage renal disease - The stage of kidney dysfunction that is nearly always permanent, in which the patient needs dialysis or a kidney transplant to survive. Entry age actuarial cost method - A process that allocates pension cost on a level annual basis from the employee's assumed entry into the plan until his or her retirement. EOB - See explanation of benefits. EOI - See evidence of insurability. Equal Employment Opportunity Commission (EEOC) - A commission of the federal government charged with enforcing the provisions of the Civil Rights Act of 1964. In addition, the commission is charged with enforcing the provisions of the Equal Pay Act of 1963. (See Comparable worth.) Equal Pay Act of 1963 - An amendment tot he Fair Labor Standards Act of 1938, prohibiting pay differentials on jobs that are essentially equal in terms of skill, effort, responsibility, and working conditions, except when they are the result of bona fide seniority, merit or production-based pay systems, or any other job-related factor other than sex. Equities - Ownership of property, usually in the form of common stocks, as distinguished from fixed income-bearing securities, such as bonds or mortgages. Equity - Anything of value earned through the provision or investment of something of value. In the case of compensation, an employee earns equity interest through the provision of labor on a job. So defined, equity is often used as a fairness criterion in compensation. People should be paid according to their contributions. ERISA - See Employee Retirement Income Security Act. ERISA excess plan - Nonqualified retirement plan with the sole purpose of making up for benefits lost from tax-qualified retirement plans because of Code Section 415 limits. ERISA rights statement - A statement notifying participants of their rights under ERISA. Must be included in an SPD. Acceptable language (as defined by ERISA) may be modified to suit the intended audience. Escrow funds - Escrow funds are funds accumulated and held in an account for the periodic payment of property taxes and insurance. ESOP - See Employee Stock Ownership Plan. Estate - A decedent's estate is equal to the total value of their assets as of the date of death. The estate includes all funds, personal effects, interest in business enterprises, titles to property, real estate, stocks, bonds and notes receivable. Estate planning - The orderly arrangement of one's financial affairs to maximize the value transferred at death to the people and institutions favored by the deceased, with minimum loss of value because of taxes and forced liquidation of assets. Eviction defense - Legal services to help participants defend against being evicted from their homes. Evidence of insurability (EOI) - Proof of health, employment or other factor required before beginning or increasing insurance or insurance amounts, or when selecting a settlement option. Euthanasia - Painless putting to death, or allowing to die. Excess distributions- An individual may have to pay a 15% tax on distributions received from qualified plans in excess of $150,000 during a single year. The tax, however, does not apply to distributions due to death, distributions that are rolled over, and distributions of after-tax contributions. Excision - Surgical removal of bone or tissue. Exclusions - Specific conditions or circumstances that are not covered under the Health Benefit Plan. It is very important to consult the Health Benefit Plan to understand what services are not Covered Services. Exclusion allowance - A way to calculate how much compensation a participant can exclude from income and contribute to a tax sheltered annuity. Exclusive Provider Organizations (EPOs) - Medical insurance arrangements in which employees must use EPO-designated providers to receive coverage. Executive retirement planning - Retirement planning services for executives, which may involve planning to accumulate assets for retirement or to time a retirement plan distribution. Executor - The person named in a will to manage the estate of the deceased according to the terms of the will. Exempt job - A job not subject to the provisions of the Fair Labor Standards Act with respect to minimum wage and overtime. Exempt employees include most professionals, administrators, executives, and outside sales representatives. Exercise period - For stock options, the price at which the holder has the right to convert the options to stock. Exercise price - For stock options, the price at which the holder has the right to convert the options to stock. Experience rating - Method of calculating insurance rates based on a group's prior claims experience. Experimental/Investigational Procedures - Any treatment, procedure, drug, supply or service that does not meet standard treatment criteria as described in the Health Benefit Plan. Expiration Date - The date on which coverage under the Benefit Plan expi |