Yes. An elective procedure is a pre-scheduled non-emergency procedure not required to save the patient's life.
Schwarzenegger's open heart surgery a while back was erroneously called "elective". It was "semi-elective", since it was needed to save his life long-term, but wasn't an immediate emergency.
*disclaimer: I'm a well-read software developer/bioinformatician, not a doctor or medical coder.
ETA: Disclaimer was useful, as witnessed by the reply posted while I was typing. I guess it shows how software developers that support research/domain experts consider "strict definitions".