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31 Cards in this Set

  • Front
  • Back
Insurance
A system by which a risk is transferred from a person to an insurance company.
Risk
A chance of loss.
Insured
The person(s) covered by the policy.
Insurer
The insurance company
Policy Premium
The amount the insured promises to pay for the policy.
Miscellaneous Lines Insurance
Policies providing insurance for risks other than Auto and Homeowner products

Example:
• Recreational Vehicle Policy
• Landlord Tenant Policy, etc.
Limits
The maximum amount a company will pay for a particular loss.
Rating Factors
Information that will affect the premium of a policy.
Rates
The basic charge for coverage provided.
Peril
The cause of a loss.
Optional Coverage
May be selected by the insured to provide enhanced coverage for an additional fee.
First Party
The person insured by the contract who has had a property loss.

(The named insured or owner of the policy.)
Policy Package
The insurance contract. In addition to the contract booklet, the policy package includes a declaration page (dec page), id cards and a billing statement (if a direct billed policy.)
Third Party
• The person who is covered by the contract in a liability loss.

Example: The owner of the parked car that our insured hit.

• Someone who has an insurable interest in the insured property.

Example: The owner of the parked car that our insured hit.
Declarations Page
A summary of the insured's protection. It includes but not limited to; names and addresses, coverage selected, and premiums.
Endorsement
A change to the policy
Billing Statement
A request for payment on the policy
PELP
Personal Excess Liability Policy
A policy that provides additional liability coverage above and beyond the standard automobile or homeowner’s liability.
Retail Customer
A customer who purchases insurance directly from MetLife or a MetLife agent.
Group Customer
A customer who purchases insurance through a plan their employer has arranged with MetLife.
Underwriting
The process of reviewing applications and/or policy renewals to accept or reject the risk.
Underwriter
The person who accepts or rejects a risk.
Effective Date
The date coverage begins.
Expiration Date
The date coverage ends.
RB
Renewal Business

(Customer has completed a Policy Term with MetLife an another term is starting)
Policy Term
The period of time between the effective and expiration dates of the policy.
NB
New Business

(Customer has not had a prior policy term with MetLife an is starting a new policy)
Named Perils
Specific causes of loss identified by the policy.

Examples: Windstorm, Sudden & Accidental Smoke Damage
All-Risk
All-risk policies cover any loss unless it is caused by an excluded peril identified on the policy.
Liability
Provides protection against lawsuits when the insured injures someone or damages someone's property.
Property & Casualty Insurance
Covers tangible property & liability that exists through the ownership of property.