A&h New Hire- #2- Principles Of A&h- General

Front 1

Insurance

Back 1

A system by which a risk is transferred from a person to an insurance company.

Front 2

Risk

Back 2

A chance of loss.

Front 3

Insured

Back 3

The person(s) covered by the policy.

Front 4

Insurer

Back 4

The insurance company

Front 5

Policy Premium

Back 5

The amount the insured promises to pay for the policy.

Front 6

Miscellaneous Lines Insurance

Back 6

Policies providing insurance for risks other than Auto and Homeowner products

Example:
• Recreational Vehicle Policy
• Landlord Tenant Policy, etc.

Front 7

Limits

Back 7

The maximum amount a company will pay for a particular loss.

Front 8

Rating Factors

Back 8

Information that will affect the premium of a policy.

Front 9

Rates

Back 9

The basic charge for coverage provided.

Front 10

Peril

Back 10

The cause of a loss.

Front 11

Optional Coverage

Back 11

May be selected by the insured to provide enhanced coverage for an additional fee.

Front 12

First Party

Back 12

The person insured by the contract who has had a property loss.

(The named insured or owner of the policy.)

Front 13

Policy Package

Back 13

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.)

Front 14

Third Party

Back 14

• 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.

Front 15

Declarations Page

Back 15

A summary of the insured's protection. It includes but not limited to; names and addresses, coverage selected, and premiums.

Front 16

Endorsement

Back 16

A change to the policy

Front 17

Billing Statement

Back 17

A request for payment on the policy

Front 18

PELP

Back 18

Personal Excess Liability Policy
A policy that provides additional liability coverage above and beyond the standard automobile or homeowner’s liability.

Front 19

Retail Customer

Back 19

A customer who purchases insurance directly from MetLife or a MetLife agent.

Front 20

Group Customer

Back 20

A customer who purchases insurance through a plan their employer has arranged with MetLife.

Front 21

Underwriting

Back 21

The process of reviewing applications and/or policy renewals to accept or reject the risk.

Front 22

Underwriter

Back 22

The person who accepts or rejects a risk.

Front 23

Effective Date

Back 23

The date coverage begins.

Front 24

Expiration Date

Back 24

The date coverage ends.

Front 25

RB

Back 25

Renewal Business

(Customer has completed a Policy Term with MetLife an another term is starting)

Front 26

Policy Term

Back 26

The period of time between the effective and expiration dates of the policy.

Front 27

NB

Back 27

New Business

(Customer has not had a prior policy term with MetLife an is starting a new policy)

Front 28

Named Perils

Back 28

Specific causes of loss identified by the policy.

Examples: Windstorm, Sudden & Accidental Smoke Damage

Front 29

All-Risk

Back 29

All-risk policies cover any loss unless it is caused by an excluded peril identified on the policy.

Front 30

Liability

Back 30

Provides protection against lawsuits when the insured injures someone or damages someone's property.

Front 31

Property & Casualty Insurance

Back 31

Covers tangible property & liability that exists through the ownership of property.