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24 Cards in this Set

  • Front
  • Back
a provision doubling certain policy benefits when death is due to accident
double indemnity
a written form modifying a policy to meet certain conditions
endorsement
that which is expressly eliminated from the coverage of a policy
exclusion
a clause preventing an insurer from denying liability after the policy has been in force for a stated period of time
incontestability
insurance placed by an underwriter in another company to reduce the amount of risk assumed under the original iunsurance contract
reinsurance
a written attachment to a policy that changes the original policy to meet specified conditions, esp. in personal accident coverage and bonding
rider
the process by which an insurance company determines whether or not and on what basis it will accept an application for insurance
underwriting
the right of an insurer to substitute for the victim when recovering the maount of the loss paid by a third party who is responsiable for the loss
subrogation
that portion of the original premium for which protection has not yet been provided by the insurer because the policy has not yet expired
unearned premium
a policy that has been discountinued due to nonpayment of premiums
lapsed policy
the replacement cost of property when new, minus the sum equal to accured depreciation, obsolescence, and depreciation
actual cash value
a person professionally trained to determine risks, rates, premiums, etc.
actuary
hospital and medical expense insurance under the social security system
Medicare
term insurance which can be exchanged at the option of the policyholder, and without evidence of insurability, for another insurance plan
convertible term
a clause in a policy requiring a specified amount of insurance based on the property insured
coninsurance
a contract that provides an income for a specified time
annuity
insurance applicant prossessing lower than average loss expectancy and who pays less for insurance as a consequence
preferred risk
a statistical table showing probable rate of death per thousand at each age
mortality table
person named that provides an income for a specified time
beneficiary
insurance that allows the holder to recover loss from automobile accidents (up to a fixed amount) without regard to who is at fault
no-fault insurance
coverage for which an isured pays a fixed annual premium and which remains in force during his or her lifetime
ordinary, whole, straight life
a single free-amount policy which applies overall to properties at several locations, to more than one specified shipment, etc.
blanket coverage
the part of the policy containing the representations of the applicant`
declarations
a physical condition of the insured that existed prior to the effective date of teh policy covering him or her
pre-existing condition