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24 Cards in this Set

  • Front
  • Back
a policy that has been discontinued due to nonpayment of premiums
lapsed policy
insurance applicant possessing lower than average loss expectancy and who pays less for insurance as a consequence
preferred risk
that which is expressly eliminated from the coverage of a policy
exclusion
that part of the policy containing the representations of the applicant
declarations
a written form modifying a policy to meet certain conditions
endorsement
a provision doubling certain policy benefits when death is due to accident
double indemnity
term insurance which can be exchanged at the option of the policyholder, and without evidence of insurability, for another plan
convertible term
a written attachment to a policy that changes the original policy to meet specified conditions, esp. in personal accident coverage and bonding
rider
a physical condition of the insured that existed prior to the effective date of the policy covering him or her
pre-existing condition
hospital and medical expense insurance under the social security system
Medicare
a statistical table showing probable rate of death per thousand at each age
mortality table
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 insurance contract
reinsurance
coverage for which an insured pays a fixed annual premium and which remains in force during his or her lifetime
ordinary, whole, straight life
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
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
the right of an insurer to substitute for the victim when recovering the amount of the loss paid by a third party who is responsible for the loss
subrogation
the process by which an insurance company determines whether or not and on what basis it will accept an appication for insurance
underwriting
a clause in a policy requiring a specified amount of insurance based on the property insured.
coinsurance
a contract that provides an income for a specified time
annuity
a person professionally trained to determine risks, rates, premiums, etc.
actuary
the replacement cost of property when new, minus the sum equal to accrued depreciaton, obsolescence, and deterioration
actual cash value
a single face-amount policy which applies overall to properties at several locations, to more than one specific shipment, ect
blanket coverage
person named in the policy to receive the proceeds when the insured dies
beneficiary