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