vocab6 2
Terms
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- 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