This event occurs when a life insurance policy will not require any further premiums to keep the coverage in force.
Additional amounts of life insurance purchased using dividends; these insurance amounts require no further premium payments.
An injury which prevents the insured from performing one or more, but not all, important duties of his job.
The cause of possible loss, such as fire, windstorm, theft, explosion, or riot.
A term used to refer to the length of time insurance remains continuously in force.
Personal Auto Policy (PAP)
A policy insuring private-passenger autos owned by individuals.
A General Liability coverage for insurable offenses that cause harm, other than bodily injury, such as false arrest, detention or imprisonment, malicious prosecution, wrongful eviction, slander, libel and invasion of privacy.
Personal Injury Protection (PIP)
An automobile insurance coverage mandated by law in some states. The statues typically require insurers to provide or offer to provide first-party benefits for medical expenses, loss of income, funeral expenses and similar expenses without regard to fault.
This type of property is usually movable and easily transportable. On the other hand, real property generally is considered to be immovable such as land and things affixed to it. A rule of thumb definition for personal property is "everything other than real property."
This refers to the material, structural or operational features of the risk itself, apart from the persons owning or managing it. Electrical wiring, building construction, type of heating system, are examples of physical hazards.
Policies written and recorded on the books of the carrier which are unexpired as of a given date.
The name generally used to mean the written contract of insurance.
An amount charged by some companies in addition to the first regular premium. Also called "joiner’s fee."
Policy Loan (Life)
A loan made by an insurance company to a policyholder on the security of the cash value of his policy.
The period a policy is in force, from the beginning or effective date to the expiration date.
One who owns an insurance policy. A mortgagee often is issued a copy of an insurance policy, or a certificate of insurance, at the request of the insured, but he is not a policyholder.
A physical condition which existed prior to the issuance of a health policy.
A positive characteristic of someone seeking to be insured. Usually means a better likelihood for long life, and usually means a lower premium.
The location where coverage applies.
The amount paid by an insured to an insurance company to obtain or maintain an insurance policy.
The amount of the premium, paid for in advance, that has been“ earned” by virtue of the fact that time has passed without a claim.
Premium dollars which have been written and are unexpired on the books of the insurance carrier.
In life insurance, the beneficiary designated by the insured as the first to receive policy benefits.
The insurance policy that pays first when you have a loss that is covered by more than one policy.
Pro Rata Cancellation
The cancellation of an insurance policy with the return premium being the full proportion of premium for the unexpired term of the policy, without penalty for early cancellation.
The net amount of money payable by the company at the death of an insured or at the maturity of a policy.
In the general liability policy, a physical injury to property, resulting in the loss of use.
Property Damage Coverage
An agreement by an insurance carrier to protect an insured against legal liability for damage by his automobile to the property of another.
First-party insurance for real and personal property against physical loss or damage.
Details of an insurance policy which explain the benefits, conditions and other features of the insurance contract.
The dominating cause of loss or damage; an unbroken chain of events between the occurrence of an insured peril and damage to property. As an illustration, water damage occurring from fire fighting activities is covered under the fire policy because fire was the proximate cause of the loss.