A list describing the property or items insured under the policy.

An alternate beneficiary designated to receive payment, usually in the event the original beneficiary predeceases the insured.

Cancellation of an insurance policy prior to the expiration date in which a penalty in the form of a less than full pro-rata premium refund is allowed.

Insurance coverage for only one of the part ie shaving an insurable interest in that property. For instance, if a policy holder still owes money on his mortgage, and he does not have homeowners insurance, the lender may take out a single interest insurance policy to protect its own interest in the property. Single interest insurance protects only the policy owner, not the homeowner.

Policies on which an extra premium rate is charged because an extra risk is presented.

Policy provisions required by law or supervisory regulation –such as provisions relating to grace period and incontestability.

A person who, according to a life insurance company’s underwriting standards, is entitled to insurance protection without extra rating or special restrictions.

A company organized and owned by stockholders, as distinguished from the mutual form of company which is owned by its policyholders.

Assignment of rights of recovery from insured.

A person who is considered an under-average or impaired insurance risk because of his physical condition, family or personal history of disease, occupation, residence in unhealthy climate, or dangerous habits.

An extra charge added to a premium by an insurance company. For automobile insurance, a surcharge is usually added if a policyholder borrows money on the policy or if the policy lapses for non-payment.

Charges that are deducted if a life insurance policy or annuity is cashed in (surrendered). These charges also are deducted if the policyholder borrows money on the policy or if the policy lapses for non-payment.