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Details Title: vocabulary Description: business Total Flash Cards: 11 Created: 01/12/2007 10:37:41	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Adjuster Definition A person who investigates and settles insureance claims. Term Binder Definition A temporary insurance contract that provides proof of covrage until you recieve a permanent policy. Term Cncellation Definition Temporary insurance policy by the company or insured before the renewal date. Term Claimant Definition A person who makes an insurance claim. Term Comprehensive covrage (physical damage other than collision) Definition Pays for damage to or loss of your automobile from causes other than accidents. these include hail, vandalism, food, fire, and theft. Term Lapse Definition Termination of a policy due to non-payment of premiums. Term Liability Definition Responsibility to another for one's negligence. Term Loss History Definition Refers to an insured's history of losses (claims) with other companies, or the company they are currently with. A company will consider "loss history" when underwriting a new policy or considering a renewal of an existing policy. Companies view "loss history" as an indication of an insured's propensity for claim in the future. Term Non-renewal Definition A decision by an insurance company not to renew a policy. Term Replacement cost Definition The cost associated with replaceing property at current market prices. Term Underwriter Definition The person who reviews an application for insurance and decides if the applicant is acceptable and at what premium rate.