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Details Title: Vocubulary Description: List A Total Flash Cards: 10 Created: 01/11/2007 06:45:01	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 Binder Definition A temporary insurance contract that provides proff of coverage until you recieve a permanent policy Term Cancellation Definition Termination of an insurance policy by the company or insured before the renewal date Term Climant Definition A person who makes an insurance claim Term Comprehensive Coverage(Physical damage other than collision) Definition Pays for damage to or loss of your autombile from causes other than accidents. These include hail, vandalism, flood, fire, and theft Term Lapse Definition Termination of a policy due to a non-payment of premiums. Term Liability Definition Responsibility to another for ones 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 a 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 replacing property at a current market prices. Term Underwriter Definition The person who reviews an application for insurances and decides if the applicant