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| Wilmington | | Make sure you have a new policy in | | Short Rate Premium: The premium |
| Ventura | | place before you cancel your old one | | required for issuing a policy for a |
| Waterloo | | to avoid a lapse in coverage. This will | | period less than its normal term. |
| Riverside | | also prevent having to figure out the | | |
| Boca Raton | | amount of any unused premium that is | | Policy Anniversary: The anniversary |
| Lakewood | | due to you from your old insurance | | of the date of issue of a policy as |
| Greenville | | company, or having to spar with your | | shown in the policy declarations. |
| Lakeland | | agent about exactly when your policy | | |
| Green Bay | | was cancelled and how much they | | Commission of Authority: A document |
| Sioux City | | owe you. | | outlining the powers delegated to an |
| Hemet | | | | agent by an insurer. |
| Modesto | | If you decide to cancel your policy | | |
| Corona | | (after acquiring new coverage) | | Retrospective Premium: The final |
| Jonesboro | | outside of the 30-day period, you may | | premium in a retrospective rating |
| Colorado Springs | | have to pay a fee or penalty. | | plan. See Retrospective Rating. |
| Philadelphia | | However, you may still save money | | |
| Pompano Beach | | after paying the fee if your new policy | | Open Rating: A system whereby a |
| Beaumont | | affords you significant savings. So | | state allows an insurer to use rates |
| Tallahassee | | while it is best to wait until your | | without prior approval. |
| Burbank | | receive your renewal notice, you CAN | | |
| Beaumont | | cancel your policy at any time. | | Buy-Back" Deductible: A deductible |
| Chula Vista | | | | which may be eliminated for an |
| Honolulu | | Healthy people have the best | | additional premium in order to |
| Dubuque | | mortality risks and thus are much | | provide "first-dollar" coverage. |
| Jackson | | cheaper for companies to insure. This | | |
| Winter Haven | | translates into lower rates for the | | Liquidity: The ability of an insurer to |
| Ogden | | Super Preferred customer than | | convert its assets into cash to pay |
| Akron | | someone with higher risk factors such | | claims if necessary. |
| Elkhart | | as a heart condition, cancer or | | |
| Duluth | | diabetes. Conversely, if you were | | Submitted Business: Applications for |
| Augusta | | unhealthy when you acquired your | | insurance submitted to an insurer but |
| Muncie | | policy, and your health has now | | not yet acted upon by it. |
| Wilmington | | improved, it might be time to shop for | | |
| Arlington | | a new policy, as your rates are likely | | Business: In Property, Liability, and |
| Venice | | to be lower. | | Health lines, it usually refers to the |
| Savannah | | | | volume of premiums. |
