| | | | |
|
| Norwalk | | Make sure you have a new policy in | | Underinsurance: A condition in which |
| Southfield | | place before you cancel your old one | | not enough insurance is carried to |
| Naples | | to avoid a lapse in coverage. This will | | cover the insurable value. |
| Lorain | | also prevent having to figure out the | | |
| Birmingham | | amount of any unused premium that is | | Exclusion: A contractual provision that |
| Salem | | due to you from your old insurance | | denies coverage for certain perils, |
| Orange | | company, or having to spar with your | | persons, property, or locations. |
| Spring Hill | | agent about exactly when your policy | | |
| Birmingham | | was cancelled and how much they | | Open Rating: A system whereby a |
| Cedar Rapids | | owe you. | | state allows an insurer to use rates |
| Nashville | | | | without prior approval. |
| Sunnyvale | | Individuals who have 30-year | | |
| Warren | | mortgages might want to consider a | | Commission of Authority: A document |
| Killeen | | 30-year term to ensure that the house | | outlining the powers delegated to an |
| Memphis | | is protected throughout the period of | | agent by an insurer. |
| Corpus Christi | | the loan. | | |
| Chicago | | | | Retrospective Premium: The final |
| Scottsdale | | Everyone has different needs, and | | premium in a retrospective rating |
| Bloomington | | not one size fits all when it comes to | | plan. See Retrospective Rating. |
| Southfield | | term life insurance. While it may make | | |
| Sumter | | sense for people in their 30s and 40s | | Net Loss: The amount of loss |
| Yuma | | to secure a 20-year term length, a | | sustained by an insurer after giving |
| Augusta | | 10-year term might be more | | effect to all applicable reinsurance, |
| Hickory | | appropriate for someone nearing | | salvage, and subrogation recoveries. |
| Virginia Beach | | retirement. | | |
| Jacksonville | | | | Valued: Relating to an agreement by |
| Billings | | The best time to switch policies is | | an insurer to pay a specified amount |
| Lakewood | | within one month of receiving your | | of money to or on behalf of the |
| Pittsburgh | | policy renewal from your current | | insured upon occurrence of a defined |
| Greensboro | | insurer. You can typically cancel your | | loss. |
| Columbus | | policy without any fees or penalties if | | |
| Lawton | | you act within this time period. | | Examiner: An employee assigned by |
| Bloomington | | | | the state insurance department to |
| Bloomington | | If you decide to cancel your policy | | audit insurers' records. |
| Elkhart | | (after acquiring new coverage) | | |
| Franklin | | outside of the 30-day period, you may | | |
| Lansing | | have to pay a fee or penalty. | | |
| Lafayette | | However, you may still save money | | |
| Cypress | | after paying the fee if your new policy | | |
| Santa Ana | | affords you significant savings. So | | |
| Troy | | while it is best to wait until your | | |
| Fullerton | | receive your renewal notice, you CAN | | |
| Silver Spring | | cancel your policy at any time. | | |
