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| Cranston | | Make sure you have a new policy in | | Burning Ratio: The ratio of losses |
| Springfield | | place before you cancel your old one | | suffered to the amount of insurance in |
| San Jose | | to avoid a lapse in coverage. This will | | effect. |
| Kalamazoo | | also prevent having to figure out the | | |
| Colorado Springs | | amount of any unused premium that is | | Partnership: A business enterprise |
| Hattiesburg | | due to you from your old insurance | | owned and operated by two or more |
| Flushing | | company, or having to spar with your | | persons for the purpose of generating |
| Decatur | | agent about exactly when your policy | | business income and profits. |
| Panama City | | was cancelled and how much they | | |
| Palm Desert | | owe you. | | Claim Expense: The expense of |
| Naperville | | | | adjusting a claim, such as |
| Cincinnati | | Individuals who have 30-year | | investigation and attorneys' fees. It |
| Fort Wayne | | mortgages might want to consider a | | does not include the cost of the claim |
| Irving | | 30-year term to ensure that the house | | itself. |
| Honolulu | | is protected throughout the period of | | |
| Memphis | | the loan. | | Mandatory Valuation Reserve: A |
| Portsmouth | | | | reserve required by a state law to |
| Littleton | | If you decide to cancel your policy | | offset any declines in the valuation of |
| Ogden | | (after acquiring new coverage) | | securities listed as admitted assets. |
| Springfield | | outside of the 30-day period, you may | | |
| Englewood | | have to pay a fee or penalty. | | Nonassignable: A policy that the |
| Chicago | | However, you may still save money | | owner cannot assign to a third party. |
| San Francisco | | after paying the fee if your new policy | | Most policies are nonassignable |
| Fredericksburg | | affords you significant savings. So | | unless approval is given by the |
| Quincy | | while it is best to wait until your | | insurer. |
| Sumter | | receive your renewal notice, you CAN | | |
| Harlingen | | cancel your policy at any time. | | Commingling: An illegal practice |
| Naperville | | | | which occurs when an agent mixes |
| Tempe | | Everyone has different needs, and | | personal funds with the insured's or |
| Turlock | | not one size fits all when it comes to | | insurer's funds. |
| Gainesville | | term life insurance. While it may make | | |
| Staten Island | | sense for people in their 30s and 40s | | Incurred Expense: Expenses not yet |
| Arlington | | to secure a 20-year term length, a | | paid. Can also include paid |
| Chesapeake | | 10-year term might be more | | expenses in some accounting |
| Toms River | | appropriate for someone nearing | | systems. |
| Stuart | | retirement. | | |
