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| Malden | | Make sure you have a new policy in | | Valuation Clause: A clause stating the |
| Sterling Heights | | place before you cancel your old one | | value of items for insurance |
| Duluth | | to avoid a lapse in coverage. This will | | purposes, making it a valued policy. |
| Jersey City | | also prevent having to figure out the | | |
| Hampton | | amount of any unused premium that is | | Losses Incurred: The total losses, |
| Boston | | due to you from your old insurance | | whether paid or not, sustained by an |
| San Francisco | | company, or having to spar with your | | insurer during a given period, e.g., 12 |
| Clinton Township | | agent about exactly when your policy | | months. |
| Union | | was cancelled and how much they | | |
| Reading | | owe you. | | Approved: The condition which exists |
| Metairie | | | | when the person or object to be |
| Fall River | | While some companies raise their | | insured meets the underwriting |
| Yuma | | prices based on your actual age, | | standards of the insurer. |
| Lowell | | most companies increase the price of | | |
| Asheville | | their policies six months before your | | Preferred Risk: Any risk considered |
| Monroe | | birthday. Its a term called Age | | to be better than the standard risk on |
| Santa Barbara | | Nearest in the industry, and that | | which the premium rate was |
| Fort Smith | | half-year price increase could really | | calculated. |
| Springfield | | add up over a 20-year term policy. As | | |
| Coral Springs | | above, the quicker you purchase your | | Replacement: A new policy written to |
| Acworth | | policy the better. | | take the place of one currently in force. |
