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| Tacoma | | While some companies raise their | | Shock Loss: A catastrophic loss so |
| Venice | | prices based on your actual age, | | large that it has a material effect on |
| Lincoln | | most companies increase the price of | | the underwriting results of a company. |
| Tempe | | their policies six months before your | | |
| Tempe | | birthday. Its a term called Age | | Gain and Loss Exhibit: The portion of |
| Spring Hill | | Nearest in the industry, and that | | the convention blank which |
| Akron | | half-year price increase could really | | represents an analysis of gains, |
| Athens | | add up over a 20-year term policy. As | | losses, and surplus during an |
| Youngstown | | above, the quicker you purchase your | | accounting period. |
| Richmond | | policy the better. | | |
| Cookeville | | | | Convention Values: Values assigned |
| Ann Arbor | | Individuals who have 30-year | | to insurers' assets in the convention |
| Raleigh | | mortgages might want to consider a | | blank. |
| Kalamazoo | | 30-year term to ensure that the house | | |
| Hendersonville | | is protected throughout the period of | | Single Limit: Any insurance coverage |
| Kansas City | | the loan. | | which is expressed as a single |
| Ocala | | | | amount of insurance, or a single limit |
| Stockbridge | | Make sure you have a new policy in | | of liability. Contrast with Split Limit. |
| Johnstown | | place before you cancel your old one | | |
| Davenport | | to avoid a lapse in coverage. This will | | Gross Premium: The net premium |
| Irvine | | also prevent having to figure out the | | plus operating expenses, |
| Athens | | amount of any unused premium that is | | commissions and other expenses. |
| Charlotte | | due to you from your old insurance | | |
| Sunnyvale | | company, or having to spar with your | | Federal Deposit Insurance |
| Cape Coral | | agent about exactly when your policy | | Corporation (FDIC): An agency of the |
| Alameda | | was cancelled and how much they | | federal government which insures |
| Bradenton | | owe you. | | bank deposits up to a stated |
| Grand Rapids | | | | maximum. |
| Henderson | | If you decide to cancel your policy | | |
| Lafayette | | (after acquiring new coverage) | | Operating Expense: The expense of |
| Muskegon | | outside of the 30-day period, you may | | an insurer other than commissions |
| Columbus | | have to pay a fee or penalty. | | and taxes. Called " and Insurance |
| Wichita Falls | | However, you may still save money | | Expense" in the convention statement |
| St. Paul | | after paying the fee if your new policy | | blank. |
| Tyler | | affords you significant savings. So | | |
| Flint | | while it is best to wait until your | | |
| Denton | | receive your renewal notice, you CAN | | |
| Pensacola | | cancel your policy at any time. | | |
