| | | | |
|
| Stockton | | While some companies raise their | | New For Old: Replacing old |
| Charleston | | prices based on your actual age, | | damaged parts or equipment with |
| Florissant | | most companies increase the price of | | new ones rather than repairing them. |
| Troy | | their policies six months before your | | |
| Irvine | | birthday. Its a term called Age | | Losses Incurred: The total losses, |
| St. Louis | | Nearest in the industry, and that | | whether paid or not, sustained by an |
| Mesa | | half-year price increase could really | | insurer during a given period, e.g., 12 |
| Fort Myers | | add up over a 20-year term policy. As | | months. |
| Abilene | | above, the quicker you purchase your | | |
| Lancaster | | policy the better. | | Mandatory Valuation Reserve: A |
| Canton | | | | reserve required by a state law to |
| Sterling Heights | | If you decide to cancel your policy | | offset any declines in the valuation of |
| Tallahassee | | (after acquiring new coverage) | | securities listed as admitted assets. |
| Chicago | | outside of the 30-day period, you may | | |
| Kalamazoo | | have to pay a fee or penalty. | | Interstate Carrier: A transportation |
| Omaha | | However, you may still save money | | company which does business |
| Silver Spring | | after paying the fee if your new policy | | across state lines. |
| Daytona Beach | | affords you significant savings. So | | |
| Longwood | | while it is best to wait until your | | Brick Veneer Construction: Refers to |
| Nashua | | receive your renewal notice, you CAN | | a building where the outside walls are |
| Bethlehem | | cancel your policy at any time. | | constructed of wood with a facing of a |
| Greensboro | | | | single layer of brick. |
| Fayetteville | | Shopping around is the best way to | | |
| Lawton | | save money on your insurance. | | Policy Period (or Term): The period |
| Colorado Springs | | | | during which the policy contract |
| Minneapolis | | Make sure you have a new policy in | | affords protection, e.g., six months or |
| Torrance | | place before you cancel your old one | | one or three years. |
| Greeley | | to avoid a lapse in coverage. This will | | |
| Salt Lake City | | also prevent having to figure out the | | American Risk and Insurance |
| San Antonio | | amount of any unused premium that is | | Association: An association of |
| Hickory | | due to you from your old insurance | | insurance educators and others |
| Joliet | | company, or having to spar with your | | interested in insurance study and |
| Jackson | | agent about exactly when your policy | | research. |
| Brooklyn | | was cancelled and how much they | | |
| Quincy | | owe you. | | |
