Insurance contract - legally binding unilateral agreement between an insured and an insurance company. In exchange for premium payment(s) the company covers stipulated perils.

Insurance coverage - total amount and type of insurance carried.

Insurancepremium - payment made by the insured in return for insurance protection. Premiums are set based on the probability of risk of loss and competitive pressures with other insurers. An insurance company's actuary will figure out the expected loss ratio on a particular class of customers, and then individual applicants will be evaluated based on whether they present higher or lower risks than the class as a whole. If a policyholder does not pay the premium, the insurance or policy may lapse. If the policy is a cash value policy, the policyowner can choose to take a paid-up insurance policy with a lower face value amount or an extended term policy.

Loss - decrease in net assets for which no revenue is obtained and which arises from incidental transactions.

Medical payments - coverage under a homeowner's policy that pays for some medical expenses for injuries to others caused by the insured, a family member, or pet.

Non-Renewal - when an insurer decides not to renew a policy at the end of its policy period.

Occurrence - an event, or repeated exposure to conditions, which unexpectedly causes injury or damage during the policy period.

Outline of coverage- a description of policy benefits, exclusions, and provisions that makes it easier to understand a particular policy and compare it with others.

Paid-up insurance- insurance on which all required premiums have been paid.

Premium- payment made by the insured in return for insurance protection. Premiums are set based on the probability of risk of loss and competitive pressures with other insurers. An insurance company's actuary will figure out the expected loss ratio on a particular class of customers, and then individual applicants will be evaluated based on whether they present higher or lower risks than the class as a whole. If a policyholder does not pay the premium, the insurance or policy may lapse. If the policy is a cash value policy, the policyowner can choose to take a paid-up insurance policy with a lower face value amount or an extended term policy.

 

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