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Application: A form with the information needed for an insurance company to underwrite and rate a specific policy Assignment Assignment: The transfer of ownership of a Life Insurance policy from one person to another. Your attained age is a factor life insurance companies use to determine premiums.
Audit: A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums Automobile: A land motor vehicle, trailer or semi-trailer designed for travel on public roads, not including ‘mobile equipment’ Backdating: Making the effective date of a policy earlier than the date of application. Best Company giving the financial condition of insurance companies Binder: A temporary insurance policy that expires at the end of a specific time period or when a permanent policy is written.
For example: If your date of birth is 10/01/74 and today’s date is 09/06/18, your insurance issue age today would be 40.
The age nearest method calculates the issue age based upon the age nearest to your policy date.
Cash Value: The equity amount or “savings” accumulation in a whole life insurance policy.
Casualty Insurance: Insurance that covers loss caused by injuries to persons and the legal liability imposed on the insured for injury or for damage to property of others Catastrophe: A severe loss causing sizable financial loss Causes of Loss Forms: The commercial property forms that define the covered causes of loss for which coverage is provided.
Most insurance companies allow a policy backdate up to 6 months to save age, if the situation presents itself for the insured’s benefit.
Those claims may be the result of events at your place of business, from your business operations, the products or services you make or do, communications or advertisements your business broadcasts Competitive State Funds: State-owned and operated facilities that write Workers’ Compensation Insurance solely for that state Completed Operations: A General Liability coverage for the work of the insured that has been completed away from the business premises Comprehensive Auto Coverage: Covers an automobile for loss or damage for all causes except for those specifically excluded Compulsory Insurance: Insurance that is required by law Concealment: Failure to disclose facts which may void an insurance policy Conditional Receipt: Given to policy owners when they pay a premium at the time of the application.
These receipts bind the insurance company, provided your policy is approved, but are subject to any other conditions stated on the receipt.
Premiums would be required back to the backdated policy date.
Backdating a policy may not necessarily be worth the added cost of the premiums.