Insurance

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Across
  1. 1. agreement between two or more parties with characteristics of mutual assent, competent parties, a valid consideration and legal subject
  2. 4. termination of a policy due to the policy owner’s failure to pay the premium within the grace period
  3. 5. maximum amount an insurance company will pay during the policy
  4. 7. insurance company
  5. 9. putting a lapsed policy back in force by producing satisfactory evidence of insurability and paying any past-due premiums required
Down
  1. 2. practice of insurers transferring portions of their risk portfolios to other parties
  2. 3. designated person set to receive the death benefit if the insured should die
  3. 4. legal obligation to pay a monetary award for injury or damage caused by one’s negligent or statutorily prohibited action
  4. 6. party who is being insured
  5. 8. written agreement in which one party, the surety, guarantees the performance or honesty of a second party, the principal, to the third party to whom the performance or debt is owed