Insurance: Key Terms

2. The raking insured in a commercial insurance contract.
4. Insurable interest is any ____ interest in the property at the time of the loss
6. Financial damage
10. Termination at the endo of the policy period
13. An event can happen at a specific time or over a period of time.
15. The amount of the loss the insured pays before the insurance kicks in
16. A type of cancellation where you are penalized
18. A sudden, unforeseen and unintended event at a given time.
20. Losses that the policy specifically states are not covered

1. The clause in the policy that gives the insured the same terms as those of new policies
3. Provides immediate, temporary protection until the policy is issued
5. A type of cancellation where you pay for only the earned premium for the time the coverage was in effect
7. The state of being subject to harm
8. To restore the insured to his original financial condition
9. A type of financial damage that occurs as the result of a direct loss
11. The process selecting and classifying risk
12. Is the party who has the rights and duties under the policy and is listed on the declaration page and is the ranking insured on a personal lines policy.
14. A request for damages suffered the insured believes should be covered band paid for by their policy
17. A type of financial loss caused by the destruction of covered property from a covered peril
18. A legal representative of the insurance company
19. Chance of loss