Insurance Terminology

3. A lender who receives a pledge of property to secure a debt
6. A request made by the insured for insurer remittance of payment due to loss incurred and covered on the policy
7. Physical damage to property or bodily injury, including loss of use or loss of income
10. Portion of the insured loss (in dollars) paid by the policy holder
12. An individual who is licensed to sell, negotiate,or effect inssurance contracts on behalf of an insurer
14. A written contract ratifying the legality of an insurance agreement
15. Policy statements identifying critical policy information
16. The chance of loss from an event that cannotbe entirely controlled
18. Homeowners insurance sold to condominium owners occupying the described property known as HO6 policies

1. Money charged for the insurance coverage reflecting expectation of loss
2. Termination of a policy because the premium has not been paid by the end of the grace period resulting in a ________ in coverage
4. Period for which policy is in effect
5. A change, amendment, or rider to a policy adjusting the coverages and taking precedence over the original agreement
8. A temporary agreement to provide insurance coverage until a formal written policy is issued
9. Requirements needed to bind, issue, or endorse a policy
11. An individual who receives commissions from the sales and services of insurance policies. These individuals work on behalf of the customer and are not restricted to selling policies for a specific company.
13. Protection against possible financial loss
17. An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of an insurer