Term
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Definition
| Applying different underwriting standards to risk that have the same basic characteristcs and loss potential |
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Term
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Definition
| Used to differentiate the premium by the major classifications of driver and use characteristics |
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Term
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Definition
| Refine the premium for selected driver and vehicle use characteristics |
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Term
| "The graying of the population" |
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Definition
| Overall aging of the population - Baby Boomers |
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Term
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Definition
| Term used interchangably with market plan or market level. Describes the grouping of insureds into categories for marketing purposes - Preferred, standard or non-standard. |
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Term
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Definition
| Form number of the document that is required by the DOT from an insurance co. to confirm that the required coverage is in force |
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Term
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Definition
| Provides for compensation to a victim of an auto accident through legal remedies |
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Term
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Definition
| Gives policyholders the right to recover financial losses from their own insurance regardless of fault. |
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Term
| A Named Non-Owner Coverage Endorsement |
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Definition
| Provides coverage to a person who does not own an Auto. Coverage is extended to a vehicle that is rented, borrowed or is a company car. Applies in excess over any other collectible insurance |
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Term
| Automobile Insurance Plans (Also called involuntary, shared or residual market) |
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Definition
| Ensure that all drivers have access to insurance and equitably distributes the risks that are not written voluntarily by insurers |
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Term
| "Diary", "Suspense", "Flag", or "Index" |
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Definition
| Terms used by insurance companies to describe the process of marking a file for future review. |
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