The insurer's refusal to insure an individual after careful evaluation of the application for insurance and any other pertinent factors.

Sometimes called an "extra-risk" policy, an insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has had a DUI or other traffic violations.

A request for payment of a loss which may come under the terms of an insurance contract.

The estimated total cost, both insured and uninsured, of mishaps (such as motor vehicle accidents, work accidents, and fires); includes such factors as property damage, funeral expenses, wage loss, insurance administration costs, and medical, hospital and legal costs.

The pricing factor upon which the insurance buyer's premium is based.

The part of an insurance premium paid by the insurer to an agent or broker for his services in procuring and servicing the insurance.

A statement of coverage issued to an individual insured under a group insurance contract, outlining the insurance benefits and principal provisions applicable to the member.

The process of selecting risks for insurance and determining in what amounts and on what terms the insurance company will accept the risk.

Legal principle that specifies an insured should not collect more than the actual cash value of a loss but should be restored to approximately the same financial position as existed before the loss.

An independent business person who usually represents two or more insurance companies in a sales and service capacity and who is paid on a commission basis.