22 May Rating Territory
A geographical grouping in which like hazards tend to equalize and permit the establishment of an equitable rate for the territory....
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22 May Rated Policy
A policy issued at a higher premium to cover a person classified as a greater-than-average risk, usually due to impaired health or a dangerous occupation....
22 May Rate
A charge per unit in determining insurance premiums....
22 May Qualifying Event
An occurrence that triggers an insured’s protection....
22 May Proximate Cause
The primary cause of loss or damage. Proximate cause involves an unbroken chain of events between the occurrence of an insured peril and damage to property. For example, water damage caused by firefighting is covered under the fire policy because fire was the proximate cause...
22 May Provisions
Details of an insurance policy that explain the benefits, conditions and other features of the insurance contract....
22 May Pro Rata Cancellation
The cancellation of an insurance policy with the return of the full proportion of premium for the unexpired term of the policy. In pro rata cancellations, there’s no penalty for early cancellation....
22 May Property Insurance
First-party insurance for real and personal property against physical loss or damage....
22 May Property Damage
In the general liability policy, a physical injury to property, resulting in the loss of use....
22 May Property Damage Coverage
An agreement by an insurance carrier to protect an insured against legal liability for damage by his automobile to the property of another....