Glossary

Policy conditions are found is an insurance policy and identify the general requirements of an insured and the insurer on matters such as loss reporting and settlement, property valuation, other insurance, subrogation rights, and cancellation and nonrenewal.

Policy definitions often determine the scope of coverage in insurance policies. These policies rely on terms and phrases that have very special and often very specific meanings.

The policy expense allowance is an amount payable to the cedent by the reinsurer in lieu of actual commissions and expenses incurred by the cedent.

Policy fee is a one-time charge or flat per policy charge that does not change with the size of the policy.

A policy loan is a loan from the insurer to a life insurance policy owner using the cash value of the policy as security for the loan.

The policy owner is the person who has ownership rights of an insurance policy, usually the policyholder or insured.

The policy period signifies the duration of the policy.

Policy registers are historical listings of all policies issued by an insurer, showing reinsurance.

Policy territory refers to insurance policy provisions that specify the geographic area in which coverage applies.

A policy writing agent is empowered to write and issue policies on behalf of his or her insurer.