Glossary Terms

A method of calculating group insurance premium rates by which the insurer considers the particular group’s prior claims and expense experience.

The amount of the death benefit payable under a life insurance policy.

Federal Emergency Management Agency - A former independent agency that became part of the new Department of Homeland Security in March 2003 - is tasked with responding to, planning for, recovering from and mitigating against disasters

A land area adjacent to a river, stream, lake, estuary or other water body that is subject to flooding. These areas, if left undisturbed, act to store excess floodwater.

An individual life insurance and annuity provision that gives the policy owner a stated time, usually 10 days after the policy is delivered, in which to cancel the policy and receive a full refund on the initial premium payment.

Fire intentionally set in a fireplace, stove, furnace or other containment that has not spread beyond it.

coverage for an insured when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of a business, when someone is injured as the result of using the product manufactured or distributed by a business, or when someone is injured in the general operation of a business.

A specified length of time within which a renewal premium that is due may be paid without penalty.

reckless action without regard to life, limb, and/or property.

circumstance that increases the likelihood or probable severity of a loss.