Personal Lines Terms And Definitions Study Guide Rated A+

What is adhesion? {Ans: THe insured has no say in the contract wording, only accepts or rejects it.}What is gross negligence? {Ans: Irresponsible behavior.}What are the 4 types of marketing distribution? {Ans: Direct writing, direct email, exclusive agents, and independent agencies.}What does unilateral mean? {Ans: Premium for a promise, the insurer is the only one that cannot cancel without just cause.}What is assignment? {Ans: Transferring the policy from on person to another.}What is aggregate? {Ans: Limit of insurance for all claims within a policy period, typically annual.}