Michigan P & C Terms Already Passed

Cancellation {Ans: Termination of the insurance policy by the insured or the insurance company during the policy period.}Named Insured {Ans: Person, business, or other entity named in the declarations to whom the policy is issued.}Pollution Liability Coverage Form {Ans: CGL coverage form that provides certain pollution coverage that are excluded under the standard CGL. includes coverage for pollution clean up costs.}National Flood Insurance Program (NFIP) {Ans: Program run by the federal government that makes flood insurance available to eligible communities at subsidized rate; includes coverage for both building and personal property}Indirect Loss {Ans: Loss that is a result or consequence of a direct loss}Best's {Ans: Organization that rates the financial stability of insurance companies doing business in the US}