Limited Lines Insurance Agent Exam Flashcards
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What is the purpose of a 'free-look period'?
A window after a policy is delivered during which the policyholder may cancel and receive a full refund of premium, with no penalty.
What is 'underwriting'?
The process by which an insurer evaluates a risk to decide whether to accept it and, if so, at what premium and under what terms.
What is an insurance 'rider' or 'endorsement'?
An amendment attached to a policy that adds, removes, or modifies coverage from the base contract.