,PA property and casualty insurance exam.pdf file:///C:/Users/HP/Desktop/NIW/PA%20property%20and%20casual
13. endorsement: written modification to your policy designed to accommodateyour
specific needs - sometimes called a rider
14. mutual company: earning called surplus, not taxable, dividend
15. reinsurance treaty: % risk transferred and fees involved for entire class
16. surplus lines producer: agent authorized to sell contracts from nonadmittedcompany if
desired policy is unavailable from admitted company
17. consideration: acceptance and offer
18. aleatory: not necessarily equal due to uncertain timing of event which is thesubject of
contract
19. unilateral: one promiser
20. negative data that they can use against you: up to seven years
21. Up to how many years can they use bankruptcy against you?: 10 years
22. Largest of these ratings bureaus: Insurance services office
23. premium calculation: multiply the units of exposure.example - rate is 2.25$ persq ft, annual
premium is 10,000 sq ft = 2.25 x 10,000 = 22,500 sq ft
24. merit rates: customized class rates based upon physical characteristics or
modifications to exposure or loss experience
25. schedule rating: lower rating for a building just updated
2/5
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