A contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due-date, but does not have the right to terminate coverage between such dates.

A contract the insurer reserves the ability to terminate at the policy’s anniversary or the premium due date, but not at any point in between.

Health insurance policies which are renewable at the option of the company.

(1) A request for insurance received by an insurer. (2) A friendly society with branches.
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This may refer to – (a) the communication by a broker to an underwriter of a client’s acceptance of his quotation; or (b) the amount of the sum insured that is covered by a particular slip where more than one slip is used to arrange cover.

Refers to a provision that may be included in a D&ampO policy affording coverage for securities claims against the insured company. Under that type of policy, directors and officers may be concerned that their coverage will be diluted or exhausted by coverage for claims against the company, thereby leaving the directors and officers under-insured or uninsured. An order of payments provision generally states that directors and officers will have first priority to the insurance policy proceeds and the insurance company will, at the request of the insured company, postpone any payment of loss incurred by the entity until after all loss incurred by directors and officers has been paid.

This insurance responds to property loss or damage necessitating repair, demolition, or rebuilding in accordance with current building codes.

An agency that only deals in ordinary life insurance.

A Customs and Excuse Bond covering a single transactions, as opposed to a general bond.