Term of the Day | Broome Co-operative Insurance Company

Nonrenew

When an insurer notifies the insured that, as of the policy expiration date, it will not issue a renewal policy continuing the coverage.

The grouping of insureds with similar loss causing characteristics into classes for pricing purposes.

A policy combining coverages from two or more individual property and liability policies into a single insurance policy.

A condition of susceptibility or vulnerability to loss.

The rating given to the public fire protection of a community or municipality.

The insurer to which another insurer transfers the chance of loss.