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2010 Cancellation & Nonrenewal
Summit Business Media, Jan 2010, Pages: 464
This book reviews the cancellation and non-renewal rules and regulations for the fifty U.S. states and the District of Columbia. Organized into an easy-to-use format, the book provides all the information needed to effectively and correctly manage the cancellation and nonrenewal process.
Agents and underwriters need to know how a policy may be legally terminated by an insurer. They need to know if there is an underwriting period where the policy may be cancelled for any reason; the allowable reasons for midterm cancellation; and the allowable reasons for nonrenewal. They also need to know the type and number of days notice that need to be given to the insured.
This book provides answers in an easy-to-use format. The introduction outlines the standard reasons for termination as written into the standard policies from Insurance Services Office (ISO) and the National Commission on Compensation Insurance (NCCI). Although many might think that most of the differences are in personal lines coverage, most states place limitations on the termination of commercial lines coverage as well.
Then, on a state-by-state basis, any differences for that state are examined line-by-line. The differences are based on the amendatory endorsements filed by ISO. In some instances, a state’s insurance code is unclear about termination of a particular line. It appears that in those cases, ISO has filed provisions it thinks will be acceptable to the regulator.
In other states, the provisions of the amendatory endorsement are actually more restrictive than the state’s law. If an insurer has adopted that amendatory endorsement, then it must abide by the provisions of that endorsement, instead of the law.
As in previous editions, where available, the statutory references for each state’s entries are included. Differences between amendatory endorsements and the state code are noted.
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