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A lapse in car insurance coverage means you own a vehicle that no longer has the state-required minimum coverage limits.The auto insurance industry considers the lapse period to be from the time your coverage stops until: If your insurance company drops you for some reason, you need to get a new policy in place before the old one expires.Tom also practices in the areas of corporate and securities law, including advising clients regarding securities offerings, securities enforcement matters, and regulatory compliance.He represents clients in securities litigation and administrative proceedings, and serves as an expert witness on securities law topics.Audit: A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums Automobile: A land motor vehicle, trailer or semi-trailer designed for travel on public roads, not including 'mobile equipment' Backdating: Making the effective date of a policy earlier than the date of application. Best Company giving the financial condition of insurance companies Binder: A temporary insurance policy that expires at the end of a specific time period or when a permanent policy is written.Backdating is often used to make the age of the applicant lower than it actually was at the time of application so that he/she can get a lower premium. Bailee Coverage: Coverage on property left in the care of the insured for storage, repair or servicing Basic Cause of Loss Form: Property coverage for named perils: Fire, Lightening, Explosion, Smoke, Windstorm, Hail, Riot, Civil Commotion, Aircraft, Vehicles, Vandalism, Sprinkler Leakage, Sinkhold Collapse and Volcanic Action Basic Limits: The minimum limits of liability that can be carried by an insured Beneficiary: The designated person set to receive the death benefit if the insured should die. A binder is given to an applicant for insurance during the time it takes the an insurance company to complete the policy paperwork.Tom is a former Commissioner of the Ohio Division of Securities and a former Assistant Director of the Ohio Department of Commerce.

Cash Value: The equity amount or "savings" accumulation in a whole life insurance policy.It’s important to pay your monthly health insurance premium in full to your insurance company — not the Health Insurance Marketplace — by the due date.Your health insurance company could end your coverage if you fall behind on your monthly premiums.Accidental Death Benefit Rider: An adjustment (rider) to a life insurance policy that provides for payment of an additional cash benefit when death occurs by accidental means. Accidental Death Insurance: An Insurance poicy that provides payment if the insured's death occurs as a results from an accident.Accounts Receivable Coverage: Covers loss of sums owed to the insured by its customers that are uncollectible due to damage by an insured peril to accounts receivable records Actual Cash Value (ACV): Cost to repair or replace damaged property with materials of like kind and quality, less depreciation Additional Insured: A person or organization for whom insured status is arranged by endorsement Advertising Injury: General liability coverage that insures against libel, slander, invasion of privacy, copyright infringement and misappropriation of advertising in connection with the insured's advertising of its goods or services Agent: An authorized representative of an insurance company.