# Policy Administration Glossary > 23 terms from the Insurance book's Policy Administration part, each defined in a line and linked to the chapter that explains it. - **Aggregate transaction:** a single transaction that reverses later transactions, applies an out-of-sequence change and reapplies the reversed ones ([Endorsements, Renewals & the Policy Transaction Model](https://www.syntaqx.com/books/insurance/endorsements-and-renewals#out-of-sequence-endorsements)). - **Amendatory endorsement:** a mandatory endorsement that rewrites parts of a policy form to comply with one state's law ([Products, Coverages & Forms](https://www.syntaqx.com/books/insurance/products-and-coverages#state-amendatory-endorsements)). - **Binder:** a temporary written contract evidencing coverage pending issuance of the policy, limited in some states (90 days in California) ([Quote, Bind & Issue](https://www.syntaqx.com/books/insurance/quote-bind-and-issue#binders)). - **Binding:** the moment coverage exists, when the insurer or an authorized agent accepts a risk from a stated time ([Quote, Bind & Issue](https://www.syntaqx.com/books/insurance/quote-bind-and-issue#the-quote-lifecycle)). - **Conditional renewal:** an offer to renew on changed terms (reduced limits, higher deductibles, in New York commercial lines a premium increase over 10%), noticed like a nonrenewal ([Endorsements, Renewals & the Policy Transaction Model](https://www.syntaqx.com/books/insurance/endorsements-and-renewals#conditional-renewal)). - **Coverage term:** a parameter of a coverage (a limit, a deductible, an option) with its allowed values ([Products, Coverages & Forms](https://www.syntaqx.com/books/insurance/products-and-coverages#the-product-model)). - **Declarations page:** the policy-specific schedule of insured, period, risks, coverages, limits, deductibles, premium, interests and forms ([Products, Coverages & Forms](https://www.syntaqx.com/books/insurance/products-and-coverages#declarations)). - **Edition date:** the month and year that, with the form number, identifies a version of a policy form (NC 00 12 10 26) ([Products, Coverages & Forms](https://www.syntaqx.com/books/insurance/products-and-coverages#forms)). - **Endorsement:** a midterm change to a policy, or the form that adds, removes or changes coverage ([Endorsements, Renewals & the Policy Transaction Model](https://www.syntaqx.com/books/insurance/endorsements-and-renewals#midterm-changes)). - **Form attachment rule:** a rule that infers which form editions a policy carries from its state, product version, coverages and risks ([Products, Coverages & Forms](https://www.syntaqx.com/books/insurance/products-and-coverages#forms)). - **Lapse:** the end of coverage because a renewal wasn't paid, as distinct from a cancellation ([Cancellation, Nonrenewal & Notice Law](https://www.syntaqx.com/books/insurance/cancellation-and-nonrenewal#reinstatement-and-lapse)). - **Mortgagee bill:** billing a homeowners premium to the mortgage servicer, which pays from escrow ([Billing & Premium Finance](https://www.syntaqx.com/books/insurance/billing-and-premium-finance#escrowed-premiums)). - **Nonrenewal:** an insurer's decision not to renew a policy at expiration, subject to notice periods and prohibited bases ([Cancellation, Nonrenewal & Notice Law](https://www.syntaqx.com/books/insurance/cancellation-and-nonrenewal#notice-periods-by-state-and-reason)). - **Out-of-sequence endorsement:** a change whose effective date is earlier than that of a transaction already processed ([Endorsements, Renewals & the Policy Transaction Model](https://www.syntaqx.com/books/insurance/endorsements-and-renewals#out-of-sequence-endorsements)). - **Pay plan:** the schedule on which a policy's premium is billed (paid in full, two-pay, quarterly, monthly), with its down payment and fees ([Billing & Premium Finance](https://www.syntaqx.com/books/insurance/billing-and-premium-finance#billing-accounts-and-plans)). - **Preemption:** when one of two concurrent jobs from the same base version binds first and the other must be rebased and requoted ([Endorsements, Renewals & the Policy Transaction Model](https://www.syntaqx.com/books/insurance/endorsements-and-renewals#preemption)). - **Premium finance company:** a state-licensed lender that pays a premium to the insurer and collects installments from the insured, holding a power of attorney to cancel on default ([Billing & Premium Finance](https://www.syntaqx.com/books/insurance/billing-and-premium-finance#premium-finance)). - **Proof of mailing:** evidence that a notice was mailed to the required address on a date, which the law treats as proof of notice ([Cancellation, Nonrenewal & Notice Law](https://www.syntaqx.com/books/insurance/cancellation-and-nonrenewal#proof-of-mailing-and-delivery)). - **Quote:** a priced, time-limited offer to insure on the facts given, not a contract ([Quote, Bind & Issue](https://www.syntaqx.com/books/insurance/quote-bind-and-issue#the-quote-lifecycle)). - **Reinstatement (policy):** a transaction that puts a cancelled policy back in force, with or without a gap in coverage ([Cancellation, Nonrenewal & Notice Law](https://www.syntaqx.com/books/insurance/cancellation-and-nonrenewal#reinstatement-and-lapse)). - **Renewal offer:** the notice of a renewal's terms and premium, due a set number of days before expiration ([Endorsements, Renewals & the Policy Transaction Model](https://www.syntaqx.com/books/insurance/endorsements-and-renewals#renewals)). - **Rewrite:** replacing a policy or the rest of a term with a new term or policy instead of endorsing it ([Endorsements, Renewals & the Policy Transaction Model](https://www.syntaqx.com/books/insurance/endorsements-and-renewals#rewrites)). - **Short rate:** a return premium method that keeps more than pro rata when the insured or a finance company cancels, limited in some states (in Florida, at least 90% of pro rata) ([Cancellation, Nonrenewal & Notice Law](https://www.syntaqx.com/books/insurance/cancellation-and-nonrenewal#return-premium-pro-rata-and-short-rate)). --- Canonical URL: https://www.syntaqx.com/books/insurance/glossary/policy-administration