Plain-English meaning
The insurer's process for evaluating a risk, confirming eligibility, setting terms, and deciding whether to issue or renew coverage.
Why it matters
An initial quote can change after documents, inspections, or third-party data are reviewed.
Where you may see it
Applications, inspection requests, follow-up questions, notices, and renewal decisions.
What to verify
Property facts, sources used, required repairs, deadlines, exceptions, and whether the quote is final.
Do not confuse it with
Claims adjustment, which evaluates a reported loss after an event.
For policy-specific meaning, read the definition and related provision in the issued policy.