Definition: Toggle insurance refers to the act of changing or altering a policy's premium amount, in order to reduce premiums for the company. This can be done through various means, such as adjusting deductibles or increasing the coverage limits, which are set by the insurer based on the risk profile and financial position of an individual or household. The term "toggle" suggests that this action is usually temporary or one-time, rather than a continuous process that could lead to significant changes in premiums. Therefore, it is not clear if this term is commonly used in insurance terminology, especially in the context of insurance companies adjusting their premium structures for certain customers. To provide an accurate definition, you would need more specific information about the insurance industry and its practices. Please note that as technology has evolved over time, the usage of terms such as "toggle" or "adjustment" in insurance may have changed with changes in market practices and regulations.
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