Change In Occupancy Or Use Clause
Definition of "Change in occupancy or use clause"
Condition in which the occupancy or the purposes for which the premises are being used as described in the insurance policy change so as to result in an increased risk. The policy is void unless prior notice is furnished to the insurance company. Once the company receives such notification, the company can either cancel the policy, or apply a surcharge to the premium to reflect this increased risk.
Popular Insurance Terms
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Measurement of the response of the cash flow of an insurance company to various interest rate scenarios; for example, how rising interest rates will affect the number of life insurance ...
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Evaluation of the demographic characteristics of the entire group (such as age, sex, morbidity, mortality), as opposed to the evaluation of individuals in that group. ...
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