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
Sale of life insurance policies through vending machines. This method of distribution is generally limited to travel accident insurance, supplemental health or disability policies, or life ...
Coverage that exceeds the normal insurance capacity of an insurer or reinsurer. ...
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 ...
Coverage for damage due to peril! of war, usually written as part of an ocean marine insurance policy. ...
Sum it takes to replace an insured's damaged or destroyed property with one of like kind and quality, equivalent to the actual cash value, minus physical depreciation (fair wear and tear) ...
Historic insignia representing evidence of coverage placed on property insured by a particular insurance company. If the property on fire did not have the company's fire mark, its private ...
All insured losses paid in full. ...
Policy provision designed to restore an insured to his or her original financial position after a loss. The insured should neither profit nor be put at a monetary disadvantage by incurring ...
Insurance facility composed of many different syndicates, each specializing in a particular risk; for example, hull risks. Lloyd's provides coverage for primary jumbo risks as well as ...
Have a question or comment?
We're here to help.