Change In Occupancy Or Use Clause

Definition of "Change in occupancy or use clause"

Nina  Malatesta, Associate Broker real estate agent

Written by

Nina Malatesta, Associate Brokerelite badge icon

NextHome Endeavor

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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Individual receiving medical treatment who is not required to be hospitalized overnight. ...

One who purchases insurance, usually property and liability and not life or annuities, by utilizing his or her own employee purchaser or licensed broker/agent at a minimum annual premium of ...

In property insurance, when the insurance policy contains this clause, coinsurance defines the amount of each loss that the company pays according to the following relationship:Amount of ...

Employee benefit plan that includes benefits to be received from Social Security when determining the allowable benefit amount to be received by that employee or beneficiary. ...

Same as term Chartered Life Underwriter: professional designation conferred by the American College. In addition to professional business experience in insurance planning and related ...

Location that is different from an insured's home or place of business. Under the standard homeowners insurance policy, the property of the insured is covered off premises; for example, if ...

Same as term Contract Holder: in insurance, individual with rightful possession of an insurance policy, usually the policyowner. ...

One who submits a claim for an incurred loss. ...

A historical mortality table used to calculate premium rates for deferred annuities and optional modes of settlement for life insurance policies. This table was subsequently replaced by the ...

Popular Insurance Questions