Definition of "Declaration"

Dan Sawyers real estate agent
Dan Sawyers, Real Estate Agent RE/MAX Preferred Properties

Statement that the insured makes (declares) about loss exposures in an application for a policy. For example, in a personal automobile policy the applicant states his/her name address, occupation, type of automobile, expected mileage per year, etc. Based on this information, the insurance company decides which underwriting classification in which to place the risk; applicable premium rate; maximum limits of coverage; and any special conditions to govern the insured's behavior that is to be attached to the policy.

 

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