Exclusions, Homeowners Insurance
Definition of "Exclusions, homeowners insurance"
Provision that excludes from coverage under Form No. 3: flood damage, except if the flood causes a fire, explosion, or theft; water damage from the backup of sewers; earthquake, except if the earthquake causes a fire explosion, theft, or glass breakage; war; nuclear exposure (hazard); wear and tear; vandalism and malicious mischief, or glass breakage if the house has been vacant for more than 30 consecutive days before the day of the loss.
Popular Insurance Terms
Act passed by Congress in 1991, the purpose of which is to make it easier for consumers to compare deposit accounts among savings institutions (SI). Some of the act's more important ...
Property owned by two or more parties in such a way that at the death of one, the survivors retain complete ownership of the property. ...
Unexpected claims occurring above the expected claims for which a contingency reserve is maintained. ...
Insurance company's net gain from operations divided by its adjusted surplus. This is the accounting rate of return on stockholder's equity since the ratio shows the rate of return the ...
Element of a life insurance policy permitting the policy owner to change a beneficiary as frequently as desired unless the beneficiary has been designated as irrevocable. Here the written ...
In reinsurance contracts, clause that requires the re-insurer to provide coverage if an underlying carrier is unable to fulfill its obligations under the policy ceded to the re-insurer. ...
Arrangement between the buyer and the seller in which there is a mutual agreement to buy or sell a security at a given price at a stipulated future date. These contracts are effected on a ...
Agreement among insurance companies through which a multinational employer is permitted to purchase employee benefits coverage's for two or more of its overseas subsidiaries under a single ...
Earned premium minus incurred losses plus loss adjustment expense plus other incurred underwriting expenses plus policy owner dividends. This income is generated from the insurance business ...
Have a question or comment?
We're here to help.