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
In property coverage, ratio of the amount of insurance to the value of an insured property. This ratio, multiplied by the amount of the loss, determines the indemnification payment. ...
Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
Organization of property insurance companies whose goal is to prevent and uncover fraudulent automobile fire and theft claims. ...
Financial analysis method established by the national association of insurance commissioners (naic) to detect problems of property and casualty insurance companies and life and health ...
Third-in-line beneficiary to receive benefits from an insurance policy should the primary and secondary beneficiaries not survive. ...
Date of the initial annuity payment. ...
Same as term Expiration: termination date of coverage as indicated on the insurance policy. ...
Maintenance of Social Security benefits at current dollar or percentage levels. Social Security benefits are indexed to the Consumer Price Index and rise in tandem with the Index. A benefit ...
Legal capability of those involved in mutual assent of making a contract, including an insurance contract. Those who have been deemed to be incompetent to make a valid contract include ...
Have a question or comment?
We're here to help.