Full Reporting Clause
Provision in commercial property coverage under which an insured must report the value of an insured property at periodic intervals in order to preserve coverage up to values reported. In essence, this clause requires the insured to maintain total insurance to the value of the property, or 100% coinsurance. If the insured maintains less than the 100% requirement and a loss takes place, only a portion of that loss will be paid.
Popular Insurance Terms
Time during which an assessment life insurance company has the right to assess policyholders if losses are worse than anticipated in the premium charged. ...
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Licensed agent's signature on an insurance policy. ...
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