Hazard Increase Resulting In Suspension Or Exclusion Of Coverage
Definition of "Hazard increase resulting in suspension or exclusion of coverage"
Provision commonly found in fire insurance contracts. If the insured knows that a hazard is increased, most property contracts permit the insurance company to suspend or terminate coverage. For example, manufacture of drugs in the home would give the insurance company the right to invoke this clause if it could show that the manufacturing process increases the probability of fire.
Popular Insurance Terms
Coverage by at least two insurance policies providing the same coverage for the same risk. ...
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Statistics (such as health data from physical examination of employees or other insureds) used as a benchmark from which deviations and comparisons of expected losses, as well as future ...
Fund that contains the portion of the premium that has been paid in advance for insurance that has not yet been provided. For example, if a business pays an annual premium of $1000 on ...
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