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
Organization founded in 1993, the thesis of which is to apply quality management principles to insurance functions. To this end, the organization is involved in insurance industry-wide ...
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Total amount of insurance on an insurer's books at a particular time. ...
Measure of the sensitivity of the insurance company's liability for the resultant higher expense rates than charged for in the premium. ...
Section of a policy specifying: parties to the contract (the insurance company and the person or business to be insured); terms of the policy when it goes into force, and when it ends; ...
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Amount established by an insurance company, but not required by state law, for any of a number of reasons, such as a reserve for payment of future dividends. A voluntary reserve is likely ...
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