Increased Cost Of Construction Clause
Definition of "Increased cost of construction clause"
Coverage if state or municipal law requires that a damaged or destroyed building must be rebuilt at an increased cost to comply with building code provisions that were not in effect when the building was originally constructed.
Popular Insurance Terms
Amount subtracted from an annuity or from mutual fund proceeds payable to an annuity owner or mutual fund owner to reflect expense fees described in the annuity contract or mutual fund ...
Evidence of a temporary contract obliging a life or health insurance company to provide coverage as long as a premium accompanies an acceptable application. This gives the company time to ...
Provision in a property insurance policy to the effect that in the event the insured and insurer cannot agree on the amount of a claim settlement, each appoints an appraiser. The appraisers ...
Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...
Theory that the probability that two independent events will occur is equal to the probability that one independent event will occur times the probability that a second independent event ...
Type of accounting method, in life insurance, designed to match revenues and expenses of an insurer according to principles designed by the Financial Accounting Standards Board and the ...
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Coverage in the event of threats to injure an insured or damage or destroy his property. ...
Physiological or psychological condition that prevents an insured from performing normal job functions. ...
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