Liability: Limitations On Insurers
Definition of "Liability: limitations on insurers"
Exceptions to coverage. There is no obligation for an insurance company to pay a claim if:
- the loss is not covered by a policy, or a particular person is not included in the definition of the insured.
- the loss takes place outside the territorial coverage of the policy. For example, there is no coverage under the PERSONAL AUTOMOBILE POLICY (PAP) outside the United States and Canada.
- the loss takes place after the policy has expired.
- the insured involved in the loss was in violation of public law; for example, an insured's car that is damaged as the result of his transporting drugs.
- the insured is in violation of contract law.
- the limit of coverage under the policy is not sufficient to cover a loss.
Popular Insurance Terms
Smallest face amount of life insurance that an insurance company will write on any one person. ...
Coverage that provides for replacement of damaged or destroyed property on a new replacement cost basis without any deduction for depreciation. This is equivalent to replacement cost ...
Endorsement to owners, landlords, and tenants LIABILITY POLICY, MANUFACTURERS AND CONTRACTORS LIABILITY INSURANCE, or other liability policies for business firms that provides liability ...
Plan that provides a legal resident of the state of Oregon access to basic health care through three major components: Medicaid Reform (rationing) extends Medicaid eligibility to those ...
Total estimated cost incurred by a person or persons, a family, or a business resulting from the death or disability of a wage earner (key employee), damage or destruction of property, ...
Model state law designed to govern use of information collected from insurance applications. The law forbids any insurer or agent from impersonating someone else to gain information about ...
Coverage required by the laws of a particular state. For example, many states stipulate minimum amounts of automobile liability insurance that must be carried. ...
Right to insurable interest in property such as the right of a secured creditor in the property pledged as security. ...
Coverage for the insured's personal and real property and the insured's own person. Contrast with third party. ...
Have a question or comment?
We're here to help.