New York Standard Fire Policy
Contract first written in 1918 that provided the basis for modern-day property insurance, both personal and commercial. Forms and endorsements must be added to complete the policy and tailor it to cover the particular insured property. This policy is also known as the "165 Line" policy, for the number of lines in its text that covers concealment or misrepresentation (false pretense), property and perils excluded; other insurance; cancellation due to increase in hazards; obligations to a mortgagee: pro rat a contribution of a company; requirements of an insured in case of loss; conditions when a company must pay a loss incurred by an insured; and subrogation. The New York Standard Fire Policy has become largely obsolete since 1980, but its provisions have been incorporated into many other property insurance policies.
Popular Insurance Terms
State laws based on a model law of the National Association of Insurance Commissioners (NAIC) that allow insurers to set rates independently; or adopt those rates developed by a rating ...
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Inquiry conducted by a committee of the legislature of the State of New York in 1905 that looked at abuses of life insurance companies operating in the state. This study led to stricter ...
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Estimate of maximum dollar value that can be lost under realistic situations. For example, a fire or other peril occurs, but a sprinkler system works and a fire department responds in good ...
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Percentage of income required by a retiree to maintain a desired standard of living during the retirement years. ...
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