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
Eligible rollover distribution that is paid directly from an employee's employee benefit insurance plan to the employee's individual retirement account (IRA) or to another plan maintained ...
Systems composed of personal computers linked by a file server. These computers share software as well as databases that enable the risk manager access to information in a quick and ...
Person who engages an agent or broker for advice and possible purchase of insurance. ...
Liability coverage section of a simplified commercial lines portfolio policy (sclp). Provides for separate limits of coverage for general liability, fire legal liability, products and ...
Time limit on the deferred ownership of property such that, 21 years after the property owner dies, the deferred ownership of that property terminates. ...
Basic requirements of an employee benefit insurance plan such as minimum age and years of service with an employer. ...
Same as term Class: group of insureds with the same characteristics, established for rate-making purposes. For example, all wood-frame houses within 200 feet of a fire plug in the same ...
Automatic reinsurance that requires the insurer to transfer, and the re insurer to accept, a given percentage of every risk within a defined category of business written by the insurer. For ...
Actual price paid for property when it was acquired. The original cost might apply to a piece of jewelry, to a piece of equipment, or to a building. For insurance purposes, original cost is ...
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