Permission Granted Clause
Definition of "Permission granted clause"
Provision in most property insurance policies on real property that permits a policyholder to use an insured place for normal purposes related to occupancy. This might include storing remodeling materials or hobby equipment. This clause is important because a policy may be voided for fraud, concealment, or misrepresentation. A policy may also be suspended for increased hazard by an insured. The permission granted clause provides a defense against a charge that a policyholder has increased the hazard of covered property if the materials in question are a part of the insured's everyday lifestyle.
Popular Insurance Terms
Rules stating that every administrator of a qualified pension plan, profit sharing plan, section 401 (K) plan salary reduction plan), section 403(b) plan, and stock bonus plan must provide ...
Insurance company that is a member of a rating bureau. The insurer usually joins such an organization when its statistical experience in a given line of insurance is not sufficient for it ...
Property damage resulting from aircraft traveling faster than the speed of sound. Although the vibrations caused by such high speed can cause damage, it is excluded on most property forms. ...
Investment risk associated with the psychology of the market in that emotions affect the price of a company's stock that, in most instances, has nothing to do with the current or potential ...
Technique of risk management (better known as retention or self insurance) under which an individual or business firm assumes expected losses that are not catastrophic losses through the ...
Insurance protection written in the form of a single line policy. ...
Diagram of cause and effect relationships, showing the possible outcomes if a particular course of action is taken or continued. This method of analysis, which is founded in the testing of ...
Coverage in event of damage or destruction of animals that are being shipped. ...
Plan wherein total withdrawal or income payments from tax deferred savings plans exceed $150,000 in any one year. An excess distribution tax of 15% of the amount greater than $150,000 must ...
Have a question or comment?
We're here to help.