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
In a liability insurance policy, provision for the payment of the insured's expenses as stated in the policy in three areas above the policy limit of liability: legal fees resulting from ...
Number of bits a modem can receive or send per second. ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
Federal legislation passed in 1988 (repealed November 23, 1989) that significantly increased the benefit amounts provided under medicare, both Part A and Part B, in the following manner: ...
Group appointed by President Nixon in 1971 to study workers compensation laws under the authorization of the occupational safety and health act (OSHA). It issued sweeping recommendations to ...
The term elevator collision insurance or elevator liability insurance is included in business liability insurance policies in order to cover potential damages suffered by the elevator or ...
Method of vesting under the employee retirement income security act of 1974 (ERISA) that requires an employee to have 10 years of service with an employer to be vested. An employee who ...
Documentation of loss required of a policyowner by an insurance company. For example, in the event of an insured's death, a death certificate (or copy) must be submitted to the company for ...
Coverage on jewelry and precious stones on an all risks basis at any location subject to exclusions of wear and tear, war, and nuclear disaster. Each item must be specifically listed in the ...
Have a question or comment?
We're here to help.