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
Nonparticipating life insurance under which the first few annual premiums are smaller than would be the case under a traditional nonparticipating policy. While the maximum amount of these ...
Contracts of reinsurance in which expected income from investments is a major component of the UNDERWRITING process. Also, the ultimate liability of the reinsurer is limited. The reinsurer ...
Surcharge, in retrospective rating of property and liability insurance, added to the basic premium rate charged to reflect fixed cost of adjusting or settling losses. ...
Homeowners policy to cover the owner of a townhouse. ...
Organization of trial attorneys who specialize in the representation of defendants who become subject to tort actions. Generally, these tort actions involve bodily injury or personal injury ...
Combination of coverages from property and liability policies. ...
Coverage for shippers of certain radioactive materials, such as medical or commercial isotopes, for direct loss or damage by radioactive contamination; does not cover transport of ...
Theory, named after the British economist John Maynard Keynes, that deals with current consumption at the expense of saving. This theory has important implications for life insurance ...
Title of a published set of rules, adhered to by member companies of major property and liability associations, that stipulate how losses should be adjusted when the same loss is covered by ...
Have a question or comment?
We're here to help.