Policy Structure
General arrangement of a contract between an insurer and an insured. The policy defines the insured and the type of coverage, lays out what the insurer must do, lists exceptions and limitations, and states the conditions for coverage. In a standard property and liability contract, the provisions are grouped into these four categories: DECLARATION, INSURING AGREEMENT, EXCLUSIONS, and CONDITIONS FOR QUALIFICATION.
Popular Insurance Terms
Coverage for the owner of an airplane in circumstances where use of the owner's premises as an aircraft hangar results in bodily injury or property damage to a third party. Excluded from ...
Coverage that provides for replacement of damaged or destroyed property on a new replacement cost basis without any deduction for depreciation. This is equivalent to replacement cost ...
Liability insurance coverage for claims arising from acts that occurred before the beginning of the policy period. Policies written on a claims made basis, such as malpractice liability ...
Section of some inland marine insurance {transportation insurance) and many other property insurance policies excluding coverage for damage to shipped goods by vermin such as rats. ...
Organization of inland marine insurance underwriters. ...
Term meaning that an exporter of goods that are damaged or destroyed during international shipment relinquishes responsibility for the damage or destruction once the goods leave the point ...
One who submits a claim for an incurred loss. ...
Record of ordinary policies that a combination agent is responsible for servicing. ...
Method by which each member of an insurance pool shares in each and every risk written by the other members of the pool. ...
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